What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $29,500 mark and is still going sideways on the lower timeframes. The price has been consolidating for a couple of weeks now and could go either way in the coming hours. As highlighted in our previous analyses, BTC has been bouncing back and forth between $30,800 and $28,600. The volume is quite low on the lower timeframes which is one of the reasons why the price has not moved much lately. Let’s take a quick look at the latest charts to see where the price is headed in the coming weeks.
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Analyzing the Weekly Charts
If we take a quick look at the 1-week charts for Bitcoin, the first thing we can notice is that the price is in a strong downtrend.
It can be seen that BTC has closed ten red candles on the weekly timeframe as there has been lots of selling pressure in the past couple of months.
However, we can also see that the price is currently being squeezed towards the downside as BTC is also forming a falling wedge pattern.
Now, we are expecting a relief rally for Bitcoin as the price bounces from the bottom of this falling wedge. If that happens, we can expect Bitcoin to touch the $34,000 to $35,000 region once again.
A falling wedge pattern is a bullish pattern, and we could also expect a trend reversal for BTC in the coming months. If the price breaks above this structure in the coming weeks, it could also mark the end of correction for Bitcoin.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $29,500 mark and is consolidating on the lower timeframes. The price has not shown much movement lately but the downtrend on macro timeframes is still intact. However, we can see that on the 1-week timeframe things might change for BTC and we could expect a relief rally towards the $35,000 mark. Keep in mind once we see a relief rally, we can also expect a major rejection around the $34K to $35K mark.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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