What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $22,000 mark and is looking quite bullish in the immediate short term. As mentioned in our previous analysis, the price is now trading above the crucial resistance around $21,800, and could jump higher if the level is successfully flipped into support. The $21,800 mark has been keeping the price down for over a month now and breaking above it will invite more buyers in the short term. In this price analysis, we will take a quick look at the 1-day Bitcoin charts to see where the price could be headed this week.
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Analyzing the Charts
If we take a look at the latest 1-day charts for Bitcoin we can see that the price is currently trading above the $20,800 mark but has not closed any candles above this crucial level.
We can also notice that the price is holding the support at $19,000 for the past few weeks and has formed a triple bottom pattern there.
A triple bottom pattern is a bullish continuation pattern that indicates that buyers are in control. We can see that the price has failed to drop below $19,000 three times in a row in recent weeks which makes a strong case for bullishness.
However, in order for this scenario to play out BTC must close at least one daily candle above the $21,800 mark. Once the price breaks above this level convincingly, we can expect Bitcoin to hit the $23,000 mark which has also acted as resistance on the 1-day timeframe.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around the $22,000 mark and could make a big move in the coming days if the momentum is sustained. The price must close above the $21,800 mark by the end of the day to keep the momentum going. However, the macro timeframes are still looking bearish for BTC and this could also turn out to be a fake-out. Right now, we would not be placing any short-term trades on Bitcoin and will observe the price closely.
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