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Bitcoin (BTC) Price Analysis – Watch out for This Channel

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around $56,500 and has been moving sideways for the past several hours.  Overall BTC is looking very bullish in the short term and we can expect it to make a move towards $58,000 soon. We have also recently broken above a crucial resistance of around $55,500 which is a bullish sign for Bitcoin.

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Analyzing the Charts

If we take a look at the 1-hour charts we can observe that the price is currently moving within an ascending channel.

An ascending channel is usually considered a bearish pattern but it can also break towards the upside. Bitcoin is currently looking bullish and it is likely that we will break above this channel soon. If that happens, the target we will be eyeing for BTC would be around the $59,200 region.

On the other hand, if we break below this ascending channel the support level we would be watching is the $51,600 region.

However, it is unlikely that we will break below this structure as Bitcoin is extremely bullish right now and we are aiming towards a new all-time high currently.

Conclusion: Where is Bitcoin (BTC) Headed Next?

Bitcoin is still looking quite bullish in the immediate short term and we can expect it to hit the $58,000 mark soon. BTC has shown great bullish momentum in the past week but that does not mean it will keep going up without any breaks. A correction is healthy and always on the cards. We would be trading Bitcoin in the coming days with extreme caution.

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