Bitcoin (BTC) Price Analysis: Watch out for This Falling Wedge

2:16 pm, Mon, 17 January 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the support at $42,600 and is trying to hold it on the 1-hour timeframe. As mentioned in our previous price analysis, BTC has been trading within a consolidation range for the past few days and could make a move anytime soon. Current price action suggests that we might be breaking out of this consolidation range soon. Let’s take a look at the latest 1-hour charts to see where the price is headed in the short term.

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Analyzing the Charts

If we take a look at the latest charts for Bitcoin, we can see that the price is currently moving within a falling wedge on the 1-hour timeframe.

A falling wedge is a bullish pattern that usually indicates a big breakout. If this pattern does play out in the coming hours, we can expect the price to retest the resistance at $43,500.

On the other hand, we can also see that the price is sitting at a crucial support level. If it does break below this level, we will be heading towards the $41,700 level once again.

However, it seems likely that the falling wedge will play out, and if the price does break out of it, we would consider it as a nice long opportunity for a scalp.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is still trading within a consolidation range but it is likely that it will move out of it in the next few hours. The price has not moved much in the past few days but if the volume starts to flow in things can get going. We are speculating that Bitcoin has already put in the bottom last week and we would be seeing some bullish days soon.

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