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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $61,000 mark and has been going sideways for the past few hours. BTC is still facing resistance at the $61,600 mark and we must break above it to continue the uptrend. As mentioned in our previous analysis, as long as we are trading above the support at $60,000 we are neutral on Bitcoin in the short term.
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Analyzing the Charts
If we take a look at the smaller timeframes for the immediate short term we can observe that Bitcoin is currently consolidating between the $60,000 and the $61,600 mark. On the 15-minutes timeframe, we can also observe that the price is forming a symmetrical triangle and a big move for Bitcoin is around the corner.
A symmetrical triangle is a neutral pattern and it can break in either direction. If BTC manages to break out of this pattern we will get above the resistance at $61,600 and our breakout target would be around $63,000.
On the other hand, if this pattern breaks towards the downside, we will be retesting the $60,000 mark once. If Bitcoin fails to hold this support then we will have confirmation for the downtrend and we can expect further correction for Bitcoin.
Right now, we would not be taking any trades on Bitcoin and will wait for this pattern to play out.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is currently trading above the crucial support at $60,000 but it can go either way in the coming hours. Right now, we would only be observing the price action and would not be taking any long trades unless BTC breaks the resistance above $61,600. In the long term, Bitcoin is still looking good and we have not seen the end of its run.
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