What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $24,000 mark and is looking quite bullish in the immediate short term. As mentioned in our previous analysis, the price has been moving in a strong uptrend in on the lower timeframes and sustaining momentum nicely. The resistance zone we are currently watching for Bitcoin is around the $23,800 mark. If the price manages to break above this level convincingly with healthy volume, we can expect another big breakout for Bitcoin in the coming days. Let’s take a quick look at the latest BTC charts to see how things can play out in the short term.
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Analyzing the Charts
If we take a look at the 1-day charts we can see that the price has gained this bullishness after forming a triple-bottom pattern.
A triple bottom pattern is a bullish pattern that indicates that bulls are holding the price nicely. Currently, BTC’s price is steadily climbing and could jump further in the coming days.
On the other hand, we can also notice that the price is trying to break out of this rising channel that we have discussed previously as well.
If the price starts closing daily candles above this channel, we can expect Bitcoin to make another major move towards the upside.
However, it seems unlikely at this moment, and rejection here is also possible. If the price struggles to break above this channel and the $23,800 mark, we can expect Bitcoin to fall once again. The first support level we will be watching in that scenario is the
Conclusion: Final Verdict on Bitcoin (BTC)?
Bitcoin is currently looking extremely bullish on the lower timeframe and could jump further in the short term. However, we can also notice that price has been moving in a strong up trend for a while now and could lose steam soon. Right now, the main level we are watching for BTC is the $23,800 mark. If BTC faces a strong rejection here, we would be interested in placing a short trade on it once again.
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