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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $60,000 mark and is looking extremely bullish in the immediate short term. The price is currently trading above our resistance at $59,500 and we need to stay above it for several hours to confirm the breakout. If BTC manages to break above $60,000 in the coming hours we will be heading towards a new all-time high soon.
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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 printing a bull pennant and is currently breaking out of it.
The breakout target for this pennant flag would be around $61,000, but we still have resistance at $59,500 and $60,000 levels.
The breakout of this zone will only be confirmed if we close the day above $59,500. In that case, we can also expect the price to fly towards the $64,000 mark.
On the other hand, if we face strong rejection here, the support level we will be watching for Bitcoin is at $57,800. As long as we hold this level, we will still be bullish on Bitcoin in the short term.
Conclusion: Where is Bitcoin (BTC) Headed Next?
The charts and momentum clearly suggest that Bitcoin is heading towards a new all-time high in the coming days. The level we are watching right now is the region between the $59,500 and $60,000 mark. If we end up closing the daily candle at $59,500 we can expect another rally soon. We can also expect some sideways movement in the coming day as BTC might take a breather before making another big move.
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