What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $36,000 mark and seems to be gaining some bullish momentum on the lower timeframe. The price has been moving within a downtrend for several days now and we might finally have a relief rally on the lower timeframes. If BTC manages to stay above $36,000 in the coming hours, it is likely that we will see another nice pump in the coming hours. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the lower timeframe, we can see that the price is trading above the $36,000 mark from the past few hours. If BTC manages to hold this support longer another breakout will be on the cards.
We can also see that Bitcoin is printing a bullish pennant on the 30-minutes timeframe that could break out at any time.
If this structure does play out in the coming hours, the target we would be eyeing for Bitcoin is just above the $39,000 mark.
The $39,000 mark was previously acting as resistance, so we are likely to struggle at this mark in an event of a breakout.
On the other hand, the momentum on bigger timeframes is still bearish and we could lose the support at $36,000 easily. If that happens, we would be falling lower than $33,000 this time.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is looking a little healthy on the lower timeframes but is still moving within a downtrend. As mentioned in our previous analysis, the major level we are watching for Bitcoin is the $30,000 mark. BTC could see some nice buying pressure at that level and there would be a nice chance for a reversal as well. Right now, we would refrain from trading Bitcoin and will wait for it to stabilize above strong support.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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