Bitcoin is Forming The Classic “W” Pattern, $52,000 The Next Target?

6:52 am, Wed, 22 December 21

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the resistance at $49,200 and is still looking bullish in the immediate short term. We did discuss this resistance level in our previous analyses and currently, Bitcoin is trying to push above it. We also discussed, how BTC has moved out of a major trend structure on the 4-hour timeframe and is eyeing to form a higher-high. Let’s take a look at the latest Bitcoin charts to determine what to expect from the price in the short term.

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Analyzing the Charts

If we take a look at the lower timeframes for Bitcoin, we can see that the price is forming the classic Wpattern and is looking quite bullish in the short term.

The W pattern indicates that the Bitcoin price chart has put on a double bottom on a crucial support level. The level we would be eyeing for Bitcoin from here is the $52,000 mark. It is also this region where we would find our next resistance.

However, the current resistance for Bitcoin is still around $49,200 and it is likely that we will break above it in the coming hours. As soon as that happens we would be interested in placing a short-term long trade on BTC.

The current resistance is also falling on the .618 level of the Fibonacci from the previous local high. Once BTC gets above it we will be quite bullish on it.

Conclusion: Is Bitcoin (BTC) Looking Bullish?

Bitcoin is looking quite bullish at the moment, and it seems like it will repeat history and form a new all-time high in the coming weeks. However, we would still be trading Bitcoin with caution right now as it is not completely out of the critical zone. The next resistance for Bitcoin is around the $52,000 mark and it must overcome it to gain momentum for the reversal. It would be interesting to see how the price reacts to this level.

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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