What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $38,000 mark and is slowly moving towards our target of $39,400. BTC has been showing some nice bullish momentum on the 1-hour timeframe and a boost in volume can help price breakout here. However, the price is still in a downtrend on bigger timeframes, and it would not be surprising if we see another leg towards the downside. Let’s take a look at the latest charts to see what is happening with Bitcoin right now.
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Analyzing the Charts
If we take a look at the 1-hour charts, it seems like the price is breaking out of the bullish pennant and is headed towards its target.
The price is on the track on the lower timeframe and the target still seems valid. However, if we switch to the 4-hour timeframe we can also see some bearish signs for Bitcoin.
We can see that the price is forming an ascending wedge on the 4-hour timeframe which is a bearish structure. It is likely that this structure will play out if we do not see any more volume flow in. The support we will be watching in case of a sell-off is the $34,400 region.
The $34,400 level is the region where we last saw volume flow in. If the price does drop to this level in the coming hours or days, we can expect it to hold nicely. It could also turn out to be a liquidity grab and we can see a bounce back from $34,400.
Conclusion: The Final Verdict on Bitcoin
BTC seems to be heading towards the $39,400 mark on the lower timeframes and is also maintaining bullish momentum. However, we now have a bearish structure on the 4-hour timeframe, and it is possible that we will see another sell-off. That is why we would not be placing any trades on Bitcoin at the moment and will wait for the price to move out of this structure.
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