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Bitcoin (BTC) Price Analysis Overview
Bitcoin has been slowly moving towards the downside for the past couple of weeks. It has recently bounced back from the support at $31,000 but is still showing bearish signs.
In our previous Bitcoin price analysis, we took a look at the 1-day charts and discussed the important levels BTC needs to hold on the daily timeframe. Now, we will take a look at the shorter timeframes and see where the price is headed in the near future.
As we can see on this hourly chart, the price of BTC is moving sideways and is bouncing back between the $32,000 and $31,000 region. We will need Bitcoin to break the resistance level of $32,000 in order to show some bullish momentum.
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Taking a Look at the 1-hr Charts
We can observe that Bitcoin is currently breaking out of a symmetrical triangle it was forming on the hourly timeframe.
The price is just breaking out of this pattern, and we could see a couple of more green candles in the next 2 to 3 hours. The target we must break here is also the resistance at $32,000, as it will give us some decent bullish momentum.
Once we break above this level, our next target will be the very important support zone at $32,700, which we must reclaim for a bullish reversal.
Taking a Look at the 4-hr Charts
On the 4-hr charts, we have another bullish structure as the price is moving within a downwards channel.
Bitcoin has been respecting this channel consistently for the past several days. A breakout of this channel could also mean a huge rally for BTC.
As we can see, Bitcoin has been respecting this downward channel and is bouncing back from the support at $31,000.
Once we break above this structure, our next target would be the $36,000 region that has held quite strongly in the past.
Moving above this region will mean that we are once again bullish, and Bitcoin’s downtrend is over.
Conclusion: Where is Bitcoin Headed?
Bitcoin has been moving towards the downside gradually. It is currently bouncing back from important support at the $31,000 region and must reject it again for us to move upwards.
The shorter-time frames are looking bullish at the moment and we can expect a price spike in the near future. However, Bitcoin will need the volumes to flow in order to maintain that bullish momentum.
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