Bitcoin (BTC) Price Analysis: Price Still Being Squeezed on the 1-Day Timeframe (17-Mar)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $40,900 mark and is looking a little bullish on the lower timeframes. The price is currently trading above the resistance at $40,700 we talked about in our previous analysis and is looking to make another move towards the upside. The resistance we are watching for BTC on the lower timeframes right now is the $41,800 mark. It is likely that we will get above this level in the coming hours. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the coming days.

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Analyzing the Charts

If we switch to the 1-day timeframe for Bitcoin we can see that the price is still being squeezed within the symmetrical triangle we pointed out earlier.

A symmetrical triangle is a neutral pattern that can break out in either direction. It indicates a tussle between bulls and bears that eventually ends with one side. We can also see that the price bounced back nicely within the structure a few days ago. It is highly likely we will be testing the top of the structure at around $44,000 soon.

If we consider the strong bullish scenario and end up breaking out of this structure in the coming days, then the next zone we will be eyeing is around the $55,000 mark.

The price has been moving within this zone for weeks now and it will eventually move out of this structure in the coming days.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is looking a bit bullish in the immediate short term, and we can expect it to touch the $44,000 mark in the coming days. The price is bouncing nicely from the bottom of the structure and could hit its top once again. We will be interested in placing a long trade on BTC at the moment but will also be using a tight stop-loss for it.

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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