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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above the $61,000 mark and has been going sideways for the past couple of days. As mentioned in our previous analysis, we have not seen much movement for Bitcoin in the past few days as it has been consolidating between $60,000 and $64,000 range.
Right now, we are expecting Bitcoin to continue this sideways movement for a while and it is also likely that we will retest the $60,000 once again.
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Analyzing the Daily Charts
If we take a look at the 1-day charts, we can observe that Bitcoin has been consolidating after putting a new all-time high just a fraction below $67,000.
However, we can find some structure as Bitcoin is forming a nice symmetrical triangle on the daily timeframe. The Bitcoin price is being squeezed towards the middle and we can expect a big move in the coming days.
A symmetrical triangle is a neutral pattern and it indicates that the price can break in either direction.
If we manage to break towards the upside we can expect a big move for BTC and can expect a new all-time high of around $73,000.
However, if we break below this structure we can expect further correction for Bitcoin and can expect it to go as low as $52,000.
The second scenario is unlikely to play out as Bitcoin is still looking quite bullish overall. If we do see a correction and fall below $60,000 we would consider it a nice opportunity to accumulate more BTC.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has not moved much in the past few days but it is still looking bullish on most of the timeframes. If the symmetrical triangle above does play out we would be seeing a $70,000 Bitcoin very soon. Once we break above this structure we would also be interested in opening a long position on Bitcoin. However, right now we will let the price action play out and would not be trading BTC in the immediate short term.
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