Bitcoin (BTC) Price Analysis: Sideways Movement Continues (03-Mar)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $43,500 mark and has been going sideways for the past couple of days. The price has barely moved since our last price analysis and is holding the support at $42,800 nicely. We are still expecting a correction in the immediate short term as speculated in our previous analysis and will be waiting for it to make another move. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the immediate short term.

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Analyzing the Charts

If we take a look at the latest 15-minutes charts for Bitcoin we can see that the price was moving with this descending triangle pattern and has broken below it.

It appears that the price is testing the support at $42,800 after breaking below this structure and it will be interesting to see how it reacts. A bounce back from here seems unlikely at the moment but is not completely out of the picture. Ideally, we would like the price to retest $41,700 mark before challenging the resistance at $44,700 once again.

Once the price drops to $41,700 region we can expect more buyers to step in. It is an area where we saw the volume flow the last time and a strong bounce back is likely. We can also see it on the 1-hour charts as a retest before another big move.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is currently trading around the $43,500 mark and has been going sideways for the past 48-hours or so. Right now, there isn’t much happening with BTC. Things have turned bullish this week for Bitcoin, and we would like to see it continue. Right now, we are expecting a minor correction for Bitcoin and when the price bounces back, we will also be interested in longing Bitcoin.

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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