Symmetrical Triangle forming for Bitcoin on the Shorter Timeframes, Can We Expect a Big Move Soon?

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around $49,500 and struggling to sustain the bullish momentum on the shorter timeframes. BTC has just formed a lower high on the 1-hour timeframe which indicates that the trend might be shifting in the coming hours. Bitcoin is in a critical position at the moment and further correction is still on the cards. Let’s take a look at the shorter timeframes to see what we can expect in the immediate short term.

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Analyzing the Charts

If we take a look at the 30-minutes charts we can see that BTC is still respecting the trendline support, we talked about in our previous analysis.

As long as the Bitcoin price is trading above this trendline support, we are still bullish on BTC in the immediate short term. However, with a lower high formed, it is expected that we will break below this resistance and might test the $45,400 level.

We can also see that the price is forming a symmetrical triangle on the 30-minutes timeframe that can break in either direction.

If we break below this structure, we will lose our trendline support. We will also be retesting the $46,500 mark as it will be the breakdown target for this pattern.

On the other hand, if we break above this structure we can expect to retest our previous major trendline support which we lost in last week’s sell-off.

To break above this trendline resistance BTC must close at least one daily candle above it. If that happens we will gain some serious bullish momentum for Bitcoin.

Conclusion: Where is Bitcoin (BTC) Headed Next?

Bitcoin is currently trading around the $49,500 mark and has been going sideways for the past few days. It is still in a critical position and another sell-off is also on the cards. Right now we would not be placing any trades on Bitcoin and will wait for it to bottom out. Once that happens we will be interested in accumulating more Bitcoin.

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