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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $51,000 mark and is looking quite bullish in the immediate short term. The price did manage to break above the crucial resistance at $49,200 and we did talk about the next possible scenario in our previous analysis. Right now, if we take a look at the lower timeframes, we can see that BTC might be ready to make another move in the coming hours. Let’s take a look at the Bitcoin charts to see what to expect next.
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Analyzing the Charts
If we take a look at the Bitcoin charts right now, we can clearly see that the price action is moving in an uptrend and is looking eager to make another move. The current level we are watching for BTC is the $52,000 mark and once the price conquers this level our breakout target is around the $54,000 mark.
Both the $52,000 and the $54,000 level are the regions that have acted as strong support and resistance in the past.
Also, if we switch to the 30-minute timeframe, we can see that the price is forming a nice bullish-pennant. A bull-pennant is a bullish continuation pattern, and we can expect BTC to make a move towards our next target soon.
The price action is looking quite bullish with this structure and this scenario seems likely to play out.
However, we are also approaching the weekend and this structure could also play out as a symmetrical triangle towards the downside. If that happens the support level, we will be watching for BTC would be at the $50,000 mark.
What is Next for Bitcoin (BTC)?
Bitcoin is looking quite bullish at the moment and seems to be heading towards the $54,000 mark. However, as we are approaching the weekend, we would not be placing any short-term trades here and would only be interested in accumulating more BTC for the long term. It would also be interesting to see how the market fares after Christmas.
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