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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $57,000 mark and has shown some bullish momentum in the past few hours. BTC’s price has been moving between $60,000 and $55,700 for several days now and we can expect it to make a big move soon. The main resistance Bitcoin needs to get above is the $60,000 mark. Once that level is flipped, we would be extremely bullish on Bitcoin in both the short term and the long term.
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Analyzing the Charts
If we take a look at the Bitcoin charts, we can observe that Bitcoin is forming a symmetrical triangle on the 1-hour timeframe. We can also see a higher high for BTC on this timeframe which means that the trend might be reversing.
A symmetrical triangle is a neutral pattern and that can break out in either direction. Bitcoin is currently trading at $57,200 and if we break out of this symmetrical triangle in the next few hours, we can expect it to retest the resistance at $60,000.
The breakout target for this structure would be around the $61,200 mark but we can expect strong resistance around the $60,000 mark.
On the other hand, if we break below this structure we can see a sell-off towards the $53,700 mark which is our next support for Bitcoin.
If this scenario does play out it is also likely that the $53,700 would be bottom for Bitcoin and we can expect a trend reversal at this mark.
Conclusion: Where is Bitcoin (BTC) headed next?
Bitcoin has been consolidating below $60,000 for a while now and it is only a matter of time, we see a big move from it. Currently, we would only be observing the price movement and would not be trading Bitcoin in the short term. In the long term, we are still quite bullish on BTC and won’t be hesitating in accumulating more at these levels.
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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