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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around the $57,000 mark and has been going sideways for the past few hours. We did witness a breakout for BTC yesterday and now it is gearing up to retest the resistance at $60,000 once again. Bitcoin is also facing minor resistance around $57,800 and we can expect a breakout towards $60,000 in the coming hours.
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Analyzing the 1-Day Timeframe
If we take a look at the 1-day timeframe, we can see that Bitcoin is looking quite bullish at the moment. As mentioned in our previous analyses, Bitcoin did drop below $54,000 and there is a good chance it will bottom out here.
BTC is also forming a falling wedge on the 1-day timeframe and once the price moves out of this pattern we can expect a huge breakout.
This falling wedge has a bullish bias because BTC is still in an uptrend on this timeframe and is forming another higher low. We saw the exact scenario play out recently in the month of September.
Bitcoin also has a hidden bullish divergence on the 1-day timeframe which means the chances of Bitcoin bottoming out here are high.
We can see that price is currently creating a higher low on the charts but is still forming lower lows on RSI.
However, we will still trade with caution as Bitcoin can also come back to retest the $53,000 mark once again.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is looking quite bullish right now and we can expect it to make major moves in the coming day. Right now, we are interested in accumulating more Bitcoin and would be dollar-cost averaging our way into it. We would also be monitoring the crypto-related news closely as that can also affect the price movement greatly.
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If you are interested in trading Bitcoin with leverage, you can go through our Margin Trading Guide to get familiar with this concept. You can also check our list of best crypto exchanges to choose the platform that best suits your needs.
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