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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $57,500 and is looking quite bullish in the immediate short term. As mentioned in our previous analysis, BTC is forming bullish structures on several timeframes, and we can expect a breakout soon. The major level we are watching for Bitcoin right now is the $60,000 mark. Once the price gets above that level, we can expect a major really for BTC.
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Analyzing the Charts
If we take a look at the 30-minutes timeframe to establish targets for the immediate short term, we can see that the BTC is currently breaking out of a bullish pattern.
We can see that the price is currently breaking out of this symmetrical triangle and is headed towards the resistance of around $59,500. The breakout target for this pattern is around the $60,000 mark and we can expect to retest this crucial level soon.
Also, if we go back to the 1-hour timeframe we can see that the inverse head & shoulder pattern we talked about this morning is still in play. The price is currently forming the right shoulder and is also aligning well with the symmetrical triangle.
The technical breakout target for this pattern is also above the $60K mark($61,500). We will now wait and see whether Bitcoin manages to get above this major resistance or not.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is looking quite bullish in the immediate short term, and we can expect a price surge soon. The level to watch for BTC is still the $60,000 mark as breaking above this region will resume our bull run. We are still extremely bullish on Bitcoin in the long term and are aiming for a new all-time high in the coming weeks.
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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