Bitcoin (BTC) Price Analysis: A Quick Look at the 30-minutes Timeframe (08-Apr)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $43,500 mark and has been going sideways for the past several hours. The price is currently trading below a crucial support level at $44,600 and must get above it to continue the bullish trend. As mentioned in our previous analysis, BTC needs to hold the $42,700 mark on the lower timeframes to reclaim the $44,600 mark in the immediate short term. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the coming hours.

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Analyzing the Charts

If we take a look at the latest 30-minutes charts for Bitcoin we can see that the price has been going sideways for the past several hours. It is facing resistance around the $43,800 mark and is consistently trying to break above it.

We can also notice that the price is being squeezed at the moment and is forming a symmetrical triangle here.

A symmetrical triangle can breakout in either direction as it is considered a neutral pattern. If the price breaks towards the upside BTC will most likely challenge the $44,600 mark.

On the other hand, if the price breaks towards the downside, the level we will be watching is still the $42,700 mark. It might also take us toward the potential double-bottom pattern we discussed in our previous analysis.

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