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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $29,000 mark and is moving sideways on the lower timeframes. The price is still trading within the consolidation zone between $28,600 and $30,800, which means that the trend has not broken yet. However, it does seem like the price is trying to break below the $28,600 mark, and it would be interesting to see whether this support will hold over the weekend or not. Let’s take a quick look at the latest Bitcoin charts to see what direction the price can take in the coming hours.
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Analyzing the Charts
If we take a look at the 4-hour charts, the first thing we can see is that the price has been going sideways for quite a while now. However, we can also notice that the price is being squeezed towards the downside, indicating a potential future move.
It can be seen that BTC is forming a descending triangle on the 4-hour timeframe that could break towards the downside in the coming days or even hours. A descending triangle is generally a bearish pattern that indicates that the buying force is declining.
Once the price breaks below this structure, we can expect Bitcoin to revisit the previous local bottom at $26,700.
On the other hand, if the price does break above this structure, the next resistance level we will be watching for BTC is around the $32,000 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still moving with the consolidation zone, and there aren’t any strong indicators on lower timeframes that tell the price could go in either direction. Right now, we will not be placing any short-term trades on BTC and will wait for it to move out of this consolidation zone. It is likely that the price might fall below $28,600 during the weekend.
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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