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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $31,500 mark and is looking extremely bullish on the lower timeframes. As highlighted in our previous analyses, BTC was moving within a consolidation zone between $30,800 and $28,600 for almost three weeks. The market was quite stagnant and there was no buying strength or selling pressure to move the price. Bitcoin managed to break out of this consolidation zone last night and we can now expect the price to start moving again. Let’s take a look at the latest BTC charts to see where the price could be headed in the short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin (BTC) we can see that the price is now moving within an uptrend. The $30,800 mark has been flipped into support and the new resistance we are watching for Bitcoin is around the $32,000 mark.
We can also notice that the price might be printing a potential bull flag, which is a bullish continuation pattern.
The price will likely break out of this bull flag and we can expect the uptrend to continue. The next major zone we will be watching after the breakout is around the $34,800 mark. This could be a relief rally for Bitcoin, and we can expect the trend to continue.
On the other hand, if BTC faces rejection at around $32,000, it must hold the $30,800 mark as support in the short term. As long as the price is trading above this level, things will remain bullish on the lower timeframes.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has finally broken out of three-week-long consolidation and is looking quite bullish on the lower timeframes. Right now, the price is trading above the previous strong resistance at $30,800 and must also hold it as support. We will also be interested in placing a long trade on Bitcoin here as this could be the beginning of a relief rally.
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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