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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $36,300 and has not moved much since our previous analysis. The price has started to gain some bullish momentum on the lower timeframes, and we can expect a temporary shift in the trend. We can also see that the price is breaking out of the bullish pennant we talked about in our previous analysis but is struggling with the volume. Let’s take a look at the latest Bitcoin charts to see what we can expect from the price in the short term.
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Analyzing the Charts
If we take a look at the 30-minutes charts for Bitcoin we can see that the price is currently breaking out of the bullish pennant. However, we can also see that there has not been much movement after the breakout and BTC is struggling with volume.
We can also see that BTC is facing resistance around $37,300 and could face rejection at this level.
The breakout target for Bitcoin here is around $39,400 and we could face resistance just below that level. If the volume flows in here we can expect to touch this level in the coming hours or days.
Our second bullish scenario will be that the price faces rejection at the $37,300 region and goes back to the retest $34,400 level.
The $34,400 level is the area where we saw a lot of volumes. If the price drops to this level slowly, we can expect a big bounce back from here.
If the price bounces from this level, we will consider it a nice opportunity to long Bitcoin. The scenario would not be valid if we see a massive rejection and a big candle sell-off.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has started to look better on the lower timeframes, but it is still moving within a downtrend. It is expected that we will see a few green days for Bitcoin before it starts to drop again. The $30,000 level is still in play, and we could expect the price to retest it soon. Both the crypto and the stock market are struggling at the moment, but things can change quickly in the coming weeks.
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