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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $22,000 mark and is looking quite bullish in the immediate short term. As mentioned in our previous analysis, the price is holding the support at $21,700 nicely and could climb further in the coming hours. The momentum is picking up, and the bulls seem to be in control at the moment. The next resistance level we are watching for BTC is around the $23,000 mark. Let’s take a quick look at the latest charts for Bitcoin to see where the price could be 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 is gaining bullish momentum. We can also notice that the price is forming a symmetrical triangle and could make a significant move in the coming hours.
A symmetrical triangle is a neutral pattern that can go either way. If the price breaks towards the upside in the coming hours, we can expect Bitcoin to challenge the $23,000 mark and break above it.
As illustrated in the above image, the breakout target for this structure would be around the $23,600 mark.
On the other hand, if the price breaks towards the downside, the support we will be watching for Bitcoin is around the $20,000 mark.
It is an area that has acted as both support and resistance in the recent past, and we can expect Bitcoin to find some support here in case of a drop. It is also likely that the price will start moving in a downtrend if this scenario plays out.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is looking quite bullish on the lower timeframes but could still go either way in the immediate short term. It would be interesting to see whether the price will be able to stay above $21,700 or not in the coming days. If BTC does manage to get above $23,000 with the good volume, we can expect more buyers to start accumulating.
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