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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the $29,000 mark and is struggling to sustain momentum on the lower timeframes. As highlighted in our previous analysis Bitcoin was heading towards a retest of the $30K zone and has rejected it once again on the lower timeframes. The price reacted strongly to the $30,000 level and fell to $27,300 in a matter of a few hours. Right now, BTC is trying to regain momentum and is heading toward a higher level once again. However, the momentum is still looking bearish and we could see another rejection in the immediate short term. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we take a look at the latest 30-minute charts for Bitcoin we can see that the price is currently being squeezed and is forming a symmetrical triangle.
A symmetrical triangle is a neutral pattern that indicates that the price can break in either direction. If the price breaks above the structure, we will likely see a retest of the $23,000 mark
On the other hand, if the price breaks below the structure we will see another sell-off for Bitcoin. The support level we will be eyeing in that scenario is the $27,000 mark. It is a strong area of support and Bitcoin will likely bounce and find some support there.
The trading volume is also on the lower side and if we don’t see a spike here further correction is likely. Right now, we will be monitoring these parameters and will wait for BTC to break out of the structure.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around the $29,000 mark and could go either way in the immediate short term. Right now, we are observing the symmetrical triangle it has formed closely and will make a move when the price breaks out of it. Even though the volume is on the lower side, Bitcoin can still go either way in the immediate short term. Right now, we will not be placing any trade and will wait for a rejection or a breakout scalp.
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.
