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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $42,000 mark and is still going sideways on the lower timeframes. The price has not moved much in a while and there seems to be no buying or selling pressure at the moment. BTC is currently trading above critical support at $40,700 which has held well in the recent past. As long as the price stays above this level a reversal for Bitcoin is expected. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the short term.
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Analyzing the Charts
If we take a look at the 4-hour charts for Bitcoin, we can see that the price is currently moving within a falling wedge.
A falling wedge is a bullish pattern that indicates a trend reversal. We can also observe that the price is trying to break out of this wedge at the moment. If the BTC manages to close a 4-hour candle above this falling wedge, we can expect a nice pump in near future.
The technical target for this breakout would be around the $45,000 mark.
We can also expect some resistance at $44,000 as Bitcoin experienced a strong rejection there last time.
Bitcoin is also closing in on the 1-day timeframe and a big move towards either side is expected in the next couple of days.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still trading within a critical zone and is struggling because of low volume. However, it has also started to show some bullish signs and we might end up seeing a big price pump soon. The price has been trading in this zone for weeks now and the bulls need to step in to push the price further. If BTC fails to hold the $40,700 level in the coming days, we could expect more dips in the coming weeks.
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