Bitcoin short term analysis shows a Bullish indication in short term, time frame of 15 Minutes. This is likely to break out above the psychological resistance.
Bitcoin price today is $39,759.27 USD with a 24-hour trading volume of $26,752,897,314 USD. Bitcoin is down 0.66% in the last 24 hours, with a live market cap of $746,301,655,021. Over the last few days, we’ve seen some incredible price movement from Bitcoin. During this move, a clear short-term bullish triangle can be seen on the chart. Expect some nice price action in the next 24 hours.
As it stands now, BTC is about to break out of the pattern, either bullish or bearish. In case the pattern will hold, we can expect a bullish break out any time now. The main resistance area of this break-out is $42,000, the January top. In case we manage to break through that, I can see a 50k Bitcoin within two weeks.
On the other hand, BTC might also bounce off the $42,000 resistance. It’s a strong resistance that has only been targeted once now, so at the very least I’m expecting a minor pull-back. A reversal is expected to happen around the green areas of support. As it stands now, things are looking very decent in the mid-term for Bitcoin.