bitcoin

Bitcoin Short Term Analysis: Bullish Triangle can Break Above Resistance

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. 

Bitcoin Short Term Analysis
Source: Tradingview

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.

The above is a personal market judgment based on published information and historical chart data on Tradingview, all analysis is only subjective. DYOR!

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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