Bitcoin (BTC) Price Analysis: A Quick Look at the 1-Day Timeframe (11-Aug)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $24,700 mark and is looking quite bullish in the immediate short term. As mentioned in our previous analysis, the price is now trading above a crucial resistance and has gained strong momentum on the lower timeframes. The $24,200 mark is the level we were previously eyeing for Bitcoin as resistance, but now the price has closed multiple 4-hour candles above it. If the buyers manage to sustain the momentum by the end of the day and hold it nicely over the weekend, things will get quite bullish for Bitcoin. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the short term.

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Analyzing the 1-Day Timeframe

If we take a look at the latest Bitcoin charts, the first thing we can notice is that the price is still forming higher lows on the 1-day timeframe.

The price is respecting the uptrend on the daily timeframe, and the selling pressure is reducing. This is a bullish sign for Bitcoin and could mean that the price will continue to rise in the coming days.

We can also notice the price is currently at the resistance zone on the 1-day timeframe and must close above it to give us some bullish confirmation.

The parallel channel that we have discussed for BTC multiple times is also intact, and the price could test its top once again.

The next level we are eyeing for BTC is around the $26,400 mark. If we see Bitcoin rise to it, we will be seeing it retest the top of the parallel channel.

On the other hand, if the price struggles to stay above $24,200 in the coming hours, we can expect Bitcoin to visit the $20,600 region again.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is currently trading above $24,200 and is looking quite bullish in the immediate short term. The price has gained some solid momentum on the lower timeframes and could be heading towards $26,400 soon. However, we will still be treading lightly with BTC and won’t be placing any short-term trades in the immediate short term.


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