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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below $48,500 and is looking quite bullish in the immediate short term. The price has been climbing steadily for the past couple of days, and we are once again aiming for the $50,000 spot.
The next few days are going to be crucial for Bitcoin as we will find out whether we are heading towards a new all-time high or a major correction is imminent.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can observe that we have finally met our target of $48,400, which we mentioned in our previous analyses. Bitcoin managed to break out of this falling channel a couple of days ago, and the breakout target for that was at the $48,400 mark.
This steady movement shows that we have decent bullish momentum behind us, and the up-trend will continue.
We are also facing minor resistance at the $48,500 region currently, and if we break this resistance, our next target would be at $49,400.
On the other hand, if we do see rejection at the $48,500 mark, we must hold the support at $47,400.
The $47,400 level is an important area for Bitcoin as it held the price down for several days recently. It could turn into a major resistance once again if we broke below it. Losing this level will also mean we are heading back towards the $46,000 region.
However, if we successfully manage to break above $48,500 (which at the moment seems more likely), we will be interested in longing BTC.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is currently looking quite bullish and is moving towards the $50,000 mark once again. Even though the price is climbing steadily, we will still trade Bitcoin with caution. There is still a lot of speculation around the price, and we are still not out of the danger zone.
If Bitcoin does manage to break above $48,500, only then will we be taking a long position on it towards the $49,400 target.
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.
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