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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $44,000 mark and is looking quite bullish in the immediate short term. As discussed in our previous analysis, the price did break out of the bullish pennant it was forming on the 1-hour timeframe and has also met our target. BTC has not moved much in the past week and mostly consolidated below $42,700. Let’s take a look at the latest Bitcoin charts to find out its latest targets in the short term.
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Analyzing the Charts
Bitcoin is showing great bullish momentum on the 1-hour timeframe and has been steadily going up for the past few hours. It also seems like the price is now facing some resistance at the $44,000 mark and is likely to stay below it for a few hours.
As the price has moved out of the consolidation range and the momentum has turned bullish, we will now be eyeing higher targets for Bitcoin. The first target we are eyeing for Bitcoin is the $45,800 mark.
The $45,800 region has significance because it was the level BTC was holding well before the last sell-off. If the price can get above, it once again things will again start looking bullish for Bitcoin.
On the other hand, we could also come back to retest the $42,500 mark once again. It is vital for BTC to hold this level in the coming days otherwise the price will lose all its momentum.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is looking quite bullish on the shorter timeframes, but we would still be trading it cautiously. It is likely that BTC has already put the bottom in, and we will see some nice green candles in the coming days. If the price retests $42,700 and bounces back successfully we would not be shy to put a long trade on BTC.
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