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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,600 mark and is looking quite bullish in the immediate short term. As speculated in our previous analysis, the price managed to break above the resistance at $42,800 and is now moving steadily. The next resistance we are watching for BTC right now is the $44,200 mark. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin we can see that the price is gaining bullish momentum on the lower timeframes. On the 15-minutes charts, BTC is currently forming a bull pennant pattern and could break out of it soon.
The breakout target for this bull pennant structure would be around $44,700. It also means that Bitcoin is getting ready to challenge the strong resistance at $45,500 once again.
The $45,500 level is a crucial level for Bitcoin, and it needs to break above it convincingly. Once the price gets above it comfortably it is likely that we will see a major trend reversal soon.
On the other hand, if Bitcoin experiences some selling pressure around the $44,300 mark, the support we would like BTC to hold is the $42,800 mark.
However, it is likely that the price will keep moving in an uptrend on the lower timeframes in the coming hours.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is gaining bullish momentum on the lower timeframes and we are expecting it to challenge the $45,500 once again in the coming hours or days. BTC did fall to the $41,700 region and bounced nicely as this is where we opened our long position. Now it would be interesting to see how the price reacts to resistance level as the volume is also starting to flow.
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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