What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $49,000 region and is retesting the support at $48,900. As mentioned in our previous price analysis, a correction is long overdue, and we can expect a few bearish days for Bitcoin in the near future.
We are likely to break the support at $48,900, and the next level we must hold to keep the price bullish is the $48,000 mark.
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Analyzing the Charts
If we take a look at the charts, we can see that the price is breaking below this symmetrical triangle we were forming on the 30-minutes timeframe.
The target for this breakdown is the $48,000 region; a level BTC must hold to stay bullish in the short term.
If we do bounce back from this level, we will be retesting the strong resistance at $49,750 once again and will likely break above it to challenge the $51,500 region.
On the other hand, if this level does not hold, we will break down further and will likely find support at $46,700. If this scenario does play out, we will have to see how the price reacts to the $46,700 region and will place a long or short trade according,
Conclusion: Where is Bitcoin (BTC) Headed?
Bitcoin is currently looking bearish and is heading downwards to retest the support at the $48,000 level. We could see a bounce back from this region and can retest $50,000 once again. However, it is also possible that we would break below further and will have a healthy correction.
As of now, we will wait for the price to reach the $48,000 level and will trade Bitcoin accordingly.
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