Table of Contents
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.
Phemex allows you to trade Bitcoin and altcoins with low trading fees. You can use our link to sign-up and can claim a bonus of up to $2,500 on your first deposit. (Bonus may vary based on deposit amount)
[phemexGraph]
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.
Margin Trading for Beginners
If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.
Bybit: Trade With Leverage
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on ByBit. Use this link to sign up and earn a free bonus on your initial deposit.
