What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the crucial support at $44,600 and is struggling to gain momentum on the lower timeframes. As mentioned in our previous analyses, the $44,600 mark is a major support level and as long as BTC is trading above it we are bullish on it in the short term. The immediate resistance Bitcoin is facing right now is around the $45,600 mark which was previously acting as support. Let’s take a look at the latest BTC charts to see where the price is headed in the short term.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can see that the price faced rejection thrice around the $47,000 mark and then fell below $45,600.
It is now trading around the strong support at $44,600 which we have talked about numerous times in our previous analyses.
Also, if we switch to the 4-hour timeframe we can see that Bitcoin might be forming a potential double-bottom pattern around $44,600.
A double-bottom structure is a bullish pattern that is formed when the price comes back to retest major support before a liquidity grab. It indicates that the price could continue in an uptrend and is also considered a great entry point.
If this structure does from and plays out in the next few days, we can expect Bitcoin to touch the $49,400 mark.
However, this structure has not formed yet and we are only seeing it as a potential scenario.
Conclusion: Final Verdict on Bitcoin (BTC)
Even though BTC is currently struggling to gain some momentum it is still trading in safe territory. We are expecting the price to bounce back from $44,600 and continue the uptrend on the bigger timeframes. We won’t be placing any trade for the potential double-bottom pattern until the price breaks above the $47,000 mark. However, if the price goes above $45,600 in the coming hours, we will be interested in accumulating more BTC.
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