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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $44,400 mark and is looking quite bullish in the short term. As speculated in our previous analysis, the price is currently facing resistance around the $44,600 mark and could come back for a retest before another leg up. A revisit of the $41,700 level would be beneficial for the price movement and the major resistance we are eyeing is still the $46,000 region. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the short term.
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Analyzing the 1-Day Charts
On the 1-day timeframe, we can see that Bitcoin is forming this nice “W” pattern that we also discussed previously. This is a flat formation corrective wave for Bitcoin and we can expect it to play out nicely in the coming days as well.
The resistance zone we will be watching for Bitcoin on the 1-day timeframe is still the $46,000 region.
We can see that this $45,000 to $46,000 region has acted as strong resistance in the past as well and is likely to trouble the price again. It was also the strong support zone that was holding the price before the sell-off on January 05.
Now, what we are expecting from BTC is to face rejection around this zone and come back to retest the $41,700 mark once again. If that does happen, we will see it as a nice opportunity to open a long position on Bitcoin.
Conclusion: Final Verdict on Bitcoin (BTC)
After the price pump yesterday, Bitcoin has started to look bullish once again. It is crucial now for BTC to break above the $46,000 in the coming days as it will resume the uptrend. There seems to be high buying pressure at the moment and hopefully, it will continue after a minor correction. The support region we will be watching during correction is the $41,700 mark.
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