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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $44,000 mark and has been going sideways for the past couple of days. The price has not moved much since our previous analysis and is still trading above the support at $42,800. The resistance level BTC needs to get above right now is the $44,700 region and it would be interesting to see how the price behaves once it gets above this level. In this analysis, we will take a look at the latest 1-day Bitcoin charts to see where the price is headed in the coming days. Let’s take a look:
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Analyzing the 1-Day Timeframe
If we take a look at the 1-day timeframe for Bitcoin we can see that the price has been facing resistance around the $45,500 for a while now.
It can be seen that the highlighted zone below the $46,000 mark has acted as strong support and resistance in the past and is the level BTC needs to get above in the coming days.
We can also see that the price is forming a nice “W” ( a double bottom) which is a bullish indicator. If this structure does play out we will see a nice breakout for BTC in the coming days.
If this structure does play out and we see a breakout for Bitcoin, the next major level we will be eyeing is the $49,200 mark. It is an area that has held as both support and resistance in the past and it is also possible that we will touch the $50,000 region.
Conclusion: The Final Verdict on Bitcoin
Bitcoin did have a few red weeks recently but right now it is looking quite stable. The main resistance it needs to get above is the $45,500 region and once it starts closing 1-day candles above it the price will gain more bullish momentum. On the other hand, if we reject this zone once again the downtrend could also continue. That is why we would be placing trades with a stop-tight loss.
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