What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $41,800 mark and is looking quite bullish in the immediate short term. As mentioned in our previous analysis, the price has successfully broken above the $39,600 and is currently facing some resistance around the $42,000 region. Right now, things are looking positive for BTC, and it could jump further before facing any selling pressure. Let’s take a look at the latest 1-day charts to see where the price is headed in the coming days.
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Analyzing the 1-Day Timeframe
If we take a look at the 1-day timeframe for BTC we can see that the price is forming a series of higher-lows and seems to be moving in an uptrend. It is also moving within this ascending channel which is keeping the price in check.
Bitcoin has been moving within this channel since early January and must move out of it to gain some strong momentum. The main resistance zone we will be watching for BTC right now is the marked region below the $46,000 level.
The region between $45,500 and $46,000 has plenty of significance as it has acted as strong support as well as resistance in the past. It’s been keeping the price low for more than a couple of months now and before that, it was holding the price nicely for BTC in the month of December.
We can also see that BTC could form a potential D wave within this channel, and it would be interesting to see how it plays out. Generally, we will see a major rejection at the D point but if the volume flows in we could also break above it.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just below the $42,200 mark and is looking bullish in the immediate short term. The major resistance we are watching for Bitcoin is around the $45,500 region so we can expect it to climb there in the coming hours or days. It will also prove as a crucial point for Bitcoin because whether we will see a sell-off or breakout depends majorly on how price reacts to this level.
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