What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $42,500 mark and is looking quite bullish in the immediate short term. The price seems to be breaking out of the falling wedge we mentioned in our previous analysis, it would be interesting to see if it touches the breakout target or not. The $41,700 region is an important area for BTC and it has bounced back from there nicely. Let’s take a look at the latest 1-hour charts to see where the price is headed in the immediate short term.
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Analyzing the 1-hour Charts
If we take a look at the 1-hour charts we can see that the price is currently above to challenge the resistance at the $42,700 mark.
The $42,700 is an important level as it was previously acting as support and has now flipped into resistance. If the price breaks above this level, we can expect a nice price pump.
The next resistance level we will be watching for Bitcoin after this is the $44,300 mark. That region has also acted as resistance in the recent past and BTC might take a breather there. It is also the breakout target for our falling wedge and it seems likely that Bitcoin will touch it soon.
On the other hand, if BTC does come back to retest the $41,700 mark again and breaks below it, things will get quite bearish for it.
Conclusion: The Final Verdict on Bitcoin (BTC)
Right now, Bitcoin seems to be holding the support zone near quite nicely. Once BTC breaks above $42,700 we can expect a nice price pump. It might move smoothly towards the $44,300 mark before facing any resistance. The major level we are watching for Bitcoin is still the $45,500 region that it must break above to turn the overall trend bullish.
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