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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $44,600 and is trying to sustain bullish momentum on the lower timeframes. As speculated in our previous analysis, the price is bouncing back from the $44,600 mark and could face resistance around the $46,700 region. It is also likely that the price will go sideways over the weekend and Bitcoin won’t make a significant move till Monday if the support at $44,600 remains intact. Let’s take a look at the 1-week timeframe for Bitcoin to get a bigger picture of where the price is headed next.
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Analyzing the Weekly Timeframe
If we take a look at the 1-week charts for Bitcoin the first thing we can notice is that price is now trading above the 20-MA.
The 20 simple moving average is a crucial indicator when it comes to the 1-week timeframe. It is also referred to as the bull-market support band. If the price is trading above it, that means BTC is currently in a bullish trend. Similarly, when the price is trading below the 20-MA Bitcoin is considered to be in a bearish trend.
Now, to get a further idea of where things could be heading next, we can take out our Fibonacci retracement tool to identify important levels.
We can see on the fib. that the price is currently facing resistance around the 0.382 mark which has plenty of significance. Ideally, we would like the weekly candle to close above this crucial level. If that happens, BTC would most likely retest the golden zone.
We can also identify a horizontal zone that coincides with the 0.382 mark. If the price flips this level back into support, we will have a bullish April for BTC.
Conclusion: What’s Next for Bitcoin (BTC)?
Bitcoin is currently trading above the crucial 20-MA in the 1-week timeframe which is a bullish sign. If BTC closes the price above the zone highlighted above and the 0.382 level of Fibonacci we will see it pass $50,000 soon. It would be interesting to see how the price plays out and at what level Bitcoin will close this week.
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