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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above $50,000 and is moving sideways for the past few hours. As mentioned in our previous price analysis, the next bullish target for BTC is the $51,500 region. It is critical for Bitcoin, and we could also experience a strong rejection once we touch it.
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Next Targets for Bitcoin (BTC)
Bitcoin is holding the $50,000 level nicely and is trading sideways for the past few hours. We can expect BTC to touch the $51,500 level before moving towards a correction. Remember, we are moving within an ascending channel on the 4-hour timeframe and could break below it in the next few days.
We can also see on the 1-day timeframe we are approaching the 0.618 area (golden pocket) and might hit it before experiencing a corrective wave.
On the other hand, if we do drop below $50,000 in the next few hours, we would expect Bitcoin to hold the $48,000 region. A bounce from this region would mean we won’t be seeing a correction wave before we touch $51,000.
We could also rally towards $51,500 in the immediate short-term and could experience a major rejection. As of now, both scenarios are possible.
The initial area we would be watching for our correction is the $44,000 region which is strong support.
Conclusion: Where Is Bitcoin (BTC) Headed?
Bitcoin is still looking bullish in the long term, but for the immediate short term, we can experience a pullback. Right now, BTC is trading around $50,000 region and could break below any time. If we do fall to the $44,000 region, we will be interested in accumulating more BTC.
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