What is Bitcoin (BTC) Doing Right Now?
Bitcoin (BTC) is currently trading just around $47,000 and is facing some resistance in this area. As discussed in our previous price analysis Bitcoin will likely have a healthy correction in the next few days and we expect to drop to the $44,000 level.
On the other hand if Bitcoin does break above $47,500 convincingly in the next few hours we could expect a temporary move towards the upside.
Phemex allows you to trade Bitcoin and altcoins with low trading fees. You can use our link to sign-up and can claim a bonus of up to $2,500 on your first deposit. (Bonus may vary based on deposit amount)
Claim up to $4100 in Bonus
Analyzing the Shorter timeframes
If we take a look at the Bitcoin charts, we can observe that we are currently breaking out of the falling wedge we were forming on the 1-hour timeframe.
It is highly likely that we would not see a big breakout here. We are trading below the ascending channel we were respecting on the 4-hour timeframe which is bearish for BTC. The price will likely face resistance around $48,000, and we will be heading downwards once again.
On the other hand, we are retesting the channel on the 4-hour timeframe that we broke below this morning.
If BTC fails to get back into the channel in the next few hours, a drop towards the $44,000 region is highly likely.
This drop would be considered a healthy correction and would provide us a nice opportunity to buy Bitcoin at an even better price.
Conclusion: Is Bitcoin (BTC) Bearish?
Bitcoin is still looking extremely bullish in the long term but for the short term, we could experience a little set back. The price has been on the rise for the past few weeks and we have barely seen any drops lately.
We are expecting BTC to drop to $44,000 and would be interested in opening a long position if we find a strong stop in that region.
Margin Trading for Beginners
If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.
Bybit: Trade With Leverage
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on ByBit. Use this link to sign up and earn a free bonus on your initial deposit.
Claim up to $30,030 in Bonus