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.
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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.
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