What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below $48,000 and has been moving sideways for the past couple of days. Overall, BTC is looking quite bullish, and we can expect to challenge the $50,000 mark once again in the coming days. In this price analysis, we will be talking about the important levels we will be watching for Bitcoin in the immediate short term.
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Analyzing the Charts
The first level we will be watching for Bitcoin in the immediate short term is the $48,300 mark. We are currently facing resistance at this mark and need to get above it to remain bullish. Once we break this level, we could see another breakout towards the $50,500 mark.
The second level to watch for Bitcoin is the $47,300 region. This level is currently acting as our support, and we have just bounced back from it. BTC must hold this level to stay bullish; otherwise, we could see a sell-off towards the $45,000 mark.
However, it is likely that we will be heading towards the upside in the short term as we are printing a bull flag on the 1-hour timeframe.
The breakout target for our bull flag would be around the $52,000 mark, but we are likely to face strong resistance around the $50,600 area.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is still looking bullish, and we can expect some upside movement in the short term. BTC has been in a sideways consolidation for the past couple of days and is also forming a bull flag. Once the price breaks out of the pattern, we would be interested in longing Bitcoin towards the $50,500 mark.
On the other hand, if we break below our support region, we would still be interested in longing BTC around the $45,000 mark.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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