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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,200 mark and is now showing bullish signs on the lower timeframes. As mentioned in our previous analyses, the price was trading within the consolidation zone below $19,600 for days and was struggling to gain momentum. The bulls have finally managed to push the price above the crucial resistance level, and it will be interesting to see how things play out this time. Let’s take a quick look at the latest 1-hour charts for Bitcoin to see where the price could be headed next in the immediate short-term.
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Analyzing the Charts
If we take a quick look at the latest 1-hour charts for Bitcoin, we can see that the price is now trading above the resistance at $19,600. A level that has been keeping the price down for over a week now.
The next level we will now be eyeing for BTC is the $20,400 mark. It is an area that acted as resistance in recent weeks, and we can expect it to show some resistance once again.
However, the main resistance level we will be eyeing in the short term is the $21,100 mark. If the price manages to break above this area, it will be healthy for Bitcoin.
This area has significance because it is also the 0.618 level of the Fibonacci retracement from the swing high to the swing low.
Breaking above this level will mean that Bitcoin will likely go to retest the previous top at $22,500 in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is now trading above the $20,000 mark and is finally showing some bullish signs on the lower timeframes. Right now, the main resistance level we are eyeing for BTC is the $21,100 mark. It will be interesting to see how the price reacts to this level in the coming hours and days. Right now, we will not be placing any short-term trades on BTC and will wait for it to gain a little more momentum on the lower timeframes. However, a retest of the $18,600 mark is also not out of the play in the coming days.
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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