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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $22,000 mark and is looking quite bullish in the immediate short term. The price has finally started to gain momentum on the lower timeframes and is challenging the strong resistance at $21,800 once again. If the price manages to break above this level convincingly in the coming hours there is a good chance, that we will see a big breakout for Bitcoin. Let’s take a quick look at the latest 1-hour charts for BTC to identify the levels we need to watch in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts, we can see that the price is currently breaking above $21,800. BTC has started closing 1-hour candles above this crucial level which is a bullish sign in the short term.
We can also see that the price has been holding the support at $20,500 for the past few days and has not lost momentum.
We can also notice that Bitcoin has tried to break above the resistance at $21,800 several times in the past but failed to sustain the momentum.
Bitcoin did manage to close a few hourly candles above this level earlier this month but fell below again due to low volume. What we would like to see for Bitcoin now is to close a 1-day candle above this level.
If that happens there is a good chance, we will see Bitcoin jump towards the $23,000 where it has faced resistance in the recent past.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above a crucial resistance level and is looking quite bullish on the lower timeframes. However, it is not out of the situation yet as it needs to break above the 21,800 mark convincingly. Right now, we would not be placing any short-term trades on Bitcoin and will wait for Bitcoin to close today’s candle.
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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