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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is trading around the key level at $46,400 and is looking very bullish at the moment. As discussed in our previous price analysis, this is the level we need to break above convincingly to move towards the $50K region.
The last time we tried to break above this resistance, we saw a sell-off towards the $44,000 mark. However, we found support on the trend line below and shot up again in no time.
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Where is Bitcoin (BTC) Headed Next?
If we take a look at the 1-hour charts, we can observe that the price has put a new higher low and is moving within an ascending triangle.
An ascending triangle is a bullish indicator, and once we move out of this region, we could see a breakout towards the $50K region. Currently, Bitcoin is trying to get above this zone and could very well succeed.
Ideally, we would like Bitcoin to retest the lower region once again and then breakout towards the $50,000 mark.
Bitcoin is trying to break above this level right now, but we can observe on the 15-minutes timeframe that it is failing to do so.
We can see a lot of sideways movement and that the price is struggling to stay above the $46,400 area. That means we might retest the trendline once again before breaking out.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is looking very bullish at the moment, and we can expect to challenge the $50,000 region in the next few days. However, BTC first needs to break above $46,400 convincingly and retest it to establish it as support. Once that happens, we will be interested in opening a long trade on Bitcoin targeting the $49K-$50K region.
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