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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below $51,000 and is looking extremely bullish in the immediate short term. As highlighted in our previous price analysis, Bitcoin was forming a bull flag pattern on the 1-hour chart and has now broken out of it.
The price target for our breakout is around $53,000, but Bitcoin will have to first break minor resistance at $51,000.
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Analyzing the Charts
If we take a look at the charts, we can see that Bitcoin has finally broken above a critical resistance zone on the 4-hour timeframe.
We can observe that the resistance below $50,500 has finally been broken, and now we are trying to flip it into the support. However, it is still crucial that we close at least a couple of candles above this region to confirm the breakout.
Back on the 1-hour chart, the horizontal levels we will be watching now are the support at $50,500 and the $54,500 region. We would also be observing the $52,000 region where we can experience minor resistance.
Ideally, we will show minor rejection at the $52,000 mark and break above it after retesting the $51,500 region. The $54,500 is a critical level that has acted as both resistance and support in the past.
On the other hand, if we manage to break below $50,500 in the next few hours, this would be seen as a fake-out, and these targets will no longer remain valid.
The level we would be watching in that scenario is the $48,200 region that is our immediate support. It is highly unlikely that this scenario will play out as we are trading comfortably above the $50,500 region currently.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is looking extremely bullish at the moment and is heading towards the $54,500 region. We might face some resistance at the $52,000 mark, but the momentum is on BTC’s side, and we will likely break above it comfortably.
Once we reach this target successfully, we will soon be aiming towards a new all-time high for Bitcoin.
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