What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above the $57,000 mark and is looking quite bullish in the immediate short term. The price was trading within the consolidation range between $53,700 & $55,700 and has successfully broken out of it. As mentioned in our previous analyses, the $53,700 mark might be the bottom for BTC and a trend reversal could be around the corner.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can see that we have had a nice price pump for Bitcoin and are headed towards the major resistance at $60,000.
The $60,000 mark is a crucial level that has acted as both resistance and support in the recent past. It is vital for Bitcoin to get above this level as it will give us the reversal confirmation we need. Once the price gets above $60,000 we will be extremely bullish on BTC in both the short term and the long term.
We can also observe that Bitcoin has minor resistance around $57,800 and once we get above that we will be retesting $60,000. BTC could also go back to retest $55,700 as support before challenging the resistance at $60,000.
We will also be watching this trendline resistance on the 4-hour timeframe closely. It has been keeping the price low for the past few days and breaking above it will increase the buying pressure.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is currently trading around the $57,200 mark and has shown plenty of bullish momentum in the past few hours. Right now, we will be observing the price closely and wait for it to get above the resistances we mentioned earlier. We will be watching the $60,000 resistance in particular and would be interested in longing Bitcoin if we break above it convincingly.
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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