What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above the $47,000 mark and is looking quite bullish in the immediate short term. The price was moving within a symmetrical triangle on the hourly timeframe, and we have finally broken above it.
We also mentioned this scenario in our previous price analysis and are now eyeing the $49,000 region. (our breakout target)
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Analyzing the Charts
If we take a look at the charts, we can observe that the breakout target for our symmetrical triangle is around the $49,000 region. We are also likely to face some resistance around the $47,400 mark as it has been keeping the price low since the flash crash.
Even if we face rejection, we will likely break above it after retesting the $47,000 level. Once we clear this level, our next resistance will most likely be at the $49,200 mark.
On the other hand, if we fail to break above $47,400, we could go sideways for several hours and eventually break down again.
In such a scenario, the level we will be watching is the $45,000 mark which we did hold previously.
If we see this scenario playing out, a $40,000 Bitcoin will still be on the cards.
Conclusion: Is Bitcoin (BTC) Turning Bullish?
Right now, Bitcoin is showing some great bullish momentum, but we would not start putting any long trades on it yet. Bitcoin must get above the resistance at the $47,400 mark, and only then will we be interested in longing Bitcoin.
If Bitcoin breaks below $46,000 in the next few hours, we will again turn bearish on it in the short term.
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