What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $51,500 mark and is looking quite bullish in the immediate short term. As discussed in our previous analysis, BTC was facing a major trendlines resistance on the 1-Day timeframe, which it seems to have broken above. If the price stays above this level, we could see an excellent run for BTC and Alts in the coming weeks.
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on ByBit. Use this link to sign up and earn a free bonus on your initial deposit.
Claim up to $30,030 in Bonus
Analyzing the Charts
If we take a look at the daily chart, we can observe that Bitcoin has not only broken above this trendline resistance, but it has also broken above a significant Fibonacci level.
The 0.786 level is also a major Fibonacci number, and breaking above it along with the trendlines resistance is extremely bullish for Bitcoin.
We can also see on the 4-hr charts that BTC has closed multiple candles above the trendline resistance. Closing multiple candles above this level means that we are likely to stay above this level now.
However, it is crucial that we close today’s daily candle above this region to confirm that this is a legit breakout and not a fake-out.
The current resistance Bitcoin is facing is at the $51,900 mark, and once we get above it, we could be heading towards the $53,700 level.
Conclusion: Final Verdict on Bitcoin (BTC)?
Bitcoin is looking quite bullish at the moment, and we can expect another breakout after some sideways consolidation. As long as BTC is trading above $51,100, we are extremely bullish on it and would be eyeing higher targets around the $53,800 region.
However, if we lose this level, we will wait for Bitcoin to retest the $50,000 mark and will trade accordingly in the short term.
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.
Copy Trading with PrimeXBT Covesting
Tired of the hassle that comes with technical analysis? If so, PrimeXBT Covesting allows you to mimic experienced traders. Sign up with our link today.
Claim up to $7000 in Bonus