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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $47,000 mark and is looking quite bullish in the immediate short term. As discussed in our previous analysis, BTC is moving within a consolidation zone below $47,000 and is about to break above it. The price is trading right below this level at the moment and is showing plenty of bullish signs. Let’s take a look at the latest Bitcoin charts on the lower timeframes to see where the price is headed next.
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Analyzing the Shorter Timeframes
If we take a look at the 30-minutes timeframe, we can see that BTC is currently trying to break above the $47,000 mark. We can also see that the price was forming a bullish flag and has just broken out of it.
A bull-pennant is a bullish continuation pattern that appears mostly in uptrends. If the price manages to close a couple of 1-hour candles above this level, BTC will be retest the $48,100 mark once again.
On the other hand, if the price successfully breaks above $48,100 then we can expect a big breakout for Bitcoin. The target we will be eyeing in that scenario is the $52,000 mark. It is an area that was acting as strong resistance in December last year.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is currently trading just below the $47,000 mark and is actively trying to break above it. Once the price gets above this level BTC will retest the $48,100 mark again. If the volume flows in the price will also break this level soon and we will be heading towards our next major target around $52,000.
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