What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $44,100 mark and is looking quite bullish in the immediate short term. As mentioned in our previous analysis, the price successfully managed to break the resistance at $43,100 and is now heading towards our target of $44,700. It is likely that we will see Bitcoin touch this level in the coming hours as it still has not lost momentum. Let’s have a quick look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the lower timeframes for Bitcoin, we can see that the price is currently forming a bull flag.
As the name suggests, a bull flag is a bullish continuation pattern that indicates that a breakout is nearby. If the price breaks out of it in the next few hours, we will be reaching our target of $44,700 soon.
On the other hand, if the price breaks below this structure we will be a little bearish in the immediate short term.
It means that we will be retesting the $43,100 level once again and could also break below it as we are approaching the weekend.
The next level to watch in that scenario is the $41,900 mark which Bitcoin has used as support quite recently.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is looking quite bullish at the moment and is finally heading to retest that $44,700 mark. The price has been trading below it for a long while now and Bitcoin needs to get above it to gain strong bullish momentum once again. However, we are also approaching the weekend, and rejection at $44,700 is also highly likely. Right now, we would not be placing any short-term trades on Bitcoin.
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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