What is Bitcoin (BTC) Right Now?
Bitcoin is currently trading just above the $49,000 level and is looking quite bullish at the moment. As predicted in our previous price analysis, Bitcoin managed to break out of the ascending channel it was forming on the 1-hour timeframe and shot up towards the $49,600 mark.
We can now expect some sideways movement from Bitcoin (on shorter timeframes) before we finally rally towards our next $52,000.
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Analyzing the Charts
The horizontal levels we need to watch for Bitcoin right now are the support at $49,400 and the resistance at $50,500. The price is currently taking a breather at our support level before we test the resistance at $50,500.
Our main target is the level at $51,500, which we have been eyeing for the past few weeks. It is likely we will touch this level before making any other small corrections.
We can also observe that we are still breaking out of the falling wedge we identified on the 4-hour timeframe.
The breakout target for this wedge is around the $51,500 and $52,000 region. This gives us reason to believe that we will be breaking our resistance on the 1-hour timeframe.
However, if we lose our support at $49,400 in the next few hours, these targets will become invalid.
Overall, the cryptocurrency market is looking quite good today, and the Alts are also gaining some excellent momentum. If this continues, we will soon be targeting a new all-time high for Bitcoin.
Conclusion: Is Bitcoin (BTC) Bullish?
Bitcoin is looking quite bullish at the moment, and we can expect it to reach $52,000 in the next few days. The month of September is historically bearish for Bitcoin, but we are gaining momentum right at the beginning of the month, which is a good sign. We will now wait and observe how the price reacts to the $52,000 mark before we identify our next targets.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. This guide can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of best Bitcoin Exchanges To Trade With.
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