What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around $52,500 and has broken above a major resistance this weekend. The leading cryptocurrency is forming a strong bullish trend as the price has been climbing steadily for the past few weeks.
The next immediate target for Bitcoin is the $54,000 level. This is a crucial price level that has acted as both support and resistance in the past.
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Analyzing the Charts
If we take a look at the 1-day timeframe, we can see that Bitcoin has broken above a major resistance on the Fibonacci retracement indicator.
The golden pocket of the Fibonacci retracement (the area between 0.5 and 0.618) was a major resistance BTC was facing. We have recently managed to break above this area and are looking more bullish than ever.
The golden pocket zone also coincides with our support at $51,000, which has now turned into a major support zone.
On the shorter timeframes, the zone we will be currently watching is the region below $53,000.
There are two possible scenarios here that might come into play. We could break above our resistance zone in the next few hours and reclaim it as support to jump higher. Or we will have a minor correction towards the $51,000 region to grab more liquidity.
The second scenario would be ideal for Bitcoin as it will cool things down and give us an opportunity for a potential long position. The $51,000 region is likely to act as strong support for Bitcoin now, and we must stay above it to sustain our bullish momentum.
Conclusion: Is Bitcoin (BTC) Still Bullish?
Bitcoin is looking extremely bullish nowadays and is headed towards breaking its all-time high. No matter what scenario plays out, $54,000 is looking imminent at the moment. Once we break above that level, Bitcoin is likely to get to a new all-time high in a matter of days.
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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