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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below an important level of $45,100 that it was holding for quite some time. As discussed in our previous analysis, the price of BTC is looking bearish in the immediate short term, and we will likely see a correction in the next few days.
This correction could prove healthy for the price action and would take us towards our next target of $49,000-$50,000 region.
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Price Levels to Watch
The first price level we need to watch is the $45,100 region. This area was previously acting as a support line, and we have finally broken below it. It is our first confirmation of a corrective move, and we will have to wait and see if we stay below this region for the next few hours.
BTC could also retest this level in the next few hours and reject it. If that happens, it will confirm our speculation, and we will be interested in shorting Bitcoin.
Other important levels we need to watch are the $44350 area and the boxed region around our previous support of $45,100. We can expect BTC to bounce back from $44,350 and retest the box region. It is highly unlikely that we will break above it, but a rejection will give us some price confirmation.
Lastly, we also need to watch the $42,400 level closely. This region holds plenty of significance and could mark the end of our correction. If we do bounce back from this support level, we will be heading towards our next target of $50,000.
Conclusion: Where is Bitcoin (BTC) Headed?
Bitcoin is currently headed towards the downside and is looking bearish in the short term. However, this correction for BTC was expected, and we are still bullish in the long term. Once we reach the $42,400 region, we can expect a rally towards the $50,000 mark. For the immediate short term will only be interested in shorting Bitcoin.
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