What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the resistance at $48,500 and is struggling to break above it. As mentioned in our previous analysis, Bitcoin is currently in a nice uptrend and is aiming to challenge the $50,000 region once again. The next few days are going to be crucial for Bitcoin as how we react to the $50K level will decide how this month will fare for Bitcoin.
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Analyzing the Charts
On the 1-hour timeframe, we can see that Bitcoin is currently moving sideways and is trying to get above the resistance at $48,500. We are currently seeing some consolidation and might not see any major price movement in the coming hours.
We can also see that we are forming some sort of a bullish flag on the 1-hour time, which is a healthy sign for BTC.
If we break out of the bull flag, the target we will be looking at is the $50,500 level. This level has acted as strong resistance in the past, and we might see a rejection here.
On the other hand, we are also retesting the support at $47,400 at the moment and must hold it at all costs. If we manage to lose this support, the next area we will be looking at is the $46,000 mark.
Conclusion: Is Bitcoin (BTC) Bullish?
Bitcoin is still looking bullish in the immediate short term and is also forming a bull flag on the 1-hour timeframe. However, we will not be trading Bitcoin currently and will wait for it to break out of the flag structure. Once we have the confirmation for our breakout, only then will we be interested in placing a long trade on it.
It is important to stay cautious because if BTC loses the support at $47,400, we will be headed lower once again.
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