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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,500 mark and has shown nice bullish momentum in the past few hours. We are currently trading above our previous resistance at $42,800 and coming to back-test it to flip it into support. Even though BTC is looking bullish in the short term, we still need to flip some levels to turn bullish again.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can observe that Bitcoin had a nice bounce back from our support region. BTC went from below $41,000 to $43,500 in a matter of few hours and is now facing minor resistance at $43,700.
If we manage to break above this level, the next target we will be eyeing in the immediate short term is the $45,000 mark.
The $45,000 level has acted as strong support in the past, and we must flip it to gain some real bullish momentum. A rejection of this level could again send the price down to the $40,600 region.
We also need to break above this trendline on the 4-hour charts to turn bullish again. This trendline has been holding the price down for several weeks, and we could reject it once again.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is currently looking bullish in the immediate short term, but we would not be trading it just yet. We will wait for BTC to break above the important levels mentioned above and trade it accordingly. Once we have broken above the resistance levels mentioned above, we will be interested in longing Bitcoin for short-term gains.
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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