What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $47,000 mark and is looking quite bullish in the immediate short term. As mentioned in our previous analysis, Bitcoin did manage to breakout of the falling channel convincingly and is now moving upwards steadily. The next target we are aiming for is the $48,600 region, which is the breakout target for the channel.
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Analyzing the Charts
The current level we are watching for Bitcoin is the $47,400 mark, where we are facing some resistance. This area has acted as both resistance and support in the past and is a crucial level BTC needs to conquer to remain bullish.
We have also found support at the $46,800 region, which was our previous resistance that kept the price low for days.
The $48,600 – $49,000 region is a critical area for Bitcoin, and rejecting it could mean we might see another major sell-off. We are likely to break above $47,400 at the moment because most indicators are looking bullish.
We can also see on the 15-minute timeframe that we are coming back from the $47,400 mark and are retesting $46,800 to turn it into support.
We are seeing a beautiful price action here and are more likely to continue towards the upside. If we do see a break of the $46,800 support, the bullish momentum will be lost. The next region to watch in this scenario would be the $45,800 level.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is currently looking bullish in the immediate short term and could be headed towards higher levels in the coming days. The $48,600 – $49,000 region is the spot we are watching next as it has plenty of significance. This level will decide whether we will get above $50,000 in the short term or not. Bitcoin has also shown a lot of volatility in the past couple of weeks, so we must also remain cautious. A big move towards either side is always on the card in such times.
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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