What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above $45,000 and is moving sideways for the past 24 hours. We are currently watching the crucial level at $45,800 and need to get above it convincingly. As discussed in our previous price analysis, this region has acted as major resistance in the past, and we must get above it soon.
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Bitcoin (BTC) Targets for The Immediate Short term
Not much has changed for BTC since our last analysis, and our targets are still the same. The first level we need to get above convincingly is the $45,800 region. We need to get above this level and retest it successfully to turn this resistance into support.
Once we are above this level, the next target we will be eyeing is the $49,000 region.
On the other hand, if we fail to claim this region as support, we can see a move towards the downside. If that happens, the level we would be counting on for support is the $42,400 region. A drop to this level would be a nice correction for BTC, and we could also see a healthy bounce back from here.
We can also observe on the 30-minutes timeframe that the price is moving within a symmetrical triangle. This means that once we get out of this structure, the price could go either way. We are likely to break down from here as trading volumes are dropping. However, we can also break above it if the volume flows in.
Our breakout target would be $47,000, and if we break below, we could expect some support at $44,000.
Conclusion: Is Bitcoin (BTC) Bullish?
Bitcoin is looking bullish at the moment, but we would not be trading it in the immediate short term. Currently, BTC can go either way, and we will wait for our confirmation before making any moves. If we do break above $45,800 and retest it successfully, we will be interested in opening a long position on Bitcoin.
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