What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $47,000 region and is looking bullish in the immediate short term. The price has been moving sideways for the past few hours and is bouncing between the $47,400 and $46,700 region.
As discussed in our previous price analysis, Bitcoin will likely break above the resistance at $47,400. Once that happens, we will also be interested in entering a long trade for BTC.
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Analyzing the Charts
If we look at the 15-minutes chart, we can see that BTC is currently breaking out of an ascending triangle and retesting the resistance at $47,400. We are highly likely to break above this region and reclaim it as support in the next couple of hours.
The price is already breaking above the $47,400 region, but we must close at least a couple of 1-hour candles above this level for confirmation.
Once we reach the $48,000 mark, we can expect BTC to rally for $50,000 within a few days or a week.
We can also see on this 4-hr chart that the price of BTC has been moving within this ascending channel. We are likely going to retest the top of the channel once again, which would be around $50,000 to $52,000 region.
Once we complete our retest, it is likely we break below this channel and have a healthy correction towards the lower $40K region.
Conclusion: Is Bitcoin Bullish?
We are still bullish on Bitcoin in the immediate short term and expect it to reach the $50,000 mark very soon. The crypto space is once again accelerating towards mass adoption, and the money has already started to flow. We are likely to see a healthy correction in the next few weeks, but currently, Bitcoin is bullish, and we will be trading it accordingly.
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