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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around $45,000 and has shown some momentum after bouncing back from the $44,000 region. As stated in our previous price analysis, we would like to see BTC go through a healthy correction before we aim for $50,000.
Bitcoin has shown some downwards movement in the past 24 hours, but is that enough for correction? Let’s take a look at the charts to find out where BTC is headed next.
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Analyzing the Charts
If we take a look at the hourly timeframe, we can see that the price is now coming back to retest the previous support at the $45,100 level. This support is likely to turn into resistance now, and we can expect a rejection of this area in the next couple of hours.
If we do see this rejection, it will not only be a shorting opportunity for us, but we could also consider longing BTC once it hits our correction target.
A breakout is highly likely towards the $49,000 region once we bounce back from $42,400. However, we could face some resistance in the $46,400 region once again.
On the other hand, if we manage to break above the $45,100 region in the next few hours, BTC will become bullish in the short term. That could also mean that we would not be heading any lower, and our small correction is over. However, we could also face rejection at $46,400 even if we break the $45,100 level.
If BTC does break above $45,100 successfully, we will wait for our confirmations before making any trades.
Conclusion: Where is Bitcoin (BTC) Headed?
Bitcoin is currently going through a small correction and is still looking bullish in the mid and long term. We will wait for our confirmations to play out in the next few hours and then trade BTC accordingly. However, for the immediate short term, BTC is in a tricky place and could go either way in the next few hours. Right now, it is better to let the price play out.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. This guide can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of best Bitcoin Exchanges To Trade With.
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