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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,500 mark and is looking extremely bullish in the short term. We saw a huge momentum shift for BTC last night as it broke above $40,000 once again and the buyers started to step in immediately. In our previous analysis, we talked about the resistance Bitcoin was facing around the $39,600 and how breaking above it could shift the momentum. The price did manage to break that level and we saw an unexpected massive spike. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the short term.
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Analyzing the Charts
If we take a look at the 4-hour charts for Bitcoin, we can see that the price was forming an inverse head & shoulders that was indicating this breakout. It wasn’t the best inverse head & shoulders formation, but we can see it played out quite well.
We can also see that BTC had a significant resistance around the $41,800 previously but it managed to get above it as well with this breakout. This is a clear indication that the buyers are now stepping in and BTC might have bottomed already.
We can also see that Bitcoin is currently trading above all the significant moving averages. It is a bullish sign for BTC and could mean that this trend will continue.
The next major resistance we will now be watching for Bitcoin is around $44,600. It is an area that has kept the price low in the past. Breaking above it comfortably on the 1-day timeframe could be a strong bullish indicator.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has broken above some key resistance levels last night and is looking extremely bullish at the moment. We weren’t expecting BTC to make a move this big, but it is a really good sign for the crypto asset. Right now, we will be watching the $44,600 region closely and will place a trade on BTC after the price reacts to this level.
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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