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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $38,900 mark and seems to be gaining some momentum on the lower timeframes. If we take a look at the 1-hour timeframe we can see that the price has been bouncing back and forth between $39,700 and $37400 for several days now. BTC has been trading within this consolidation zone for a while now and is likely to move out of it soon. Let’s take a quick look at the latest Bitcoin price charts to see where the price is headed next in the short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for BTC we can see that the price is coming back to retest the resistance at $39,700 once again. Bitcoin has been struggling to break above this resistance for a few days now and will be retesting it for the third time now.
The support we are watching for BTC right now is the $37,400 region. It is a region that has been acting as strong support for BTC for a while now and is likely to uphold the trend.
Also, if we switch to the RSI, we still have that bullish divergence that has not played out yet. The price is forming consecutive lower highs on the RSI, and we could expect a breakout soon.
If the price does break out in the coming hours, the next major target we will be eyeing for BTC is the $41,700 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has gained some momentum on the lower timeframes and is trying to retest the $39,700 mark once again. The bullish divergence we had for BTC still has not played out and we can expect the price to go higher if it breaks above the $39,700. If that does happen and BTC manages to flip the crucial level into support, we will be interested in placing a long trade on Bitcoin.
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