What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $40,700 mark and has started to gain some bullish momentum on the lower timeframes. The price bounced successfully from the $38,800 mark and is looking quite healthy on the 1-hour timeframe. As mentioned in our previous analysis, Bitcoin has strong support around the $39,000 to $40,000 region and bulls are actively trying to hold this level. Let’s take a quick look at the latest hourly charts to identify the levels we need to watch for BTC in the immediate short term.
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Analyzing the Charts
On the 1-hour timeframe, the first resistance we are watching for BTC right now is the $40,900 mark. It is a region that has acted as resistance on the lower timeframes in the past as well and we can see it is keeping the price in check at the moment.
We now have a new consolidation zone for Bitcoin, and it would be interesting to see how soon it breaks out of it. Once the price breaks above $40,900 the next level we will be eyeing is the major resistance $42,100 mark.
The $42,100 mark has acted as both support and resistance in the past and breaking above this level could mean a resumption of the uptrend. Bitcoin might also be forming a bull flag here as the price has started to go sideways after a significant bounce.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has bounced nicely from the $38,800 mark and is once again trading above the crucial support region around $40K. The main level we are watching for Bitcoin now is the $42,100 mark. If the price manages to get above this level in the coming hours or next few days, then Bitcoin could start moving in an uptrend once again. As of now, we still would not be placing any short-term trades and will wait for the price to show some momentum.
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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