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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around $50,000 and is trying to break the resistance at $50,500. As discussed in our previous price analysis, the price movement is looking bullish for BTC, and we are not too far away from $52,000.
Bitcoin has also closed above a key Fibonacci level on the Monthly timeframe, which is another indication that we are still in an uptrend.
Bitcoin has closed above the 0.5 level of Fibonacci retracement, which could now act as strong support for our price trend.
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Analyzing the Shorter Timeframes
If we take a look at the shorter timeframes, we can observe that the price is moving within an ascending triangle on the 15-minutes charts.
The resistance above this structure is keeping the price low, but the higher lows indicate that we will break above it soon.
If we break out of this structure, the price will shoot towards the $51,500 region where we have our next resistance.
On the other hand, if we switch to the 4-hour chart, we can still observe the resistance at the $50,500 mark. However, we can also see a nice double bottom for Bitcoin and can expect a breakout towards $52,000 soon.
Conclusion: Is Bitcoin Looking Bullish?
Bitcoin is currently looking bullish in the immediate short term, and we can expect to touch the $52,000 level soon. Right now, we are waiting for the price to break above the $50,500 mark. As soon as that happens, we will be interested in longing BTC.
The fundamentals are also on Bitcoin’s side at the moment, and a move towards the downside seems unlikely.
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