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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $41,000 mark and has started to gain some bullish momentum on the lower timeframes. As mentioned in our previous analysis, Bitcoin was trading in a crucial support zone and a bounce was likely. The $40,800 mark region has acted as both support and resistance on the 1-day timeframe so flipping this level was crucial. Now BTC must sustain this momentum on the lower timeframe and must not lose steam before finding a major support level. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the coming hours.
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Analyzing the Charts
If we take a look at the 1-hour timeframe, we can see that the price has broken above a crucial resistance ($40,800) and is showing bullish signs. We can also see a bull flag on this timeframe which is another good sign for the price action.
The next level we are watching for Bitcoin right now is the $42,100 mark and it could act as a major resistance. It was the previous resistance BTC was facing at the beginning of March, and we saw a nice uptrend after this resistance was broken.
If this bull flag pattern does play out properly Bitcoin can break above the $42,100 mark and will be heading towards the next target.
On the other hand, if the price faces rejection, the support levels we will be eyeing for BTC are the $40,800 mark and $39,200 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has finally started to show some bullish momentum on the lower timeframes and can resume the uptrend once again in the coming days. The price is currently facing strong resistance around the $42,100 mark and if BTC fails to break above this level we will be heading lower once again. Right now, it would be interesting to see how the price reacts to this level and we will be placing our trades accordingly.
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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