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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $40,700 mark and is struggling to stay above it on the lower timeframes. As mentioned in our previous analysis, BTC needs to hold the $40,700 mark to stay bullish in the immediate short term. It is a level that has acted as strong resistance in the past and BTC could face a rejection here as well on the 1-day timeframe. Let’s take a look at the latest 1-hour charts for Bitcoin to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the 1-hour charts we can see BTC broke above $40,700 but fell below it again within a day. Right now it is trading around the same level once again and must close several hourly candles above it to flip it into support once again. The next resistance Bitcoin needs to get above in the coming hours is the $41,800 mark.
We can also see that Bitcoin is currently trading within an ascending channel on the 1-hour timeframe and has just bounced back from the bottom of the channel.
An ascending channel could also be a bearish indicator and as we are approaching the weekend, it is also likely that the price can fall below this structure. If that happens that first support level, we will be watching for BTC is the previous support at $39,900.
Also, the breakdown target for this ascending channel would be around the $38,800 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is struggling to get above the resistance at $40,700 and could go either way in the immediate short term. We are approaching the weekend and the price seems to be losing steam on the 1-hour timeframe. It seems likely that we will see a move towards the downside, but there is also a chance of breakout once the price pushes above $40,700 for good. It would not be surprising if we see bullishness for BTC this weekend.
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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