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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around the support at $49,400 and is recovering from a small sell-off we saw several hours ago. As mentioned in our previous price analysis, the price action for Bitcoin is still looking bullish, and the $52,000 target is still valid.
Right now, we need to reclaim the support at $49,400 to challenge the $50,000 level once again and break above it.
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Analyzing the Charts
The first thing we will be observing on Bitcoin charts is the support level at $49,400. We broke below this level several hours ago and are now trading just above it. Bitcoin must close at least a couple of 1-hour candles above this level to confirm the reclamation.
Once Bitcoin reclaims this support, we would be moving steadily towards our next target of $50,500 and $51,500.
We have rejected the $50,000 several times in the recent past and are likely to break above it when we retest it again.
We can also observe that Bitcoin is forming a Bull flag on the 1-hour timeframe, and we could see a big breakout in a day or two.
The breakout of this structure will put us above our target of $52,000. We have been aiming for this target for weeks and may finally get there in a few days.
Conclusion: is Bitcoin (BTC) Bullish?
Despite a small correction, Bitcoin is still looking healthy and bullish in the immediate short term. We are forming a bullish flag on the 1-hour timeframe and could break out of it anytime soon.
However, we will first be watching the $49,400 level, which we need to reclaim as support first convincingly. If we drop below this level, we will wait a little longer before we put any long trades on Bitcoin.
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