What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $39,500 region and is trying to reclaim the crucial support. As discussed in our previous analysis, the $39,500 level has a lot of significance as bulls have tried to hold this area strongly in the past.
Once we get above this region, we will be eyeing the $42,000 level once again and might finally break above it after a 3rd retest.
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Analyzing the Charts
On the 1-hour timeframe, we can observe that Bitcoin broke above a crucial trend line resistance just yesterday. This boosted the price of BTC significantly and sent it above the $39,500 region. However, we failed to hold on to the region and are currently trading below it.
The price is keeping low because of the new resistance Bitcoin is facing on the 4-hr chart.
Once we get above this resistance, we can expect a huge price pump that will send the price flying to the $42,300 region. We can also expect a retest of $40,000 before breaking above this major resistance.
On the other hand, if we fail to break above this level, then the next areas we need to watch are the $37,400 and $36,000 region (strong support).
Conclusion: Where is BTC Headed?
Bitcoin is currently struggling to reclaim the support at the $39,500 region. It is a crucial level, and BTC must get above it for a price reversal. However, the asset is still looking good, and we are likely to break above it within the next 24 hours. Once we get our confirmations, we would be interested in putting a long trade on BTC.
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