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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above major resistance at $46,700 and is looking bullish in the immediate short term. BTC managed to overtake this level after breaking out of the descending channel it was forming on the hourly timeframe.
The next target Bitcoin needs to get above is the $47,400 mark which we have already rejected on the shorter timeframes.
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Analyzing the Charts
We can see on the 1-hour timeframe that Bitcoin has already rejected the $47,400 region and is headed towards the $46,700 mark to retest it as support.
Past data suggests whenever we have faced rejection at $47,400; we have seen a sell-off towards $45,700 or lower.
However, we can also see that the price is currently moving above the 20 EMA, which is a bullish indicator. It is also likely that we will retest the $47,400 once again on the shorter timeframes and move towards our next target of around $48,000.
We can also observe that the price has broken out of this falling wedge on the 4-hour timeframe and is still in an uptrend. We can expect the breakout target to be somewhere slightly below the $48,000 region.
All these indicators suggest that Bitcoin is bullish in the short term and will be heading towards the $50,000 mark soon. It is unlikely that we will experience a correction before we touch the $50,000 region.
If BTC does reject the $47,400 region and also breaks below $46,700, we will be watching the $44,000 level next.
Conclusion: Is Bitcoin (BTC) Bullish?
Bitcoin has pumped significantly on Thursday and is looking quite bullish at the moment. The key level we need to watch here is the $47,400 mark. Once we get above this level, we will be interested in opening a long trade on BTC. However, we would not be ignoring the other price levels and will be watching for a trend reversal as well.
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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