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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above the $49,000 mark and is facing some resistance around $49,500. As mentioned in our previous analysis, Bitcoin is currently looking quite bullish, and we can expect to get above $50,000 soon. The momentum is on Bitcoin’s side, and it seems to be recovering well from September price dumps.
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Analyzing the Charts
The two levels we will be watching for Bitcoin right now are the resistance at $49,500 and the support at $48,500. The $48,500 level was previously acting as resistance, but we have now flipped into our new support.
As long as we are trading above $48,500, we are extremely bullish in the immediate short term.
We can also see that Bitcoin is forming another bullish flag pattern on the shorter timeframes, which means we can expect another breakout.
Once we break out of this pattern, we will be heading towards the $52,000 mark and will get closer to putting a new high for this quarter. However, we also have strong resistance at the $49,500 mark and might not be able to break it easily.
The $49,500 level has acted as strong resistance in the past, and we have faced multiple rejections here. Though, it seems likely we will get above this level this time.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is still looking quite bullish in the short term, and we can expect another breakout in the near future. Once BTC gets above the $50,000 mark and finds strong support there, we might also see it putting a new all-time high by the end of the month.
Currently, we would be interested in putting a long trade on Bitcoin when it breaks above $49,500 convincingly.
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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