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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $54,000 level and is still looking bullish in the immediate short term. As mentioned in our previous price analysis, BTC is printing a bull flag on the 1-hour timeframe, and we can expect it to break out soon. The fundamentals are also on Bitcoin’s side as we are consistently getting good news related to the crypto space.
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Analyzing the Charts
Not much has changed for Bitcoin since our last price analysis, and we are still watching the resistance at $55,500. Once the price breaks out of the bull flag pattern, it will likely push through the resistance as well. The area we would be eyeing in that scenario would be around $58,000.
On the other hand, if we move towards the downside, the support we will be looking at is the $52,900 level. This level was our previous top and resistance, and we are likely to find some sort of support there.
On the other hand, we can also see that we are trading above a crucial resistance on the 1-day timeframe.
This is also a bullish indicator, but we could come back to test this resistance as well in the coming days.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is still looking bullish in the short term, and we can expect it to break above $55,500 in the coming hours. However, we would only be buying more BTC once we break above the $55,500 mark convincingly. Bitcoin has pumped a lot in the past few days, and we could witness a slight pull-back. If we drop towards our support region or come back to retest the trendline, we would be interested in longing BTC from there.
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