What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $47,200 and is looking quite bullish in the short term. As discussed in our previous analysis, BTC has been facing some resistance around the $48,500 region and the price is being squeezed on the shorter timeframes. If retest the $48,500 region once again in the coming hours it is highly likely we will break above it.
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Analyzing the Charts
If we take a look at the 1-hour chart, we can clearly see that Bitcoin is forming a bull flag consolidation pattern and is rallying to make a big move. The price has been moving sideways for a while now and we could break out this structure at anytime.
If we this pattern pans out our breakout target will be around the $50,500 mark which is a strong resistance level. We might also face some resistance around the $49,500 mark as it has acted as resistance in the past.
On the other hand if we do break below this target and lose the support at $47,200, the next level we will be looking at is the $46,000 region.
We could also drop to the $44,000 level as losing the $47,200 could trigger a sell-off.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is currently looking quite bullish but we will only long it when it breaks out of the flag consolidation. Once we breakout of the struture we can expect to touch the $50,000 mark once again. However, Bitcoin has been highly volatile the past couple of weeks and we will trade with great caution.
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