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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $40,500 mark and is showing some bullish momentum on the lower timeframes. As mentioned in our previous analysis, the price was moving within a consolidation range from the past few days and has finally broken above it on the 1-hour timeframe. Right now, it is crucial for BTC to stay above this zone as falling back into will turn things bearish once again. Let’s take a look at some latest crucial levels that we need to watch for Bitcoin in the short term.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin we can see that the resistance it currently needs to get above is around the $40,700 mark. It is a level that has acted as strong resistance in the past as well and breaking above it will be extremely bullish for BTC.
Also, if we take out the Fibonacci retracement tool from swing high to swing low we can see that this crucial mark is also the 0.61 level of Fibonacci.
The 0.5 and the and 0.61 level of Fibonacci has a lot of significance as they can act as strong support and resistance. If the price ends up closing 1-hour candles above this crucial level, we can expect a price pump for BTC.
If the scenario does play out, the next level, we will be watching for BTC on the 1-hour timeframe is the $41,800 mark. It could also go further high and could end up retesting the major resistance on the 1-day timeframe around the $44,800 region
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is trying to gain some bullish momentum on the lower timeframes and could be heading towards the $44,000 region once again. Right now, it is vital for Bitcoin to close a few candles above the $40,700 mark, and is it would be a bullish indicator. If that happens, we will also be interested in placing a short-term long trade on Bitcoin.
Margin Trading for Beginners
If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.
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