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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around the $41,000 mark and is showing some nice bullish signs at the moment. The price is currently trading above the crucial resistance at $40,700 and it is likely that we will see another price pump for BTC in the coming hours. Bitcoin was trading within a consolidation zone for a while now but now it has broken that pattern and could be headed higher. In this price analysis, we will take a look at the latest 1-hour charts to identify our next targets for the immediate short term.
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Analyzing the Charts
As Bitcoin has flipped the $40,700 resistance into support it is likely that we will be moving in an uptrend in the coming hours. We can also see that the $40,700 zone was the 0.61 level of the Fibonacci retracement tool
from swing-high to swing-low.
Now as we have broken above the 0.61 level it is likely we will hold it in the coming hours. It is a crucial level on the Fibonacci retracement and usually acts as strong support/resistance.
The first resistance level we will be watching for Bitcoin right now is the $41,800 which we also mentioned in our previous analysis.
It is a level that has acted as strong support in the past and BTC needs to break above it to make a significant jump. The main target we are eyeing right now is around the $42,700 mark.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is currently trading around the $41,000 mark and could be heading higher in the coming hours. As the price is now trading above a crucial resistance, we are likely to see an uptrend on the lower timeframe. However, we will still be placing our trades with tight stop losses and the selling pressure still has not diminished completely.
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