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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $44,000 mark and is looking quite bullish in the immediate short term. BTC successfully managed to break above the resistance around $44,200 that we mentioned in our previous analysis and is now looking to retest it as support.
It is crucial for Bitcoin to retest this area successfully; otherwise, we will be headed towards the downside once again.
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Analyzing the Charts
The first key level we will be watching for Bitcoin right now is the $44,200 mark. Previously, we were facing strong resistance at this level and are currently retesting it to flip it as support.
If we fail to hold this level, BTC will turn bearish again, and the next level we will be eyeing for support is the $42,500 mark.
The next important level we are watching for Bitcoin right now is the $45,000 mark. We are currently facing resistance at this level and must break above it in the coming hours to remain bullish.
If we manage to break above this resistance in the coming hours, the next level we will be eyeing is the $46,300 mark.
The $46,300 level has acted as nice support in the past, and we are likely to face some resistance here before we continue towards $47,200.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is currently looking bullish in the immediate short term, but we would not be trading it just yet. BTC has shown great volatility in the past couple of weeks, and we will only trade it once the volume starts flowing and we are well above the tricky levels.
If we do manage to break above $45,000 with a nice volume, we will be interested in longing Bitcoin on the retest.
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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