What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the $50,000 region and is struggling to gain some momentum. BTC has made some extremely bullish moves in the past few weeks, and a correction could be right around the corner.

However, we are still expecting Bitcoin to test the $51,500 region before we see a healthy price correction.

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Analyzing the Charts

If we take a look at the 15-minute charts, we can see that the price is just bouncing back from the short-term support around the $48,800 region. We are currently retesting minor resistance at $49,700, and if we do manage to close a few 15-minutes candles above it, we will be heading towards $51,500.

On the other hand, if we see a rejection of this area, we will be heading back to our support at $47,900. It will also make us bearish on BTC in the short term.

The 1-hour timeframe shows that the price is respecting this trend line, and Bitcoin still has not lost its bullish momentum. We can see a nice spike towards $51,500 once we break above $49,700.

The daily chart shows that we still have not touched our golden pocket (0.618), and it is likely we will hit it before a price correction. Our swing-high to the swing-low golden pocket is just above the $51,000 mark.

Conclusion: Where is Bitcoin (BTC) Headed?

Bitcoin is currently moving sideways and can go in either direction in the next few hours. If we do manage to break above $49,700 convincingly, we can expect a spike towards $51,500. However, if we fail to break this resistance, a move towards $47,900 is highly likely. As of now, we will wait for our confirmation and trade BTC accordingly.

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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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