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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above $47,500 and is trying to break out of the descending channel we identified on the 1-hour timeframe. BTC’s price has been consistently making lower highs on the shorter timeframes, and we could expect a breakout soon if the volume keeps flowing.
We can also expect a move towards the downside if we fail to break out of this channel in the next few hours.
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Analyzing the Bitcoin (BTC) Charts
On the 1-hour timeframe, the levels we are currently watching are the support at $47,400 and the resistance zone above $48,000.
We can see that we have broken above $47,400 convincingly and are retesting it to claim it as support. Once we bounce back from this region, we could expect a move towards the $48,000-$48,200 level, where we have our next resistance.
This resistance level is above our descending channel, and we will have to break out of it to challenge this level. If we manage to break out of the descending channel in the next few hours, we will likely break our horizontal resistance as well.
The breakout target for this channel would be the resistance zone around the $49,500 level.
On the other hand, if we do fall below our support at $47,400, we would be going back to retest the bottom of the channel.
This would be our bearish scenario, and we might consider buying more Bitcoin once it drops to the $45,200 level. We would also be interested in placing a short trade on Bitcoin if it breaks below $47,400 in the next couple of hours.
Conclusion:
Bitcoin is showing some bullish momentum on the 1-hour timeframe and can expect to break out of the falling channel in the coming hours. Once we have confirmation for our breakout, we would be interested in longing BTC.
On the other hand, if we lose our support at $47,400, we would be interested in shorting BTC all the way down to $45,200.
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