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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $47,000 region and has shown a lot of sideways movement in the past few days. The price is in a critical spot right now, and we can soon expect a big move in either direction.
Bitcoin is also facing some resistance at the $48,000 region now, and it is a level we must break above to bring back the $52,000 target in play. We also currently have strong support around the $46,700 region, which is holding quite nicely.
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Analyzing the Bitcoin (BTC) Charts
On the 4-hour price chart, the price is moving with a falling wedge and is consistently making new lower highs.
A falling wedge is usually a bullish pattern, and we will see price squeezing as we move further within the channel. If the structure plays out nicely, our breakout target would be around $50,000 to $52,000 region.
However, we could take some time to move out of this falling wedge, and the price could fall further lower towards the $45,000 region.
If we switch to the 1-hour timeframe, we will find another series of lower highs.
The price is respecting this falling channel for the past couple of days, and we can now expect a breakout soon.
A falling channel is also a bullish pattern, and our breakout target for this structure would be around $49,000.
On the other hand, if we fall below the channel, we can experience a deeper correction and could be heading towards the $40,000 region once again.
Conclusion: Where is Bitcoin (BTC) Headed?
Bitcoin is still looking extremely bullish in the long run, but we can experience a few setbacks in the short term. Right now, Bitcoin is in the critical territory and can go either way. However, the charts are suggesting that we are gaining back some bullish momentum once again. If we manage to breakout of the 1-hour falling channel we will be interested in accumulating more BTC right now.
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