What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $37,300 and is slowly gaining some bullish momentum on the lower timeframes. The price seems to have bounced back successfully from the $35,700 region and is again getting ready to test the higher resistances. It also managed to break above the $37,000 resistance which we were previously watching on the 30-minute and lower timeframes. Let’s take a look at the latest hourly charts for Bitcoin to see what resistance it is facing in the immediate short term.
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Analyzing the 1-hour Charts
On the 1-hour charts, we can see that the price is now moving towards the previous resistance it was facing around the $37,600 mark.
Bitcoin is facing this resistance for over a week now and even when it broke above, it didn’t hold it for more than a few hours.
Right now, we can also see that Bitcoin is forming a double-bottom on 1-hour and lower timeframes. This could be a bullish indication and we might see Bitcoin break above the level soon.
If we do see Bitcoin gain some bullish momentum here, we could finally see it break above the $37,600 mark. In that scenario, the next resistance we will be watching for Bitcoin is around the $39,200 mark.
On the other hand, even though the chart is looking bullish we could still expect rejection at $37,600. The weekend is approaching, and we might not see enough liquidity required to break above this level.
In that scenario we will be retesting the $35,700 support and the $34,400 mark will also come into play once again.
Conclusion: Is Bitcoin (BTC) Bullish?
Bitcoin has started to gain a little momentum on the 1-hour timeframe, but it could diminish soon as we walk into the weekend. Bitcoin has been moving in a downtrend for over a month now but our long-term stance on it is still bullish. There are uncertainties and challenges in the market and BTC is slowly overcoming most of them. Right now we will just sit tight and trade the levels wisely.
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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