What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above $47,000 and is looking quite bullish in the immediate short term. As mentioned in our previous analysis, the price is on a steady rise, and the area we are currently targeting is the $48,400 region. We are likely to touch the $49,000 mark once we break above our current resistance at $47,600.
However, Bitcoin is also forming a bearish rising wedge on the 1-hour timeframe, which cannot be ignored.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can see that Bitcoin has been on a steady rise for the past several hours and is looking very bullish. We have also flipped the resistance at $46,800 as support which kept the price down for days.
However, we are also forming a rising wedge on the 1-hour timeframe and can break below it in the coming hours.
A rising wedge is always a bearish pattern, and the likelihood of it playing out is always high. We have seen some volatility from Bitcoin in the past few days, and if the price action follows, we are headed lower.
In case this pattern plays out, the support level we will be watching for Bitcoin is the $45,000 mark. It is a critical level for BTC that has acted as both support and resistance in the past.
Conclusion: Is Bitcoin (BTC) Still Bullish?
Bitcoin is showing nice bullish momentum, but it is also forming a falling wedge on the shorter timeframes. Right now, we will be interested in shorting Bitcoin with a tight stop-loss as this structure is likely to play out. However, if we break above this structure, the bullish target for Bitcoin will be the $48,600 region.
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