What is Bitcoin (BTC) Doing Right Now?
Bitcoin is looking extremely volatile at the moment and is fluctuating between the $46,400 and the $44,000 level. We just witnessed a huge spike in the price followed by an equally big sell-off in the last couple of hours.
Right now, we will wait for Bitcoin to get stable and will trade it accordingly. As discussed in our previous price analysis, BTC is in unchartered territory and can go either way in the short term.
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Analyzing the Charts
If we take a look at the shorter timeframes, we can only see extreme volatility! On the 1-hour timeframe, the levels we will be watching are $46,400, $44,100, and $42,800.
Bitcoin will likely stabilize on the $44,100 level, and if it doesn’t, we will be looking towards the support at $42,800.
Once Bitcoin gets stable on one of these levels, it is likely to show some sideways movement. We can also expect it to climb steadily towards the upside as we are getting a lot of bullish news for Bitcoin lately.
If Bitcoin continues with the volatility, we can expect to see either of the above-mentioned scenarios in the immediate short term.
However, we would not be taking any trades on Bitcoin at the moment because the asset is not stable at the moment.
Conclusion: Is Bitcoin Bullish or Bearish?
Bitcoin is extremely volatile right now and could make a big move in either direction. We would not be trading Bitcoin at the moment and will wait for it to stabilize above a support level. Once we see some side movements, only then will we be interested in making trades.
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