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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $39,000 mark and is showing some bullish momentum on the 1-hour timeframe. As speculated in our previous analysis, the price did manage to get above $38,200 and now seems to be heading towards the resistance at $39,700 once again. Let’s take a look at the latest BTC charts to see where the price is headed next and how it will react to the $39,700 mark.
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Analyzing the Charts
If we take a look at the 1-hour charts for Bitcoin, we can see that the $39,700 mark has been keeping the price down for a few days now. BTC would be retesting this resistance for the second time now and we could break above it this time. The new support we will be watching now for Bitcoin is the $38,600 mark.
Also, if we switch to the RSI, we can also spot a bullish divergence for Bitcoin on the lower timeframes. Bullish divergence happens when the price is forming lower lows on the main charts, but higher lows on the RSI.
This also increases the probability of price breaking above the $39,700 mark in the coming hours. If that does happen, the next major level we will be watching for Bitcoin is the $41,700 mark.
If Bitcoin does break above this level, we will wait for the price to close at least a couple of 4-hour candles before considering it a buying opportunity.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is gaining some momentum on the 1-hour timeframe and will most likely retest the $39,700 mark in the coming hours. It would be interesting to see how the price reacts to this level and whether bulls will try to push above it or not. We do have a bullish divergence for BTC on the lower timeframes. However, we will still be trading Bitcoin with caution and will be using a tight stop loss.
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