What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below $48,000 and is looking quite bullish in the immediate short term. As mentioned in our previous price analysis, BTC has been moving sideways for a couple of days now and could break above $48,300 in the coming hours. Bitcoin is also holding the support around $47,300 nicely, which is a good sign.
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Analyzing the Charts
If we take a look at the 15-minute charts, we can see that Bitcoin is looking quite bullish in the immediate short term. We can identify a double bottom structure here and can expect a breakout in the next few hours.
If this structure does play out, we can expect the price to break above the resistance at $48300 and rally towards our next target of $50,500.
On the other hand, we can also see that Bitcoin is forming a bullish pennant on the 1-hour timeframe and is currently breaking out of it.
Once we get above our current resistance, the next level we will have to conquer is the $50,500 mark.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is currently looking bullish on the shorter timeframes, and we can expect a move towards the upside soon. Once BTC manages to get above the resistance at $48,300 and stays above it, we will be interested in putting a long trade on BTC.
However, if we fail to break above in the next few hours, we might come to retest the support at $47,300 once again.
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