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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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If you are interested in trading Bitcoin with leverage, you can go through our Margin Trading Guide to get familiar with this concept. You can also check our list of best crypto exchanges to choose the platform that best suits your needs.
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