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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above a critical level at $47,400 and has shown some bullish momentum in the past few hours. As discussed in our previous price analysis, it is possible for Bitcoin to make a big move in the next few days if it manages to break the resistance at $48,700.
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Analyzing the Charts
If we take a look at the charts, we can observe that Bitcoin is currently trading out of both the channels it is forming on the 4-hour timeframe.
As we can see, we did break below our rising channel almost a week ago and have also broken out of our smaller falling channel within it. The price is also bouncing back from the top of our falling channel, which is a bullish indicator.
Both these channels have great significance as they are repeating the pattern we witnessed in the month of April.
We can see a strong resemblance in both patterns and expect a pump in a similar fashion in the next few days. Also, it is unlikely that we will experience a similar crash like April in the coming weeks as there is no major bad news currently affecting the market.
If this pattern does play out, our next target for Bitcoin would be the $52,000 region.
On the other hand if we fall below the trendline support we would be looking towards a deeper correction.
Conclusion: Where is Bitcoin Headed?
Bitcoin is currently trading just below the $48,000 level and is looking bullish in the immediate short term. The level we need to watch right now is the support at $47,400. If we manage to close a couple of 4-hour candles above this level, we could expect a major move in the next few days.
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