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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $48,500 mark and has been moving within the same consolidation range for the past few days. The current resistance level we are watching for Bitcoin is $49,200. Breaking above this level would confirm the trend reversal and we can also expect a nice price pump. BTC has already rejected the $49,200 level once and if we come to retest it we are likely to break above it. Let’s take a look at Bitcoin charts to see where it is headed in the coming days.
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Analyzing the Charts
If we go back on the 4-hour charts we can see that the price was moving in a downtrend throughout December. It was being kept low by this trendline resistance and finally managed to break above it a few days ago.
Now we can see that the price is coming back to retest the top of this trendline after facing rejection at the $49,200 level.
We can also see that the price was forming a falling wedge which is a bullish structure. The retest of this trendline is essentially the retest of our bullish structure.
This scenario is very much on the cards and is likely to play out in the coming days. Also, if this idea pans out BTC could also face some resistance around the $52,000 region. Once the price breaks above $49,200 a big move is highly likely.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Not much has changed for Bitcoin since our previous analysis and we are still extremely bullish on it in the coming weeks. The price is in a critical zone but it is likely to break above it in the next few days. Once Bitcoin breaks above $49,200 we would be interested in placing a long trade on Bitcoin.
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