What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $51,000 mark and has been going sideways for the past few days. The current resistance we are watching for Bitcoin is the $51,600 mark and once the price gets above it, we can expect another price pump. The trading volume has dropped on the lower timeframes so it is likely that we will retest the support around $49,300 once again in the coming hours. Let’s analyze some Bitcoin charts to see what is next for the crypto giant.
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Analyzing the Charts
If we take a look at the 4-hour charts, we can see that Bitcoin broke out of a bullish structure and successfully retested it to sustain the momentum.
We can see that Bitcoin was forming this falling wedge and has a nice breakout from this structure. However, the price is facing strong resistance around $51,600 now and we could expect sideways movement now.
We can also see that Bitcoin was forming a bullish pennant that did not play out. It indicates that the resistance is strong, and we might go down for a liquidity grab.
The immediate short-term support we are watching for Bitcoin right is the $49,300 mark. If the price loses this level after another rejection at $51,600 the next level we will be watching is the $47,800 mark.
On the other hand, if we break above the resistance in the coming hours the next target for us will be the $54,000 mark.
Conclusion: Is Bitcoin (BTC) Bullish?
Bitcoin is facing some resistance around the $51,600 mark and could go sideways for the next few days. However, we are still bullish on BTC in the long term and are expecting it to create new all-time highs in the coming weeks. Right now, we would not be placing any short-term trades on Bitcoin and will only monitor the price closely.
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