What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the $47,500 mark and has been going sideways for the past few days. As discussed in our previous analysis, the support we are currently watching for Bitcoin is the $46,700 mark. If Bitcoin does not lose this support in the immediate short term, we can expect it to gain some bullish momentum. Let’s take a look at the latest BTC charts to see where the price is headed in the immediate short term.

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Analyzing the Charts

If we take a look at the charts, we can see that Bitcoin is holding the support at $46,700 nicely and is bouncing back from it. The price has not moved much in the past few days and a big move is just around the corner.

We can also see that the price is forming a symmetrical triangle on the 1-hour timeframe. If the price does break out of this structure with bullish momentum, we can expect to break the resistance at $48,000.

If that happens the breakout target would be around the $48,900 mark, not far from our resistance at $49,400.

On the other hand, if the price breaks below this structure, we will break below the crucial support at $46,700. It will also mean that we will be retesting the $45,800 – $46,000 region once again.

However, the first scenario is likely to play out and we could see BTC break above $48,000 in the coming hours. Right now, we will monitor the price closely and will wait for it to move out of the structure.

Conclusion: The Final Verdict on Bitcoin

Bitcoin is moving within a consolidation zone and is still going sideways. It is likely that we will see a significant move for BTC in the coming hours as the price has not moved much. The support at $46,700 is holding nicely which is a good sign for Bitcoin. However, we would not be placing any short-term trades on it at the moment.

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