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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $48,500 and is still looking bullish in the short term. The price did face rejection at the $49,200 mark as discussed in our previous analysis and is now coming back to retest crucial trendline support. We can still expect BTC to drop further on the smaller timeframes but are quite bullish on it for the coming weeks. Let’s take a look at some Bitcoin charts to see where the price is headed in the coming days.
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Analyzing the Charts
The first support level we are watching for Bitcoin right now on the lower timeframes is the $47,500 region. It is an area that has acted as support in the past and we can expect Bitcoin to bounce from this level in the coming hours.
However, BTC could fall below this level as well as it is still coming to retest the previous trendline resistance that we mentioned in our recent analysis.
We can also see that the price is moving within this downward channel on the 30-minutes timeframe, and once we move out of it BTC could make a significant move.
Once the price breaks above the $49,200 mark, the next major level we would be eyeing for Bitcoin is the $52,000 level.
The $52,000 mark is a major level to watch as once BTC flips it convincingly, we could witness another rally. It is likely that we will touch this level in the coming days.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is looking quite bullish right now but it is still not out of the critical zone. It is likely that we would get above the $49,200 mark soon and will retest the resistance around the $52,000. It would be interesting to see how the price reacts to this target. If Bitcoin does get above it we would be eyeing a new all-time high in the coming weeks.
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To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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