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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $48,500 mark and is looking a bit bearish on the 1-hour timeframe. The price faced rejection at the $49,200 mark and seems to be heading towards lower levels once again. We did talk about the resistance at $49,200 in our previous analyses and how crucial that level is. However, we are still bullish on BTC as it seems to be headed lower for a liquidity grab and to retest a crucial level. Let’s take a look at some Bitcoin charts to see what to expect in the short term.
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Analyzing the Charts
If we take a look at the 1-hour charts we can see that the price was forming a rising wedge and has fallen below it.
A rising wedge is a bearish pattern, and we can see it playing it our right now. The first level of support we will be watching on the shorter timeframes is the $47,600 mark that has acted as support previously.
However, the important level we need to watch for Bitcoin right now is the previous trendline resistance that we broke above recently.
It is possible that Bitcoin will retest this trendline as support in the coming next day or so for a liquidity grab. Once the price bounces off from this level, we would consider it a great opportunity to accumulate more Bitcoin.
Conclusion: The Final Verdict on Bitcoin
Bitcoin is still looking bullish in the short term, and we are still targeting that $52,000 region. Even if we see a little sell-off for BTC in the coming hours we can expect it to stay above the trendline support mentioned above. Unless we break below this support on the 4-hour timeframe, BTC will sustain its bullish momentum.
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