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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $46,000 region and is looking quite bullish. The price has been moving sideways for the past few days and is bouncing back and forth between $45,100 and $46,400. It is only a matter of time we break above this zone and head towards a bigger target.
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Analyzing the Charts
After moving sideways for a while, BTC is finally showing some bullish momentum and is headed towards the $47,000 zone.
We can see on this 30-minutes chart that the price was moving within an ascending channel and has just broken out of it. This is a bullish indicator and could take us to the $47,000 region. However, the first target we need to get above is the resistance we are facing at the $46,400 region.
Once we get above this level, we will be likely to see a proper breakout towards the $47,000 region. The price has been struggling to get above $46,400 for the past few days, and another rejection could also mean a move towards the downside.
Failing to break above this region would mean we will be heading towards $44,600 once again. It has acted as support previously, and we will have to see how the price reacts to this region.
Conclusion: Where is Bitcoin Headed?
Bitcoin is currently looking bullish and could be headed towards the $47,000 region. However, we have to wait and see how the price reacts to $46,400. If we do get above this level and close consecutive hourly candles, we could see a nice move towards $47,200 and ultimately the $49,000 region.
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