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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $44,000 mark and is looking quite bullish in the immediate short term. It broke out on the 15-minutes timeframe as speculated in our previous analysis and is currently facing resistance near $42,300. Bitcoin bounced back nicely from the $41,700 region which means that the bears are losing steam. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the short term.
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Analyzing the Charts
If we take a look at the 1-day charts for Bitcoin we can see that the price broke out of the downtrend a while ago and is currently facing some resistance at the $44,300 mark.
Even though the current resistance BTC is facing is around $44,300, it is not the most important level to watch right now.
The main area to watch for Bitcoin is the $45,500 – $46,000 region. It is an area that was holding strong support in the past month and BTC must break above it to reverse the trend.
We can see that this region was holding the price in the months of December and January and also acted as resistance recently.
Breaking above this level is crucial for the bull run to continue. The bears seem to be losing steam at the moment! It would be interesting to see how price reacts to this region in coming hours.
BTC could also face a big rejection here. If that happens the support level we will be watching in the short term is the $41,700 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is about to challenge a crucial resistance zone once again and it would be interesting to see how the price reacts to it. Right now, we would not be placing any long trades on BTC and would wait for it to break above the $45,500 region convincingly. On the other hand, if Bitcoin faces rejection from these regions we would be interested in opening a short position.
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