What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $42,800 mark and has been going sideways for the past few days. The price is currently moving within a consolidation range, and we have not seen any major movements lately. The support we are watching for BTC right now is the $42,600 area which was previously acting as resistance. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
The first horizontal level we are watching for Bitcoin on the 1-hour timeframe is the $42,600 mark. As long as the price is closing candles above this area, we are still bullish on Bitcoin in the immediate short term.
We can also see that whenever the price drops below this level, the buying pressure increases significantly.
The second level we will be watching for BTC in the immediate short term is the $43,500 mark. It was the previous support that Bitcoin broke through and has now turned into resistance again.
If BTC gets above this level in the coming hours and starts closing 1-hour candles above it then we can expect a breakout for BTC. The next level we will be watching, in that case, is the $44,200 mark which Bitcoin previously failed to break above.
The price also did not move much due to the weekend so we can expect Bitcoin to make a noticeable move today.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is currently moving within a consolidation range and has not moved much in the past few days. We are currently bullish on BTC because it is holding the support at $42,600 nicely and we did not see any selloffs during the weekend either. However, we will still be trading with caution and would not be placing any short-term trades as of yet.
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