What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $48,500 mark and is looking quite bullish in the immediate short term. The price seems to be sustaining nice bullish momentum on the lower timeframes and is on a steady climb. Once BTC gets above the key resistance levels we can expect a big breakout in the coming days. The first resistance level we are watching on the 1-hour timeframe right now is the $49,200 mark. We did mention this resistance in our morning price analysis as well and BTC is currently trading just a fraction below it.
Let’s take a look at the Bitcoin charts to see what we can expect from it in the coming hours and days.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can see that the critical resistance BTC needs to break is the $49,200 mark. If Bitcoin starts to close 1-hour candles above this level or we see a breakout here, the price will gain some serious bullish momentum.
Getting above this level will also mean that BTC will put higher low on shorter timeframes first time in weeks.
The L.H in the above chart represents lower-high, and the H.H represents the upcoming potential higher high. When a series of lower highs is broken it usually means that the trend is reversing, and a big upward move is around the corner.
We can also view this on the 4-hour timeframe, as the lower highs were respecting an obvious trendline resistance on these charts.
With the break of resistance the price has started to look quite bullish. It is only a matter of time till the buying pressure also increases.
Once the price breaks above the $49,200 mark the next level we would be watching for BTC is the $51,900 region.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin seems to be gaining bullish momentum once again and a price pump could be around the corner. Right now, we are observing the $49,200 mark, and once the price breaks above it convincingly we would be interested in placing a long trade on Bitcoin. The next target to eye for BTC is just below the $52,000 mark.
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