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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $38,500 mark and seems to be gaining some bullish momentum on the lower timeframes. The price is currently trading well above the $37,500 resistance level which we were previously watching on the 1-hour timeframe. BTC has also found some support at the $38,200 mark and as long as it is trading above it, we can expect another breakout for Bitcoin. Let’s analyze the 1-hour timeframe for Bitcoin again 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 latest 1-hour charts for Bitcoin we can see that things are currently looking bullish in the immediate short term. The price is forming a nice bull flag and seems to be breaking out of it at the moment.
A bull flag is a bullish continuation pattern that is usually followed by a big breakout. If this structure does play out in the next few hours the breakout target, we would be eyeing for Bitcoin is around $40,000.
However, Bitcoin is also likely to face some resistance around the $39,000 region. If the volume does not flow in with this breakout a rejection around $39,200 is likely.
The $39,000 region could act as resistance in the coming hours which is why we would not be placing any long trades for this breakout. However, if the structure does play out it would be interesting to see how the price reacts to the crucial $40,000 level.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is currently trying to break out of a flag pattern and is looking bullish in the immediate short term. The breakout target for this structure is around the $40,000 mark but we could see resistance around the $39,200 mark. On the bigger timeframes, Bitcoin is still moving within a downtrend and we would not be placing any long trades until the trend reverses.
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