Bitcoin Must Get Above this Resistance in the Immediate Short Term (Jan-11)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $42,000 mark and has been going sideways for the past few days. We did see BTC fall as lows as $39,650 yesterday but the price recovered quickly and got back above $40,600 in no time. Bitcoin could be at the end of its corrective phase and a reversal might just be around the corner. 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 latest charts for Bitcoin, we can see that the price did fall below $40,600 but managed to regain the support in less than an hour. The price fell to the $39,650 region and the buyers stepped in aggressively.
The wick in the above chart represents the temporary price drop and is a nice bullish indicator. It shows that the buying pressure is strong below the $40,600 level and the price could bottom out here.
We can also see that Bitcoin is forming a double-bottom pattern on the 1-hour timeframe which is also a strong bullish sign.
If this pattern does play out, we will be challenging the $43,800 mark soon and are likely to break above that as well.
However, the resistance level we need to watch right now is the $42,700 mark. It is a significant level and has been holding the price down for the past several days. Once the price gets above this level, BTC could gain strong bullish momentum.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading below a critical resistance level and is slowly gaining some momentum. It is vital for BTC to break above this resistance in the coming hours to stay bullish on lower timeframes. This area has held the price down for the past several days. Breaking above it could trigger buyers and we can see a spike in price. However, we won’t be placing any trade yet unless we have a confirmed break out of the $42,700 mark.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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