What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above the $48,000 mark and has started to gain some bullish momentum on the shorter timeframes. The price did retest the support at $45,600 yesterday and bounce off it nicely. BTC has been moving in a downtrend for a while and we can expect a reversal soon in the next few days. Let’s take a look at the Bitcoin charts to see where the price seems to be heading in the immediate short term.
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Analyzing the Charts
If we take a look at the 1-hour timeframe, we can see that the price did put a double bottom on the support at $45,600 and has now begun to gain some bullish momentum. A double bottom pattern is a bullish pattern that usually forms before a big breakout.
The resistance level we are watching here is the $49,200 mark which has been acting as resistance for a while now.
If Bitcoin gets above this level in the coming hours, it will start gaining some solid bullish momentum. Also, once we get above this level, the next region we will be eyeing for Bitcoin would be around the $51,900 mark.
It is also likely that we BTC had already bottomed out and we can resume the run in the coming days. However, we will wait for BTC to get above $51,900 before making any move.
Conclusion: How is Bitcoin (BTC) Looking?
Bitcoin has finally started to gain some bullish momentum on the shorter timeframes and a reversal might just be around the corner. We are still bullish on Bitcoin in the long term and are expecting it to put a new all-time high in the near future. At this stage, we would not be hesitant in accumulating more BTC.
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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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