What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $47,000 mark and has been going sideways for the past several hours. BTC has been moving in a downtrend for the past few days and is showing strong bearish momentum. However, after finding some support around the $46,000 region it seems to be bouncing back once again and the momentum is shifting. The resistance Bitcoin needs to overcome in the immediate short term is the $48,000 mark and it would be interesting to see how the price reacts to it in the coming hours.
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
Bitcoin is currently going sideways on the lower timeframes and is likely going to challenge the $48,000 mark in the coming hours. We can also see that the price is forming a symmetrical triangle on the 1-hour timeframe and is ready to make a move.
A symmetrical triangle is a pattern that can break in either direction. If the price manages to break above this structure, then our short-term target for Bitcoin will be around the $49,400 mark. It is a significant area that has acted as resistance in the past.
On the other hand, if the price breaks below this structure, we would come to retest our support zone of $45,800 – $46,000 once again.
If that happens Bitcoin could form a double bottom around this support zone. It is a bullish pattern and would be a positive sign for Bitcoin in the short term.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently hanging around the crucial support zone that we have been talking about for the past couple of days. The resistance in play right now is the $48,000 mark and it seems likely that we will break above it. However, we would still not be placing any short-term trades on BTC as we are walking into the weekend and are also approaching the end of the year.
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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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