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What is Bitcoin (BTC) Doing Right Now?
Bitcoin recently faced strong rejection around the $51,600 mark and fell to the support around the $49,200. Right now, it is trading just above the $49,000 level and has been going sideways for the past several hours. Bitcoin bulls are currently trying to hold the $49,000 mark but for how long can they succeed? Let’s take a look at some Bitcoin charts to see where the price could head in the short term.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can see that Bitcoin is currently trading slightly below the $49,000 mark but has not closed any candles under it.
However, if BTC starts closing a few candles below this level we can expect the price to drop further in the coming hours.
In that scenario, the next immediate level we would be watching for Bitcoin is around the $47,800 mark. If the buying pressure increases at this level the price will be pushed back above $49,000 again in no time.
Also, if we switch to the 4-hour timeframe, we can see that the price has found some support on the 100-SMA (simple moving average). When Bitcoin loses that support a sell-off could be expected.
Once the price bounces back, BTC will gain bullish momentum, and the next level we will be watching is the $54,000 mark. It is likely that the price will go above $51,600 when it is rested a third time.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently going through a small correction, and it is likely to bounce back in the next few days. We are still expecting BTC to make higher moves in the coming days and would not hesitate to accumulate more at this stage. However, we would not be placing any short-term trades and will wait for a bounce confirmation.
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