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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $48,000 mark and is looking quite bullish in the immediate short term. The level we were watching for BTC was the $47,200 mark and it has successfully managed to get above it. As long as Bitcoin is trading above this mark we can expect the momentum to remain bullish. Let’s take a look at the shorter timeframes to see what we can expect from BTC in the coming hours.
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Analyzing the Charts
If we take a look at the 30-minutes timeframe we can see that the price is on the rise and is facing resistance around $48,700. We also talked about this potential resistance in our previous price analysis and it is playing out exactly the same.
We can also spot a bullish flag pattern here and can expect the price to rise more in the coming hours. Once the price breaks out of the flag, BTC will likely break the resistance around the $48,700 region.
If this pattern does play out we can expect the Bitcoin price to rise to the $50,400 level where we have our next resistance.
We could also expect some resistance just below the $50,000 level as there is usually selling pressure near round numbers. On the other hand, if we fail to get above $48,700 we would be retesting the $47,200 mark once again.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has started to gain some bullish momentum on the shorter timeframes, but it is still not out of the danger yet. We need to see some significant increase in volume and the price must be pushed above the $52,000 mark. As long as we are trading below it we would not be placing too many trades on BTC and will tread carefully.
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