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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $49,000 mark and is looking quite bearish on the lower timeframes. As mentioned in our previous analysis, the price did face another rejection around the $51,600 mark and a sell-off was triggered. It is likely that Bitcoin has come down for a liquidity grab and will soon challenge the $51,600 mark once again. Let’s analyze some Bitcoin charts to see where the price is headed in the short term.
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Analyzing the Charts
On the 4-hour charts, the support we are watching for Bitcoin right now is the $49,200 mark. It is a level that previously acted as strong resistance and now we can expect it to act as support.
We can also see on the charts that this level acted as resistance not a long while ago and it is crucial for Bitcoin to stay above this level in the coming days.
If the price does fall below this level and Bitcoin manages to close a couple of 4-hour candles below it then we could expect a further correction. The next support level we will be watching for Bitcoin in that scenario is the $47,700 mark.
On the other hand, if we do bounce back from the $49,200 with nice volume, we can expect to challenge the resistance level once again. The target we will be eyeing for Bitcoin in that scenario is around the $54,000 mark.
Conclusion: The Final Verdict on Bitcoin
Bitcoin is currently trading around a crucial support level and if it falls below it, we can see a further correction for it. The price has shown some nice bullish momentum in the past week and minor corrections are always a part of it. In the long term, we are still bullish on Bitcoin and are expecting it to break high records. Right now, we would not be taking any short-term trades and would be observing the price closely.
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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