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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $48,000 mark and is looking quite bearish in the short term. The price did drop below the $49,000 mark as discussed in our previous analysis and has now found support around the $47,500 mark. Since BTC rejected the $51,600 mark the selling pressure increased, and the price started to correct. Let’s take a look at the latest Bitcoin charts to see where the price is headed next and what to expect in the immediate short term.
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Analyzing the Charts
On the 1-hour timeframe, we can see that Bitcoin has found support at the $47,500 mark and has been going sideways for the past few hours. The $47,500 mark has some significance as it has acted as resistance on the lower timeframes in the past.
The resistance level we will be watching for Bitcoin right is the $49,000 mark, the region we were previously using as support. If Bitcoin gains some bullish momentum in the coming hours it is likely we will come to retest it soon.
On the other hand, if Bitcoin fails to hold the $47,500 longer we could see another sell-off towards the $46,200 region. It is another significant level that has acted as support in the past and we can expect BTC to hold it again.
We can also spot this symmetrical triangle on the 15-minutes timeframe which means that a move for BTC might be around the corner.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin has been going down for the past couple of days and has gained significant bearish momentum. However, this still appears to be a normal correction, and we can expect the price to move stabilize soon. Once BTC bounces we can expect to continue towards the higher levels. Right now, we would not be placing any short-term trades on Bitcoin and will observe 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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