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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading at $42,700 and seems to be gaining a nice bullish momentum on the lower timeframes. The price has been trading within the consolidation range between $42,700 and $40,600 for the past several days and BTC is likely to break above the zone for good in the next few hours. We did see Bitcoin touch the $43,000 mark a few hours ago so we are already out of the consolidation range and just waiting for a successful retest of the $42,500 mark.
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Analyzing the Charts
If we take a look at the 1-hour charts we can observe that Bitcoin has found support at $42,500 after breaking out of the consolidation range. As long as the price is trading above this level, we can expect BTC to make a big move soon.
We can also see that Bitcoin is currently forming a small bullish pennant and could break out as soon as the Bitcoin price moves out of this structure. The target for this bullish pennant would be around the $44,000 mark.
However, the next potential resistance for Bitcoin is around $43,600 and we could face some selling pressure there.
It is crucial for Bitcoin to stay above the $42,500 in order for our bullish targets to stay valid. If the price slips below this level BTC will lose bullish momentum and we could head lower once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has finally moved out of the consolidation range and seems to be gaining some bullish momentum on the smaller timeframes. If we did see Bitcoin challenge the $43,600 mark in the coming hours things will start looking bullish for it. Once the price moves above $43,600 we would be heading towards the $45,700 mark soon.
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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