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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $37,800 mark and seems to be gaining some bullish momentum on the lower timeframes. The price successfully bounced back from the support at $36,200 and is once again moving within an uptrend on the 1-hour timeframe. However, the market is still dominated by sellers, and we would not get bullish on Bitcoin until it breaks some significant resistance levels in the coming days. Let’s take a look at the latest Bitcoin charts to spot the resistance level we need to watch for it right now.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin we can see not only the price bounced back from $36,200 but it also broke above the resistance at $37,300.
The above chart shows that Bitcoin is gaining decent bullish momentum on the 1-hour timeframe and could be challenging the upper levels once again. The main resistance level we will be watching for Bitcoin next is the $38,200 mark.
The price has struggled to get above this level in the past and could face strong resistance there.
However, it seems unlikely that the price will break above this level in the coming hours or days as we are entering the weekend. A rejection at this level is expected and we could also see the price go sideways for the next two days.
The price could very well move within this range in the next couple of days as the volume is drained on weekends.
Conclusion: Where is Bitcoin (BTC) Headed?
Bitcoin seems to be gaining a little momentum on the lower timeframes but it is still moving within a strong downtrend. We are currently going through a bear market which could last for a few weeks or even several months. Right now we are not placing any short-term trades on Bitcoin and will be watching 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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