Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $37,400 mark and is looking quite bullish in the immediate short term. The price did break out of the bullish pennant we mentioned in our previous analysis and is slowly climbing towards the upside. BTC was moving in a downtrend for several days in a row and is finally getting some relief rally. Let’s take a look at the latest BTC charts to see where the price is headed in the short term.
If you are looking to leverage trade Bitcoin up to 100x, sign-up on ByBit today. You can also use this link to claim a bonus on your first deposit.
Analyzing the 1-hour Timeframe
If we take a look at the 1-hour timeframe, things are looking quite simple for Bitcoin. The price is currently breaking out from the bullish pennant and is headed towards its next target at $39,400.
The $39,400 region is the area that previously acted as resistance for a while and Bitcoin is likely to face some selling pressure there. It would be interesting to see how Bitcoin reacts to this area in the coming day or two.
The price is likely to face rejection here as the trend is still bearish on the bigger timeframes.
On the other hand, if the volume keeps flowing, BTC could manage to break above this level as well. The target we would be eyeing in that scenario is the $40,700 mark.
The $40,700 level has quite a lot of significance as it was previously acting as our major support. If BTC manages to regain this level, we could also expect a trend reversal.
Conclusion: The Final Verdict on Bitcoin
Bitcoin is looking quite bullish in the immediate short term, but it is not out of the danger yet. The price is still moving within a downtrend on bigger timeframes, and we will have to wait before we could start speculating a reversal. Right now, we would be observing the price carefully and would not be placing any short-term trades.
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.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
[primexbt]
