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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $44,900 mark and is looking extremely bullish in the immediate short term. The price is now trading above the $44,700 level which we were eyeing in our previous analyses. BTC has also broken out of the bull flag we mentioned in our morning analysis and has met our target of $44,700. If Bitcoin manages to flip this crucial level into support, we will see another big breakout for Bitcoin in the short term. Let’s analyze some of the latest charts to see where the price is headed in the coming days.
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Analyzing the Charts
If we take a look at the 1-hour charts for Bitcoin we can see that Bitcoin has successfully broken above the $44,700 mark and has already closed a couple of hourly candles above it.
The $44,700 mark is an important level because it has been acting as a strong resistance for months now. The price has been consolidating below this level and breaking above it could mean a major trend reversal.
If BTC successfully manages to close a daily candle above this level, the next area we will be targeting for Bitcoin is the $48,000 zone.
We can also notice in the above chart that the price has rejected this level several times and the bulls will have to push really hard to break above it. The price normally drops or consolidates during weekends so there is a fair chance Bitcoin will face a rejection here. If that happens the support level we will be watching for Bitcoin is the $40,200 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is showing some serious bullish signs at the moment, and we could be headed toward a major trend reversal. The $44,700 level is a crucial resistance that has kept the price low for months. Breaking above it will be an extremely bullish sign for Bitcoin and we will be eyeing $50,000 Bitcoin once again. However, we are also approaching the weekend and will not be placing any trades on BTC unless we have a major confirmation.
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