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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,100 mark and is looking quite bullish in the immediate short term. The price is now trading above a crucial resistance at $42,400 and we can expect the price to go higher in the coming days. The target we are now eyeing for BTC is the $44,700 region that has been keeping the price low for months. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the coming days.
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Analyzing the 1-Day Timeframe
If we take a look at the 1-day timeframe, we can see that the price is still moving within the symmetrical triangle we have pointed out in our previous analyses.
We can also notice that the price is coming back to retest the top of the structure for the third time and it would be interesting to see how it reacts. The price has rejected the top of this structure twice already and there is a fair chance BTC will break out of it in the coming days.
We can also see that this resistance zone coincides with our horizontal resistance around the $44,700 mark. Once the price breaks above this level things will get extremely bullish for Bitcoin.
The next major target we will be eyeing in that scenario for BTC is the $50,700 mark.
This scenario will be confirmed only when Bitcoin breaks out of the symmetrical triangle in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $43,000 mark and is looking bullish on the lower timeframe. The price has been consolidating for months now and we will likely get out of that zone in the coming days. The area to watch here is the $44,700 mark. If Bitcoin starts closing 1-day candles above it, there is a good chance we will be heading towards $50,000 once again.
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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