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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the support at $22,700 and is still looking bullish in the immediate short term. The price has been moving within a strong uptrend on the lower timeframes and is still creating higher lows on 1-hour charts. The resistance level we are watching for Bitcoin now is the $23,800 mark. If the price gets above this level successfully in the coming hours or days, we can expect the trend to gain more momentum. Let’s take a quick look at the latest charts to see how things could play out in the short term.
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Analyzing the Charts
If we take a look at the 4-hour charts, we can see that the price has gone from $19,000 to $24,000 in a matter of days and without breaking the trend.
If the momentum continues and the price breaks above $23,800 successfully in the coming days, things will get quite bullish. Our next target for Bitcoin in that scenario will be the $26,800 mark.
However, things are still looking bearish on the macro timeframes, and this could also be the end of this short uptrend. If Bitcoin starts closing daily candles below $22,700, we will likely see the price fall to $20,500 once again.
The selling pressure will start rising once the price falls or stays too long in the same place.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has been looking quite bullish over the past few days and has been moving within a strong uptrend. Right now, the price is trading under a crucial resistance level of $23,800. If BTC fails to break above this level in the next couple of days, we can expect the trend to shift as the price will likely start dropping rapidly. Right now, we will not be placing any short-term trades on BTC and will wait for the price to move out of the current price zone.
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