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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $46,000 mark and has been going sideways for the past several days. The price is currently facing resistance around the $47,000 mark and must get above it to gain some bullish momentum. As pointed out in our previous analyses, BTC is in a good position right now and could consolidate before making another move towards the upside. The price has not touched these levels in three months and things are now looking bullish for BTC overall. Let’s take a look at the latest Bitcoin charts to identify the levels we will be watching in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin we can clearly see that the price is facing resistance around the $47,000 mark. We can also notice that BTC has found some support around $45,700 and is bouncing back and forth between these two levels.
The major support we are watching for Bitcoin right now is the $44,600 mark. It is the region that was acting as strong resistance for months and the price must stay above it to continue bullish momentum.
On the other hand, the major resistance level to watch for Bitcoin right now is still the $48,100 mark. We can expect a big breakout for Bitcoin if the price gets above this level in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is moving within a consolidation zone at the moment and might continue to move within this region for several hours or a few days. Overall things are still looking bullish for BTC on the lower timeframes, and we are expecting it to break above the resistance levels mentioned above. Once the price breaks above the $48,100 mark convincingly we will be interested in placing a long trade on Bitcoin.
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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