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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently just below $49,000 and has shown some excellent bullish momentum in the past 24-hours. It successfully managed to reclaim the support at $47,200 and triggered a price pump towards the $49,500 level. We have talked about the $49,500 mark and how it has acted as resistance in some of our recent price analyses. However, it is not the crucial level that we are eyeing for Bitcoin right now. Let’s look at the Bitcoin price chart to see what region it needs to conquer to turn bullish again.
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Analyzing the Charts
If we take a look at the 1-hour charts for Bitcoin we can see that the price is forming a bullish-flag pattern just below the resistance at $49,500.
If this bullish pattern does play out, we can see another price pump for Bitcoin and would be getting closer towards a major trend reversal.
The breakout target for this structure would be just below the $52,000 mark However, that is not the area we are currently eyeing for Bitcoin and the major resistance we are looking at is the $50,200 mark.
This is the area BTC needs to get above currently, and it is just above our bullish-flag pattern. That is why we would not be trading this pattern and will be watching from the sidelines.
We can also see that this level is where the previous high is for Bitcoin on the 4-hour timeframe. If we get above it convincingly that would mean the trend has reversed.
The 4-hour timeframe also shows that the price is still forming a lower-high and is in a downtrend.
Conclusion: What is Next for Bitcoin (BTC)?
The region we are watching for Bitcoin right now is the $50,200 mark and the price must break above it to reverse the trend. As long as we are below this level, we would still be bearish on BTC in the short term.
However, we are still extremely bullish on Bitcoin in the long term and are eyeing higher targets in the coming weeks.
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