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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,600 mark and is still looking bullish in the short term. The price has been going up since last Friday and the buyers have finally started to take control. BTC almost touched the $45,500 mark today and we are expecting it to continue the momentum. Slight corrections are also expected in the short term, but we are aiming for higher targets. Let’s take a look at the latest 1-day charts for Bitcoin to see which resistance we need to overcome in the short term.
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Analyzing the 1-Day Timeframe
If we take a look at the 1-day timeframe we can see that Bitcoin managed to break above the $43,600 mark this morning. However, we can also see that after jumping above $45,000 the price shot down once again is currently trading just around the support level.
It is crucial for BTC to close the daily candle above this resistance as it will help the asset keep bullish momentum. If the price does close above this line the next level we will be eyeing for Bitcoin is the $46,000 mark.
The $46,000 region is an important mark as it was the previous consolidation area for Bitcoin before the sell-off. Breaking above it will turn things quite bullish for Bitcoin.
On the other hand, if the daily candle closes below $43,600 and Bitcoin starts to move towards the downside, the main support we will be watching for it is around the $42,200 mark. It was also our previous resistance on the lower timeframes.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin was moving within a downtrend for weeks but has finally started to gain some bullish momentum now. The main resistance we are currently watching for Bitcoin is at the $46,000 mark and breaking above it would be a bullish sign. It will also put a higher high on the 1-day timeframe, and we would be interested in longing for that position.
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