Bitcoin (BTC) Price Analysis – Analyzing the Shorter Timeframes (22-Nov)

2:03 pm, Mon, 22 November 21

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading above $57,100 and has found short-term support around this region. As mentioned in our previous analysis, BTC is currently forming a falling wedge that will play out for the coming week. Things are still looking bullish for Bitcoin in the long term, but we could still expect to drop a little further in the next day or so. Let’s look at the smaller timeframes to see what levels we are watching in the short term.

If you are looking to trade Bitcoin, sign-up to Phemex today. You can use our link to claim a bonus of up to $4,100. (Bonus may vary based on deposit amount)

Claim up to $4100 in Bonus

100x Leverage

Analyzing the Shorter Timeframes

If we look at the 30-minutes charts we can see that currently, we are having a price pump for Bitcoin. We can see a huge green candle right now and can also expect it to retest the resistance at $60,000.

The $60,000 mark is a crucial level that has acted as both support and resistance in the past. If Bitcoin manages to flip this resistance into support in the coming days, we can see another big breakout.

On the other hand, if we face rejection again then the support level, we would be watching is the current one at $57,100.

If we come to retest this support once again it is likely that we will break below it. In that case, the next level Bitcoin will need to hold is around $53,800.

Bitcoin might still not have bottomed, and we would avoid placing any trades in the short term.

Conclusion: Is Bitcoin (BTC) Looking Bullish?

Bitcoin is still looking bullish in the long term, but we still might not have bottomed on the shorter timeframes. We would not be placing any trade on BTC unless it breaks above $60,000 convincingly in the next few days. Once we get above this level, we would be extremely bullish on Bitcoin in the short term as well.

neutral_ta

Margin Trading for Beginners

If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.

Copy Trading With PrimeXBT

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 50% bonus by using the promo code “bitcoinsensus50” with our link.

Get 50% Deposit Bonus

100x Leverage

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $4100 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Claim up to $4100 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Get 50% Deposit Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto: