How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,500 mark and is moving sideways on the lower timeframes. The price seems to be consolidating between the support at $15,900 and the resistance at $17,000. Overall, things have been looking quite bearish for Bitcoin and the crypto industry over the past couple of weeks. The fear in the markets has risen, and the bears are currently in the driving seat. Further correction is also on the cards for Bitcoin as it seems to be the continuation of the macro bearish trend. Let’s take a look at the Bitcoin Daily (17-Nov-2022) Price Prediction to see where the price could be headed next in the coming days.
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Analyzing the 1-Day Charts
If we take a look at the latest 1-day charts for Bitcoin, the first thing we can notice is that the price has found support at $15,900 and is holding it nicely.
The resistance level Bitcoin needs to overcome on the daily timeframe is still the $18,000 mark. If the price manages to get above this level in the short term, the bulls will regain some control.
We can also notice that the price seems to be squeezing towards the middle and with the trading volume dropping. It is likely that we will soon see another leg for BTC in either direction.
If the bearish trend continues and the price breaks below $15,900, the next level we will be eyeing for BTC is the $14,000 mark.
The $14,000 mark has significance as it was also the top for Bitcoin in 2019.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading around the $16,500 region and is going sideways on the lower timeframes. The trading volume is low at the moment, and with uncertainty around the crypto industry, things have been quite bearish. Right now, we will not be placing any short-term trades on Bitcoin and will be accumulating more in chunks as the price drops.
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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