How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the $17,000 mark and is gaining some momentum on the lower timeframes. The price is currently trying to break out of the consolidation zone BTC has been respecting for the past couple of weeks and is already trading above it on the 1-hour timeframe. If Bitcoin manages to flip $17,000 into support in the coming hours, we can expect some bullishness in the immediate short term. Let’s take a quick look at the Bitcoin Price Prediction Daily (01-Dec-2022) to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can notice that the price is currently trading just above the $17,000 mark and is struggling to gain momentum.
The price is finally moving out of the consolidation zone, and if it manages to bounce on the retest, we can expect some bullishness from Bitcoin in the immediate short term. The next level we will be eyeing in case of a breakout is the $18,000 mark. With the market moving slowly, BTC is likely to face some resistance around this region.
The $18,000 region is an important area where Bitcoin will likely struggle. It was the major support zone BTC held for months, and now flipping it would be quite challenging.
On the other hand, if BTC falls back within the consolidation zone in the coming hours, we can expect the price to retest the $15,900 mark once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just above a crucial resistance level and could show some bullishness in the coming hours. Right now, we are waiting for the price to flip $17,000 region into support, and only then will we be interested in placing a long trade on Bitcoin. It is also possible that Bitcoin could lose momentum here, so we will be treading carefully and waiting for the right moment to enter a trade.
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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