How is Bitcoin (BTC) Looking Today?
Bitcoin is trading around the $19,700 mark and is looking quite bearish on the lower timeframes. The price broke below the support at $20,400 that we were previously watching, and a sell-off was triggered. Bitcoin faced rejection at the $21,500 mark on Saturday and has been struggling to gain momentum since then. Right now, the price seems to be in free fall and could drop further in the immediate short term. Let’s take a quick look at the Bitcoin Price Prediction Daily (08-Nov-2022) to see where things are headed next in the coming days.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price faced rejection at $21,500 and has been dropping since.
The area we are now watching for Bitcoin as support is the $19,600 region. It is the area that kept the price low for weeks last month, and we can expect Bitcoin to find some support here.
It is also likely that the price will break below $19,600 in the coming days, and the next support level we will be eyeing for BTC is the $18,600 mark. An area that has acted as strong support in the past months as well.
Also, the first resistance we will now be watching is the $20,000 mark. If the price manages to get back above this level, the trend could reverse once more. However, it seems unlikely at the moment.
The lower levels will likely be tested as the macro trend is still bearish, and Bitcoin might also break below $18,600 in the coming weeks.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is now trading just above the support at $19,600 and is looking quite bearish. Right now, we are monitoring the price closely and will be interested in betting against the price. It is likely that the price will continue to fall if it breaks below $19,600 in the coming hours. As mentioned above, the first target we will be eyeing in that scenario is the $18,600 mark.
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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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