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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $17,200 mark and has started to gain momentum on the lower timeframes. As highlighted in our previous analysis, Bitcoin faced strong resistance around the $17,000 mark and struggled to get above this level for the past few weeks. Right now, BTC is trading above $17,000 and has also closed multiple 4-hour candles above it. If the price manages to find strong support at $17,000, we can expect more bullishness for Bitcoin. Let’s take a quick look at Bitcoin Price Prediction Daily (09-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 4-hour charts for Bitcoin, we can notice that the price has finally gotten above $17,000 after retesting it multiple times.
The resistance level we are now watching for Bitcoin in the immediate short-term is the $17,400 mark. It is a region that has pushed the price down in the past, and we can expect more resistance here in the coming hours.
Also, the next target we are expecting BTC to touch in the coming days is the $18,000 mark. The region above $18K has plenty of significance as it acted as the bottom support for BTC for most of 2022.
On the other hand, if Bitcoin fails to hold the $17,000 mark as support, the next level we will be watching is the previous support at $16,400. We could also expect a sell-off towards $15,900 in that scenario.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above the $17,000 mark and is looking bullish on the lower timeframes. The price has finally broken above a crucial resistance level and is heading towards the $18K region once again. However, the trading volume is still low, so we will not be placing any short-term trades at the moment. If the volume spikes, we will be targeting the $18,000 mark once again.
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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