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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the $17,000 mark and looking quite bearish on all the timeframes. The price has been dropping rapidly since the start of the week, and in a matter of days, BTC has gone from $21,500 to $16,000. There has been plenty of bad news surrounding the crypto industry at the moment, which is playing a big role in pushing Bitcoin’s price down. The macro trends have also looked bearish for a while now, and things seem to be playing at the moment. Let’s take a quick look at the Bitcoin Price Prediction Daily (10-Nov-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 broke below the strong support zone around $18,600 and formed a new bottom by touching the $15,600 mark.
The $18,600 mark has a lot of significance as this area has been acting as strong support for months now. The price seems to have flipped this area into resistance, and the support we are now watching for Bitcoin is the $15,900 mark.
If this were to be a bear trap, then BTC needs to start closing daily candles above $18,600 once again.
On the other hand, it seems likely that the price will drop further, and the next area we will be eyeing for Bitcoin is the $14,000 region. It is the area where Bitcoin’s price peaked in 2019.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just above $16,500 and is looking quite bearish at the moment. The price has been dropping rapidly for the past few days, and the bulls are struggling big time. Right now, we are expecting Bitcoin to drop further and will be using dollar-cost-averaging to buy more of it. We will not be placing any leverage trades at the moment and will wait for the price to find stable support in the coming days.
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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