How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the resistance at the $21,000 mark and is trying to break above it on the lower timeframes. The price has been looking extremely bullish for the past few days, and things have finally started to move in the right direction for BTC. As soon as the price broke above the $18,000 region, more volume flew in, and the bulls started taking control of the market again. Right now, it seems like Bitcoin will be heading towards higher targets and will try to finally reverse the market. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (16-Jan-2023) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, the first thing we can notice is that the price is trying to break above the resistance at $21,000 and has also found some support at $20,500.
We can notice that the price has already closed a few hourly candles above the resistance and is turning it into support. However, BTC must close multiple 4-hour candles above $21,000 to flip this level in the immediate short term.
We can also notice that the price is forming another bull flag here, and it could also play out in the coming hours.
If the bullish structure pans out successfully, the technical target for it would be around the $23,200 mark.
On the other hand, it is also possible that the price will fall off this structure, and we will see some correction for BTC in the immediate short term. The price has been going up consistently for the past few days, and Bitcoin could correct it before making another move.
The major support Bitcoin will need to hold in that scenario will be the previous area of resistance at $19,100.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just below the $21,000 mark and is still looking bullish on the lower timeframes. The price is forming a bullish structure, and the momentum is also on Bitcoin’s side. However, we will not be placing any short-term trades on BTC at the moment as there is a decent chance of correction here as well. If the price faces strong rejection here, a correction is highly likely.
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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