How is Bitcoin (BTC) Looking Today?
Bitcoin is trading around the $16,800 mark and has not moved much in the past few days. The price is currently going sideways on the lower timeframes, and we could see further consolidation before the price moves out of this zone. The levels we are eyeing for Bitcoin right now are the support at $15,900 and the resistance at $17,000. The price is currently going back and forth between these levels, and the trading volume is low. Let’s take a quick look at the Bitcoin Price Prediction Daily (16-Nov-2022) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
The current resistance we are watching for Bitcoin on the hourly timeframe is the $17,000 mark. If the price breaks above this level in the coming hours, our next target for BTC will be the $18,000 mark.
On the other hand, if the price continues to fall and Bitcoin manages to break below $15,900 in the immediate short term, then our next target will be the $14,000 mark.
We can also notice that Bitcoin is forming a potential rising wedge structure on the 1-hour timeframe and could drop further. If the structure successfully plays out, we will see Bitcoin’s strong down-trend continue.
However, if the support at $15,900 holds even after the structure plays out, it will be a good sign for Bitcoin in the coming days.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is still trading below the resistance at $17,000 and is looking quite bearish at the moment. The fear in the crypto market has risen due to recent controversies like FTX, and bulls seem to have lost control at the moment. It is likely that the price will drop further in the coming days, and that could give us an opportunity to accumulate more Bitcoin at lower prices. We will not be placing any short-term leveraged trades at the moment.
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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