How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,000 mark and is going sideways on the lower timeframes. The price is now moving within the consolidation zone between $17,000 and $15,900 and is struggling to gain momentum. Bitcoin has been trading around the $16K region since the recent sell-off, and the bulls will need serious momentum to get back above the $18K region. It is possible that this sideways movement will continue in the coming days as well, and the price might accumulate here before making a big move toward the upside. Let’s take a quick look at the Bitcoin Price Prediction Daily (21-Nov-2022) to see where the price is headed in the short term.
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Analyzing the Charts
If we take a quick look at the latest 1-hour charts for Bitcoin, we can see that the price is going back and forth between the support at $15,900 and the resistance at $17,000.
The price could consolidate here further, and once it breaks out, the next target we will be eyeing is the $18,000 mark.
Once the price reclaims the $18K region, bulls will regain some control. It is an important region, and we will see buyers step in around this level.
On the other hand, if BTC fails to attract buyers doing this consolidation zone and is affected by the fear in the market, then we will likely see it break below $15,900. The level we will be eyeing in that scenario is the $14,000 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has not moved much in the past several days and will continue sideways movement unless there is a spike in the trading volume. Right now, we are watching the $17,000 and $15,900 marks closely. We are also prepared for another sell-off and will be interested in accumulating more Bitcoin at lower levels.
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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