How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the support at $15,900 and is looking quite bearish on the lower timeframes. As mentioned in our previous analysis, the price has been consolidating between $15,900 and $17,000, and now it seems to be breaking below it. If BTC fails to regain the support at $15,900 by the end of the day, it is likely that we will see another sell-off soon. Let’s take a quick look at the Bitcoin Price Prediction Daily (22-Nov-2022) to see where things are headed for the crypto giant in the immediate short term.
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Analyzing the Charts
If we take a look at the lower timeframes, the first thing we can notice is that the price is currently trading below the support at $15,900.
We can notice that Bitcoin has already closed several hourly candles below this level, and the downtrend could continue in the coming hours. The main support level we will be eyeing for Bitcoin next is the $14,000 mark.
The $14,000 mark has significance as BTC topped out around this region in 2019. It is likely the price will find solid support here.
On the other hand, if the price manages to get back above $15,900, it will be a positive sign for Bitcoin. It is also likely that BTC will manage to break above the resistance at $17,000 in that scenario.
However, it is only possible if Bitcoin manages to reclaim $15,900 by the end of the day and starts trading above it comfortably.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has broken below the support at $15,900 on lower timeframes, and that is a bearish indicator. As mentioned in the previous week’s analyses, it is likely that the price will drop to the $14,000 region. If that happens in the short term, we will be interested in accumulating some more BTC. The macro trend is also still bearish, and this move is looking highly likely 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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