How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,500 make and seems to be gaining momentum on the lower timeframes. The price did break below the support at $15,900 yesterday but was able to get back above it within a few hours. Right now, BTC is still trading within the consolidation zone it has been respecting for the past week. We can also notice some bullishness on the hourly timeframe so it will be interesting to see how things play out in the coming hours. Let’s take a look at the latest Bitcoin Price Prediction Daily (23-Nov-2022) to see where things could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts the first thing we can notice is that the price is again moving within the consolidation zone between $17,000 and $15,900.
We can also notice that after getting back into the consolidation zone the price was facing immediate resistance at $16,200. Right now, it seems to have broken out of it with a decent push and we can also expect another leg up in the coming hours.
It is likely that the next level BTC will test now is the $17,000 mark. If the price manages to get above this level in the immediate short-term then the next target, we will be eyeing is the $18,000 mark.
The $18,000 mark is a crucial resistance level and breaking above it could shift the momentum in bulls’ favor.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $16,500 mark and is still moving within the consolidation zone mentioned in our previous analyses. Right now, the price is holding the support at $15,900 nicely. We did see BTC break below $15,900 for a few hours but the bulls manage to push it back. It will be interesting to see whether they will be able to get above $17,000 this time. Right now, we will not be placing any short-term trades on BTC and will be watching the price closely.
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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