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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,000 mark and is still struggling to gain momentum on lower timeframes. As mentioned in our previous analyses, the price has been going sideways for a couple of weeks now and is struggling to gain momentum on lower timeframes. The macro trend is still bearish for BTC, and it is possible that the price will form a new bottom in the coming weeks. However, the price is currently moving quite slowly, and we haven’t witnessed any signific moves by BTC as of late. Let’s take a quick look at Bitcoin Price Prediction Daily (28-Nov-2022) to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a quick look at the latest 4-hour charts for Bitcoin, the first thing we can notice is that the price has been moving within a consolidation zone between $15,900 and $17,000 for weeks now.
The $15,900 and the $17,000 marks are the two main levels we are currently watching for Bitcoin. However, if we zoom in on the 1-hour timeframe, we can spot another crucial level around $16,300 that has acted as both support and resistance in the past few days.
We can see that the price gained some momentum when it got above this level but has broken below once again. Now BTC will be retesting the support at $15,900, and it will be interesting to see how it reacts this time. If the price finally breaks below this zone, the next main level we will be eyeing is $14,000.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading just above the $16,000 mark and has not moved much in the past few days. The price has been moving sideways, and the trading volume is also low. Right now, we are eyeing the support at $15,900 and will be interested in shorting BTC if the price breaks below it. The lower levels are still in play, and we can also expect BTC to form a new bottom.
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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