How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the resistance at $17,000 and is gaining some momentum on the lower timeframes. The price is still trading within the consolidation zone between $15,900 and $17,000 and has been going sideways for weeks. Right now, it is retesting the upper level of the consolidation zone for the first time in days. As mentioned in our previous analyses, it is vital for BTC to break out of this consolidation zone with decent volume to make a significant move in either direction. Let’s take a quick look at the Bitcoin Price Prediction Daily (30-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 Bitcoin charts, we can notice that the price has been gaining some momentum after it broke above immediate resistance at $16,300 and flipped into support.
The price has not been able to break above $17,000 since November 11th, and it will be interesting to see how things will play out in the coming hours. If BTC manages to break above this level with decent volume and also closes the daily candle above it, we can expect bullishness in the coming days. The next immediate target we will be eyeing in that scenario is the $18,000 mark.
However, if the price faces rejection once again here and moves back towards the $15,900 mark, we can expect BTC to continue the downtrend its been respecting on the macro timeframes. A new bottom is also possible in the coming weeks.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trying to break above the resistance at $17,000 but is struggling to do so. Right now, we are watching the price closely and will be interested in placing a long trade if Bitcoin manages to flip $17,000 successfully. However, if the price continues to move within the same zone, we will not be placing any short-term trades.
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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