How is Bitcoin (BTC) looking Today?
Bitcoin is currently trading just around the $21,000 mark and is trying to break above this crucial resistance level. Things are looking quite bullish at the moment as Bitcoin has gained strong momentum after bouncing from the $20,000 region. If the price manages to stay above $21,000 by the end of the day, it will be a bullish sign for Bitcoin. We might also see a bullish weekend for Bitcoin if the price is trading above $21,000 tomorrow. Let’s take a quick look at the latest Bitcoin Price Prediction Today (04-Nov-2022) to see where things could be headed in the coming days.
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Analyzing the Charts
If we take a quick look at the latest 1-hour chart for Bitcoin, we can see that the price bounced nicely from the $20,000 mark and is now looking quite bullish.
We can also notice that the price was forming a double-bottom pattern here, and that seems to be playing out at the moment.
A double-bottom pattern is a bullish structure that indicates that there is strong support for the price and that bulls are gaining control.
If Bitcoin manages to break out successfully here, the first target we will be eyeing for it is the $21,500 mark. Once the price gets there, we will also have our eyes set on the $22,600 mark.
The $22,600 mark has a lot of significance as it is the area where Bitcoin faced strong rejection previously, and a sell-off was triggered.
Conclusion: Final Verdict on Bitcoin (BTC)
If we look at the latest Bitcoin charts, we can see plenty of bullishness on the lower timeframes. However, it could be temporary, and we could still have a quiet weekend as the trading volume is still low at the moment. Right now, we will not be placing any short-term trades on BTC and will be watching these levels closely. If the price manages to sustain bullishness till Monday, we can expect another jump for Bitcoin.
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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