How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the $17,000 mark and is trying to gain momentum on the lower timeframes. The price has not moved much in the past few weeks, and BTC has also struggled to flip the $17,000 mark into support on higher timeframes. Right now, the resistance Bitcoin is facing on lower timeframes is $17,400. As we approach the weekend, it is likely that the price will reject this resistance in the coming hours and drop further. Let’s take a quick look at the latest Bitcoin Price Prediction Today (09-Dec-2022) to see where the price could be headed next in the immediate short term.
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Analyzing the 1-Day Timeframe
If we look at the latest 1-day charts for Bitcoin, we can notice that the price is struggling to gain momentum. It is trading within a rising wedge and is looking quite bearish in the short term.
A rising wedge pattern is a bearish pattern that usually forms before a sell-out. The top of the structure is still within the resistance zone between $17,000 and $17,400. If the price breaks below $17,000 once again, it is likely that this structure will play out.
If we do see a sell-off for Bitcoin in the immediate short-term, the next level we will be watching as support is the $15,900 mark. It is the area Bitcoin has been holding tightly since the major price drop last month.
Also, it is likely that Bitcoin will not hold the $15,900 as well this time, and the $14,000 mark could come into play next.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $17,000 region but is not showing any bullish signs at the moment. It is likely that the price will drop in the coming hours, and Bitcoin will break below the $17,000 mark. Once that happens, Bitcoin will most likely trade below the $17,000 mark throughout the weekend. We will also be interested in shorting BTC if it breaks below $17,000 with a decent volume.
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