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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading above the resistance at $17,400 and is looking quite bullish on the lower timeframe. The price has finally broken out of the consolidation zone it has been respecting for the past couple of weeks and is now aiming for higher targets. We can also notice that the price is slowly climbing and is aiming to get above the resistance at $18,000. Let’s take a quick look at the latest Bitcoin Price Prediction Today (14-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, the first thing we can notice is that the price was going sideways and was forming a bullish flag pattern.
We can also notice that the price did break out of this structure and got above the resistance at $17,400. The target it met was around $18,000, which is also the resistance Bitcoin is facing now.
The $18,000 region I a strong level dominated by sellers. If BTC manages to flip it in the short term, the next target we will be eyeing for it is the $18,600 mark.
A strong rejection between the $18,000 to $18,600 mark is also likely as this is a strong resistance area. The $18,600 mark is crucial because it is the level where the price bottomed out for Bitcoin previously. BTC held this level throughout the year until it dropped last month.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading above the resistance at $17,400, and we can expect some bullishness in the immediate short term. However, we might not see a big run here because the macro timeframes are still bearish. It is possible that Bitcoin will face strong rejection around the $18K region and will retest the bottom at $16,900 once again. Right now, we will not be placing any short-term trades on Bitcoin.
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