How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,600 mark and is struggling to gain momentum on the lower timeframes. As mentioned in our previous analysis, BTC is now trading in a downtrend and could drop further in the coming weeks. There has been a lot of bad news surrounding the crypto industry as of late, and that has put the bears in the driving seat. The current support level we are eyeing for BTC is the $15,900 mark. Let’s take a look at the Bitcoin Price Prediction Today (14-Nov-2022) to see where the price could be headed next in the immediate short term.
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Analyzing the Lower Timeframes
If we take a look at the latest 30-minute charts for Bitcoin, we can notice that the price did bounce from the support at $15,900 and is facing some resistance at $17,000.
The main resistance we are eyeing for Bitcoin on daily and hourly charts is the $18,000 mark. Once the price breaks above $17,000, we will likely see Bitcoin retest the resistance at $18,000 as well. Breaking above this crucial level would help the bulls gain some momentum.
On the other hand, if Bitcoin continues to drop on lower timeframes as well, then the next level we will be watching for it is the $14,000 mark.
As mentioned in our previous analyses, the $14,000 mark has significance because it was also the top Bitcoin in 2019.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $16,600 mark and is looking quite bearish in the immediate short term. Right now, we will be observing the price closely and will not be placing any short-term trades. The $14,000 level is in play, and we will be accumulating more Bitcoin in chunks as the price continues to drop.
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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