How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,500 mark and is struggling to gain momentum on the lower timeframes. The price seems to be consolidating between $15,900 and $17,000, and it is possible that we will see more sideways movement in the coming days. Last week Bitcoin broke below the crucial support at $18,600 and formed a new bottom. The macro trend seems to be bearish, and another sell-off could also be on the cards. Let’s take a quick look at the Bitcoin Price Prediction Today (17-Nov-2022) to see where things are headed in the immediate short-term.
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Analyzing the Hourly Charts
The support level we are watching for Bitcoin on the 1-hour timeframe is the $15,900 mark. It is the area that has been holding nicely since the last sell-out. On the other hand, the resistance we are currently watching is the $17,000 mark.
The resistance BTC needs to break to gain some bullishness is the $18,000 mark. If the price manages to get above this level in the coming days, bulls will regain some control.
On the other hand, if the trading volume keeps dropping and the momentum does not shift, we can expect Bitcoin to break below $15,900. The next level we will be eyeing in that scenario is the $14,000 mark. A region where Bitcoin topped out in 2019.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading around the $16,500 mark and is still looking bearish on most timeframes. It is likely that the price will continue this bearishness and drop further in the coming days. Right now, we will not be placing any short-term trades on BTC and will wait for it to show some bullish signs. We will also be using dollar-cost-averaging to accumulate more Bitcoin on lower levels.
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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