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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,500 mark and has gained some momentum on the lower timeframes. As mentioned in our previous analysis, Bitcoin did break below the support at $15,900 for a few hours but is now trading back above it with some nice momentum. Right now, things are looking bullish in the immediate short-term, but we could also see a rejection at the $17,000 or $18,000 mark and the price might dip once again. The macro trend is still bearish, and we will have to see how the price plays out in the next couple of weeks. Let’s take a quick look at the Bitcoin Price Prediction Today (23-Nov-2022) to see where the price could be headed next in the short term.
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Analyzing the 1-Day Charts
If we take a quick look at the latest 1-day charts for Bitcoin we can notice that the price has been going sideways since the last sell-off.
We can also notice that the price broke below $15,900 just recently but was able to reclaim it easily in no time. After reclaiming the support, BTC also gained some momentum on the lower timeframes.
Now, the target we are eyeing for Bitcoin on the 1-day timeframe is the $18,600 mark. This level has significance because it was the zone that held the price up for months this year.
If Bitcoin shows some bullishness and faces rejection around this region, we will likely see another sell-off and a new bottom for Bitcoin in the coming weeks.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has not moved much on the 1-day timeframe and is still moving within the consolidation zone. It is possible that the price could break above $17,000 in the coming hours but it might not last long. The lower levels are still in play, and we are expecting BTC to continue the downtrend. We will also be interested in accumulating more Bitcoin if it forms new bottom in the coming days.
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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