How is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $16,500 mark and is still going sideways on the lower timeframes. The price has been going back and forth between $15,900 and $17,000, and BTC must break out of this zone with volume to gain some momentum. As mentioned in our previous analysis, the price was heading to retest the $17,000 mark but is now moving back toward the support at $15,900. Let’s take a quick look at the Bitcoin Price Prediction Today (24-Nov-2022) to see where things could be headed in the coming hours.
If you are looking to leverage trade Bitcoin up to 100x, sign-up on Bybit today. You can also use this link to claim a bonus on your first deposit.
Claim up to $30,030 in Bonus
Analyzing the 1-hour Timeframe
The levels we are currently watching for Bitcoin on the 1-hour timeframe are the support at $15,900 and the resistance at $17,000. These are the same levels that are forming the consolidation zone mentioned above.
We can also notice that the price was forming a rising wedge and seems to have broken below it. A rising wedge pattern is a bearish indicator that usually indicates that bulls are losing steam.
If the structure does play out, we will see Bitcoin retest the support at $15,900 once again. It will be interesting to see how the price will react to this level.
If BTC fails to hold $15,900 this time on the retest, then we can also expect another sell-off. The next major level we will be eyeing in that scenario is the $14,000 mark.
The $14,000 mark is significant because it is where Bitcoin topped out in 2019. It is likely that the price will find decent support here.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading within the consolidation zone between $15,900 and $17,000 and is struggling to gain momentum. Right now, we are expecting the price to retest at $15,900, and it will be interesting to see how BTC reacts to it. Breaking below will continue the sell-off, and we will be looking at a new bottom for Bitcoin in the coming weeks.
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.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
Claim up to $7000 in Bonus