How is Bitcoin (BTC) Doing Today?
Bitcoin is currently trading just above the support at $15,900 and is struggling to gain momentum on the lower timeframes. As mentioned in our previous analysis, Bitcoin is now trading below the short-term support at $16,300 and is looking bearish within its consolidation zone. BTC will have to break out of its current consolidation zone with significant volume in order to make a significant move. The main resistance to watch right now is $17,000, and the main support is $15,900. Let’s take a quick look at the Bitcoin Price Prediction Today (28-Nov-2022) to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we look at the latest 1-day Timeframe for Bitcoin, the first thing we can notice is that the price is going sideways after breaking below the crucial support at $18,600.
The $18,600 mark was a crucial level as it held the price strongly for months. Now, BTC is going sideways, just above the support at $15,900, and is struggling to gain momentum. We can identify that with a trendline resistance that is pressing the price lower.
We can also notice a formation of a descending triangle that could likely play out in the coming days. A descending triangle is a bearish pattern that shows that the bulls are losing momentum. If it does play out, the next target we will be eyeing for Bitcoin is the $14,000 mark.
The $14,000 mark has significance as it was the region where Bitcoin topped out during the bull run of 2019.
Conclusion: Final Verdict on Bitcoin (BTC)
If we take a look at the latest Bitcoin charts, we can see that the price is currently trading around the $15,900 mark and is looking bearish in the short term. Right now, we will be watching the price closely and won’t be accumulating more Bitcoin at the moment. Once the price breaks below $15,900 with a decent volume, we will be interested in shorting it toward the $14,000 mark.
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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