How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just around the $20,400 mark and has been holding the support nicely for the past few days. Things are looking bullish for BTC on the lower timeframes, and we can expect the price to climb further in the coming days. As mentioned in our previous analysis, the price could also drop to $20,000 in the coming hours before making another move towards the upside. If that happens, we will see a bullish pattern play out for Bitcoin. Let’s take a quick look at the Bitcoin Price Prediction Today (31-Oct-2022) to see where things might be headed in the immediate short term.
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Analyzing the Charts
If we look at the latest 1-day charts for Bitcoin, we can see that the price has been closing daily candles above $20,400 for the past few days, which is a bullish sign.
If the price closes above this level today as well, we can expect Bitcoin to touch the $21,500 mark next.
But the most important thing we can notice on the 1-day timeframe is the 100 SMA (simple moving average). Bitcoin has not been able to break above it for the past 6-months and is currently retesting it.
If the price breaks above this level convincingly, we can see strong bullishness for Bitcoin in the coming days. Whenever the price gets above the 100-SMA, we usually see bulls control the market.
However, it is more likely that BTC will face another rejection here, and the downtrend on macro timeframes will continue once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently showing bullishness on the 1-hour timeframe but is also facing strong resistance on the 1-day timeframe. We can expect the price to go in either direction in the coming days. Right now, we will not be placing any short-term trades on Bitcoin and will see how the price reacts in the next couple of 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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