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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $17,200 mark and has started to gain momentum on the lower timeframes. The price has finally broken above the resistance at $17,000 and is looking bullish on the lower timeframes. The next target we are eyeing for BTC in the immediate short term is the $17,400 mark. As mentioned in our previous analysis, it is a crucial resistance level, and BTC will likely break above it in the coming days. Let’s take a quick look at Bitcoin Daily (11-Jan-2023) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-day charts for Bitcoin, we can see that the price has been forming green candles for the past few days. It is currently trading slightly above the $17,400 mark, and the bulls would like to close the current candle above it.
We can also notice that Bitcoin has formed a higher low on the 1-day Timeframe, which indicates an uptrend continuation.
The next area we are now targeting for Bitcoin is the $18,000 mark. It is a crucial region, and Bitcoin has faced rejection here in the recent past as well.
Even though Bitcoin has been struggling to gain momentum, it is likely we will see it touch the $18,000 mark in the coming days. However, a rejection there again is possible as the trading volume is still low, and the momentum is not entirely on Bitcoin’s side.
Conclusion: Final Verdict on Bitcoin (BTC)
If we take a look at the latest Bitcoin charts, we can see that the price is currently showing bullishness and is trading just around the $17,400 mark. It is likely that we will see the price climb to the $18,000 mark in the coming days, and it will be interesting to see how the price will react to that level. We will also be interested in placing a long trade on BTC 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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