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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading above the $17,400 mark and is looking quite bullish on the lower timeframes. The price is now trading above a crucial resistance level and is aiming for higher targets. BTC was trying to break above $17,400 for the past three weeks and was consistently falling below $17,000 after every rejection. Now with the price overcoming this resistance, we can expect some bullishness for Bitcoin in the immediate short term. Let’s take a quick look at the Bitcoin Price Prediction Daily (14-Dec-2022) to see where the price is headed in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price has been going sideways for the past few hours and is aiming for higher targets. The current level that BTC needs to flip on the lower timeframes is the $18,000 mark.
The $18,000 mark could act as a strong resistance level as it is a crucial price region. It is also the area where Bitcoin previously found support for weeks. If Bitcoin manages to get above $18,000 in the coming hours, the next target will be the $18,600 mark. The level that was the previous bottom for BTC.
On the other hand, if Bitcoin fails to get above $18,000 and rejects it strongly, the price could also fall back below $17,400. In that scenario, the immediate support level we will be eyeing for Bitcoin is the $17,000 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is now trading above the resistance at $17,400 and is looking quite bullish in the immediate short term. Now the major region of resistance for Bitcoin is the $18K area, and we won’t see a price break above it easily. Right now, we are watching the price closely and will be interested in a long trade if the volume continues to rise. However, another strong rejection here could also give an opportunity for a short.
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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