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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,500 mark and is trying to gain momentum on the lower timeframes. The price is still moving within the consolidation zone between $15,900 and $17,000. We have not seen Bitcoin make any major moves in the past couple of weeks, and things have been relatively quieter. Once the price moves out of this consolidation zone, only then can we expect BTC to make a significant move. Let’s take a quick look at the Bitcoin Price Prediction Daily (29-Nov-2022) 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 quick look at the 30-minute charts, we can notice that the price has been mostly trading around the support at $15,900 for the past few days.
Also, if we zoom in, we can notice another level ($16,300) that has been playing as both support and resistance for the past few days. We can notice right now the price is trading above the $16,300 mark, which means that the bulls are trying to push it toward the upside. Breaking below this level means BTC will again retest the strong support level at $15,900.
Right now, the price seems to be headed towards the resistance at $17,000, and if it manages to flip this level, the next target we will be eyeing for Bitcoin is the $18,000 mark.
However, the bulls seem to be struggling, and the bullish scenario is looking unlikely at the moment.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still within the consolidation we highlighted in our previous analyses and is struggling to gain momentum on the lower timeframes. The price has been revolving around the same levels, and we can expect this to continue in the coming days. Right now, we will not be placing any short-term trades on BTC and will wait for it to show some momentum.
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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