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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $17,500 mark and is finally gaining some momentum on the lower timeframes. The price has been dropping rapidly, and BTC has looked strongly bearish throughout the week. After forming new lows around the $15,700 mark, the price managed to gain a little momentum yesterday and is currently trying to move toward the upside once again. Let’s take a look at the latest Bitcoin Price Prediction Daily (11-Nov-2022) to see where the price could be headed next in the coming hours.
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Analyzing the Charts
If we take a look at the latest 1-hour charts, we can notice that the price bounced from the $15,900 mark and is now headed back toward the $18,600 region.
The $18,600 mark is a crucial level as it has acted as strong support in the past. If BTC manages to get above it in the coming hours and flips it convincingly, it would mean that this sell-off was a bear trap.
The next immediate target we will be eyeing for BTC in that scenario is the $20,400 mark. An area that has acted as resistance in the recent past as well.
However, with the way things are looking for crypto at the moment, it is unlikely we will see BTC move up this quickly once again. If the price manages to move sideways here and drops below once again, the next level we will expect it to touch is the $14,000 range.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading below the $18,000 region, and things are still looking bearish for it in the coming days. We are seeing some bullish momentum on the lower timeframes, but it is likely that the price will continue the downtrend after some sideways movement. Right now, we will not be placing any short-term trades on BTC and will be accumulating more of it in chunks as the price continues to drop.
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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