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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,000 mark and is trying to regain support at $15,900. As highlighted in our previous analysis, the price was trading below $15,900 on the hourly timeframe and was looking bearish in the immediate short term. Right now, the price is trading back above $15,900 and is gaining some momentum on the lower timeframes. Bitcoin must close the candle above this support level in order to avoid another sell-off in the coming hours. Let’s take a look at the Bitcoin Price Prediction Today (22-Nov-2022) to see where the price is headed next in the immediate short term.
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Analyzing the 15-minute Charts
If we take a look at the latest 15-minute charts, we can notice that the price did find some support at $15,650, and after some sideways movement, it broke above $15,900 again.
We can also notice that after breaking out, the price is facing some resistance around $16,200. It is the level Bitcoin has been struggling to break above since last night.
If Bitcoin manages to break above this resistance in the coming hours, we can expect the price to close the day above $15,900.
Also, the next level we will be eyeing, in that case, is the main resistance at the $17,000 mark. It is the upper limit of the consolidation zone that BTC has been respecting for the past several days.
However, reclaiming $15,900 does not mean that the price trend will shift. The lower areas are still in play, and BTC might touch them in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin did break below $15,900 for a few hours but seems to be getting back on track now. It is likely that we will see some further sideways movement for Bitcoin and a retest of the $17,000 mark. The $14,000 level is still very much in play, and we will be interested in accumulating more Bitcoin when the price visits that region. The macro trend is also looking quite bearish at the moment.
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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