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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $17,200 mark and is showing some bullishness on the micro timeframes. The price has been struggling to get above the $17,000 on bigger timeframes and has not been able to close any candles above the $17,400 mark. If Bitcoin manages to flip the $17,000 mark into a support level in the immediate short-term, it is likely we will see a breakout for Bitcoin. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (09-Dec-2022) to see where the price could be headed next 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 notice that the next resistance level BTC is facing is around the $17,400 mark. BTC has managed to get above $17,000 a couple of times in the past few days but has struggled to get above the $17,400 mark.
We can also notice that the price is forming a potential bullish pennant on lower timeframes, and that could play out in the coming hours.
If that happens, we might see Bitcoin break above the $17,400 mark. However, if the volume is not strong, the price will drop back in no time.
The rising wedge pattern we mentioned in our previous analysis is also still in play, and Bitcoin could be headed toward the lower targets in the coming days.
If this bearish structure plays out in the next few days, we could expect another sell-off for Bitcoin. The level we will be watching next in that scenario is the major support at $15,900.
Conclusion: Final Verdict on Bitcoin (BTC)
If we take a look at the latest Bitcoin charts, we can see that not much has changed for it in the past few days. The price need not flipthe $17,000 mark into support and get above $17,400 convincingly. We are currently seeing bullish momentum on lower timeframes, but it might not last. Right now, we will not be placing any short-term trades on BTC and will wait for it to close the weekend or make a major move.
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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