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How is Bitcoin (BTC) Looking Today?
Bitcoin is trading just above the support at $20,400 and moving sideways on the lower timeframes. As highlighted in our previous analyses, BTC is now trading above a crucial resistance level, and it is likely that we will see the price go upward in the coming days. A week ago, the price was trading within the consolidation zone below $20,000, and it was stuck there for a long time. Let’s take a quick look at the Bitcoin price prediction daily (02-Nov-2022) to see where things are headed next in the immediate short term.
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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 current support it is holding is the $20,400 mark and is trying to stay above it.
If the price manages to stay above this level in the coming days as well, we can expect Bitcoin to make another move toward the upside. Once the price breaks out from here, the next target we will be eyeing is the $21,500 mark.
It is also likely that once the price reaches $21,500, it will also retest the major resistance at the $22,600 mark. An area where BTC was facing strong resistance a couple of months back.
On the other hand, if the price breaks below $20,400, the immediate support level we will be watching for it is the $20,000 mark. The price has bounced from here before as well, and we can expect it to hold if BTC breaks below $20,400.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just above the $20,400 mark and is going sideways on the lower timeframes. We can expect the price to break out in the coming days, but right now, BTC is not showing any signs of it. The price could also retest $20,000 before making a move toward the upside. Right now, we will not be placing any short-term trades and will be watching the price closely.
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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