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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently breaking out on the lower timeframes and is trading back above the support at $20,400. We did see Bitcoin close a couple of daily candles below $20,400, but the price is now trading back above it. If BTC continues to stay above this level in the coming days, we can expect the price to continue towards the upside. On the other hand, the macro trend for Bitcoin is still bearish, and we are still expecting the price to drop further in the coming weeks. Let’s take a quick look at the Bitcoin price prediction daily (04-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 look at the latest 1-hour charts for Bitcoin, we can see that the price is currently breaking out and has formed several green candles.
The immediate level we will be eyeing for Bitcoin at the moment is the $21,000 mark. We did see the price touch this area before it fell below $20,400. Getting above this area could be a really bullish sign for Bitcoin in the short term.
The target we will be eyeing for Bitcoin in the bullish case is the $21,500 mark. Once the price gets above $21,000, it will likely test the $21,500 as well.
On the other hand, if the price drops below $20,400 once again, the level we will be eyeing in the immediate short term is the $20,000 mark.
We will also be looking at the $19,600 mark, which will likely act as a strong support zone for Bitcoin.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above the $20,400 mark and could move sideways in the coming days. The price has been struggling to gain any strong momentum, and it is likely that it will remain quiet over the weekend as well. Right now, we will not be placing any short-term trades on BTC and will wait for it to make a prominent 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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