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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the resistance at $16,800 and is trying to flip it on the lower timeframes. As mentioned in our previous analyses, the price is now trading below the $17K region and could drop further in the coming days. Right now, we can notice that the price is trying to get above the $17,000 mark, but there are no clear signs of a breakout yet. Once the price gets above the $17K region, the bulls will start pushing the price once again. Let’s take a quick look at the Bitcoin Price Prediction Daily (21-Dec-2022) to see where the price could be headed in the coming days.
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Analyzing the Charts
If we look at the latest Bitcoin charts, we can notice that the price is currently trading just above the $16,800 mark and could flip this resistance into support in the coming hours. If that happens, the next level we will be eyeing for Bitcoin is the $17,400 mark.
The $17,400 mark has acted as resistance previously as well, and we can expect the price to receive some pushback there. Once it gets above that level, we will be eyeing the major resistance at $18,000 once again.
On the other hand, if Bitcoin fails to flip the $16,800 mark into support, the support level we will be watching for it is the $16,400 mark.
However, it is likely that the price will lose this support after rejection, and the next level we will be eyeing for Bitcoin is the bottom at $15,900.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading just above the resistance at $16,800 and could go either way in the short term. Right now, we are eyeing the $17,400 mark, and it will be interesting to see how Bitcoin will react to it. We will not be placing any short-term trades on BTC and will see how the daily candle closes today. A close above $16,800 will be a positive sign for the price action.
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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