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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the $17,000 mark and is showing some bullishness on the lower timeframes. As mentioned in our previous analysis, the price is now trading above the consolidation zone and could flip the $17,000 mark into support in the coming hours. Bitcoin has been moving within the same area for the past couple of weeks, and a healthy breakout here could also invite more volume. Let’s take a quick look at the Bitcoin Price Prediction Today (01-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 quick look at the latest 1-day timeframe for Bitcoin, the first thing we can notice is that the price has closed a daily candle above the resistance at $17,000.
A candle close above $17,000 is a bullish sign, and we can expect Bitcoin to gain more momentum in the immediate short term. We can also notice that the price was forming a descending triangle and gained this momentum after breaking out of it.
The bullishness is quite clear here, and it is likely that the price will continue the trend in the coming days. If the momentum continues and more volume flows, the first target we will be eyeing for Bitcoin is the $18,000 region.
The area above $18,000 has a lot of significance as it has acted as a strong support region in the past. BTC will likely face resistance when it retests it. We can also expect Bitcoin to struggle around the $18,600 mark, as it was the main support we were watching in previous weeks.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading around the $17,000 mark and seems to have broken above it. Right now, we are waiting for BTC to show some momentum and confirm this level as support. Once we have some confirmation, we will be interested in placing a long trade on Bitcoin here. However, we will watch the price carefully and wait for a strong indicator before entering the trade. It is quite possible that Bitcoin will touch the $18,000 region in the short term.
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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