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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $17,300 mark and is looking quite bullish on the lower timeframes. As mentioned in our previous analysis, the price is now trading above a crucial resistance level and could be gearing up for another move toward the upside. BTC has been trading within the consolidation zone between $15,900 and $17,000 for weeks now, and breaking above it will invite more buyers. Let’s take a quick look at the latest Bitcoin Price Prediction Today (05-Dec-2022) to see where the price is headed next in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, we can see that the price broke out of a bullish pennant and is heading toward the upside.
A bullish pennant is a bullish pattern that indicates that squeezes the price a little before a breakout. If the structure were to play out successfully, the next target for Bitcoin would be around the $18,300 mark.
The $18,300 level is also close to the resistance we are currently watching for Bitcoin on the $18,000 mark. It is likely that the price will struggle to get above this level.
The region above $18K has lots of significance as it was previously the support zone for Bitcoin. The area has acted as strong support for the crypto giant for most of the year. The price has only dropped below it recently, and it will not be easy to reclaim this level in the coming days.
If Bitcoin manages to get back above $18,600 in the coming weeks, it will get extremely bullish.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently breaking out of a bullish pennant on the 4-hour timeframe but is losing a little momentum on the micro timeframes. If the structure does play out in the coming hours, BTC will retest the $18,000 mark. A rejection near this area is likely, and it will be interesting to see how the price reacts. The news has also been driving the price of Bitcoin up and down lately, so we will be trading with caution.
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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