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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just around the $16,800 mark and is losing momentum on the lower timeframes. The price is trading below a strong resistance level of around $17,000, and we will likely see it drop further in the coming days. Right now, the thing BTC needs to gain bullish momentum is to break above the $17,000 mark with high volume. If that does not happen, bears will take control, and the price will be headed toward the $15,900 mark next. Let’s take a quick look at the latest Bitcoin Price Prediction Today (07-Dec-2022) to see where the price could be headed in the 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 is currently trading within a rising wedge structure and could break below it in the coming days.
A rising wedge pattern is a bearish pattern that squeezes as the price loses momentum. Also, If the price comes back again to touch the top of the wedge (around $17,400) in the coming hours, we might also see a double top for BTC. That will be a strong bearish sign, and we can expect another sell-off in that scenario.
However, Bitcoin will first have to get above the $17,000 mark once again to form a double-top pattern.
Once the price strongly rejects the $17,000 or $17,400 mark in the immediate short-term, the next level we will be eyeing for Bitcoin is the strong support at $15,900.
The trading volume has also been on the decline, so it is likely that Bitcoin will form a new bottom in the coming weeks.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below the resistance at $17,000 and will likely drop further in the coming days. Right now, we are expecting the price to face another rejection around the $17K region, and when that happens, we will see it as an opportunity to short Bitcoin. A sell-off here is likely, and it will also be interesting to see how the price reacts to the support at $15,900 in the short term. The macro trend is also still bearish for Bitcoin.
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