How is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $16,500 mark and is still going sideways on the lower timeframes. The price has been going back and forth between $15,900 and $17,000, and BTC must break out of this zone with volume to gain some momentum. As mentioned in our previous analysis, the price was heading to retest the $17,000 mark but is now moving back toward the support at $15,900. Let’s take a quick look at the Bitcoin Price Prediction Today (24-Nov-2022) to see where things could be headed in the coming hours.
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Analyzing the 1-hour Timeframe
The levels we are currently watching for Bitcoin on the 1-hour timeframe are the support at $15,900 and the resistance at $17,000. These are the same levels that are forming the consolidation zone mentioned above.
We can also notice that the price was forming a rising wedge and seems to have broken below it. A rising wedge pattern is a bearish indicator that usually indicates that bulls are losing steam.
If the structure does play out, we will see Bitcoin retest the support at $15,900 once again. It will be interesting to see how the price will react to this level.
If BTC fails to hold $15,900 this time on the retest, then we can also expect another sell-off. The next major level we will be eyeing in that scenario is the $14,000 mark.
The $14,000 mark is significant because it is where Bitcoin topped out in 2019. It is likely that the price will find decent support here.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading within the consolidation zone between $15,900 and $17,000 and is struggling to gain momentum. Right now, we are expecting the price to retest at $15,900, and it will be interesting to see how BTC reacts to it. Breaking below will continue the sell-off, and we will be looking at a new bottom for Bitcoin in the coming weeks.
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