Bitcoin Price Prediction Today (29-Nov-2022): Price Consolidation Continues
How is Bitcoin (BTC) Looking Today
Bitcoin is currently trading around the $16,500 mark and is still consolidating on the lower timeframes. The price has been hovering in the same region for weeks now, and we have not seen BTC make any significant moves as of late. BTC also has not retested the resistance at $17,000 for days now, and it will be interesting to see how long the price can hold in this region. The macro trend is still bearish, and we can expect BTC to form a new bottom in the coming weeks. Lets’ take a quick look at Bitcoin Price Prediction Today (29-Nov-2022) to see where the price will be headed next in the coming days.
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Analyzing the 1-Day Timeframe
If we take a look at the latest 1-day charts for Bitcoin, the first thing we can notice is that the price has been struggling to gain momentum after losing the previous major support at $18,600.
The $18,600 was a crucial support region as it held the price for months. Now, as the price has broken below it, we can expect Bitcoin to form a new bottom.
We can also notice that the price is forming a descending triangle on 1-day charts that could potentially play out in the coming days.
A descending triangle is a bearish pattern, and if it does play out in the coming days, we can expect another sell-off for Bitcoin. The support region we will be eyeing in that scenario is the $14,000 mark.
The $14,000 mark has significance because it is the higher region BTC touched during the bull run of 2019.
Conclusion: What is Next for 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 this time. Breaking below this region will likely trigger a sell-off, and we will be looking at a new bottom for Bitcoin in the coming weeks.
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