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Bitcoin price analysis: BTC/USD sets new resistance at $16281 after retracing

Bitcoin Price Prediction 2022.11.16.

TL;DR Breakdown

  • Bitcoin price analysis is slightly bullish today
  • BTC/USD set a new resistance at $16281 after retracing a little
  • Bitcoin may have entered a new range
  • This is not a good time to buy BTC if you are looking for short-term profits

While today’s Bitcoin price analysis is slightly bullish, there is not much change in the overall price in comparison to yesterday. The market has only slightly retraced and corrected itself after getting exhausted by the bears in the last 24 hours.

crypto heat map 3
Cryptocurrency heat map by Coin360

The crypto heap map shows that Bitcoin has corrected itself by 3.21 percent, while Ethereum has gone up by a mere 2.64 percent. Similarly, XRP, DOGE, LTC, and other altcoins are also in the greens as the bulls are slowly trying to take over.

1-day Bitcoin price analysis
Bitcoin Price Chart by TradingView

The 1-day Bitcoin price analysis shows a slight retrace after the price closed at $15766. Currently, the price is hovering around the $16150 mark. We can see on the MACD indicator that the histograms are losing negative momentum and slowly moving toward the positive side. So, Bitcoin might retrace and retest the $17000 mark in the next 24 hours.

Bitcoin 24-hour price analysis

Bitcoin price analysis shows that the market cap has increased by nearly 3 percent in the last 24 hours. At the same time, the market cap has gone up by 15.33 percent. So, the 24-hour volume to market cap is currently at 0.1012.

4-hour Bitcoin price analysis: BTC/USD sets new resistance at $16821

4-hour Bitcoin price analysis
Bitcoin Price Chart by TradingView

Bitcoin price analysis is slightly on the bearish side in the 4-hour chart. However, it retraced a little from $15675 to $16281. After this, it started going down again. So, Bitcoin price analysis on the 4-hour chart may have set a new resistance at the $16281 mark.

The RSI is currently very balanced. So, any significant volatility cannot be expected. At the same time, there is a crossover impending on the MACD indicator. BTC/USD might be getting into a new range with the support set around the $15500 mark.

Bitcoin price analysis: Conclusion

Bitcoin price analysis is currently bullish. The last 24 hours have shown significant volatility, as the price reached a 24-hour high of $16281. At the same time, the low was set at $15612. However, now it may have entered a new range between $16000 and $16281.

Right now, short-term traders should not buy Bitcoin because the price analysis does not show any significant volatility. Instead, Bitcoin might be going down again after touching a new resistance level. So, it is much wiser to wait and see how the market plays out in the next 24 hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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