Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
September has started bearish for most of the coins, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has declined by 2.04% since yesterday. Over the last week, the price has dropped by 9.31%.
On the hourly chart, the price of BTC is returning to the local support level of $57,728. If the daily bar closes near that mark, one can expect a test of the $57,000 zone soon.
On the bigger time frame, the picture is also bearish. If a breakout of the $57,750 level happens, the accumulated energy might be enough for a move to the $56,000-$57,000 range.
From the midterm point of view, traders should focus on the weekly bar closure. If the candle closes below $58,000, there is a high chance of an ongoing correction within the next few days.
Bitcoin is trading at $58,047 at press time.
Godfrey Benjamin
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov