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December has started with an ongoing market correction, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 6% since yesterday.
On the hourly chart, the price of BTC is near the recently formed support of $84,754. As most of the daily ATR has been passed, there are low chances of seeing sharp moves by tomorrow.
However, if the daily bar closes around $85,000, traders may expect a level breakout.
On the longer time frame, the rate of the main crypto is declining after a false breakout of the resistance of $93,065. If buyers cannot seize the initiative, there is a high chance of seeing a test of the $80,000 range over the next few days.
From the midterm point of view, there are no reversal signals yet. It is too early to make any long-term predictions as the week has just begun. However, the volume is low, which means none of the sides is ready for a sharp move.
Bitcoin is trading at $85,636 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team