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The start of the weekend has turned out to be bullish for the cryptocurrency market.
BTC/USD
The rate of Bitcoin (BTC) has increased by 0.63% over the last 24 hours.
On the hourly chart, the price of BTC is in the middle of the local channel between the support at $43,749 and the resistance at $44,389.
As most of the daily ATR has been passed, ongoing sideways trading in the area around $44,000 is the more likely scenario until the end of the day.
On the bigger time frame, the rate has made a false breakout of the resistance at $44,528. If the bar closes far from this mark, there is a chance to see a further drop to the $42,500-$43,000 zone soon.
On the weekly chart, the price of BTC keeps setting new local peaks. At the moment, one should focus on the nearest vital zone of $45,000. If the bar closes above it with no long wicks, the upward move may continue to $48,200.
Bitcoin is trading at $43,867 at press time.
Dan Burgin
Yuri Molchan
