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.
The market could not keep yesterday's trend going, and most of the coins are back to the red area.
BTC/USD
Despite the fall of most of the altcoins, the rate of Bitcoin (BTC) is almost unchanged since yesterday.
On the daily chart, the price of Bitcoin (BTC) is trading near the local support level at $16,654 after its false breakout. If buyers cannot seize the initiative, the fall may lead to the test of the $16,500 zone shortly.
On the bigger time frame, Bitcoin (BTC) has failed to get to the resistance at $16,772. If the candle fixes below the mark of $16,600, the accumulated power may be enough for a move to the $16,500 zone.
Denys SerhiichukThus, the volume remains low, which means that bulls are not willing to buy BTC at current prices.
From the midterm point of view, it is too early to make any predictions as it is only Tuesday and the price can sharply rise or fall (or both) between now and Sunday. However, as the volume is going down, one should not expect either exponential growth or a drop. In this case, sideways trading in the narrow range of $16,400-$16,800 is the more likely scenario.
Bitcoin is trading at $16,636 at press time.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team