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Bears are not going to give up so easily, as most of the coins are in the red zone.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) has declined by 0.26% over the previous 24 hours.
Image by TradingView
On the hourly chart, the rate of Bitcoin (BTC) is in the middle of a narrow channel, getting ready for a sharp move. In this case, a daily bar closure plays an important role. If it happens near the resistance, there is a chance to see an upward move to the $30,000 zone tomorrow.
Image by TradingView
On the bigger time frame, the situation is rather more bearish than bullish as the price keeps trading near the support level. If the rates gets back to it, the breakout can be a prerequisite for a continued drop to the $29,000 area and below.
Image by TradingView
From the midterm point of view, the price of Bitcoin (BTC) is about to fix below the vital zone of $30,000. If buyers cannot seize the initiative, the ongoing decline may lead to the test of the $28,500-$29,000 range by the end of the month.
Bitcoin is trading at $29,800 at press time.
Arman Shirinyan
Alex Dovbnya
Dan Burgin