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.
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.
Gamza Khanzadaev
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin