The market is trading sideways as the rates of some coins are rising, while the prices of others are falling.
BTC/USD
The price of Bitcoin (BTC) has declined by almost 1% over the last 24 hours.
On the hourly chart, the price of Bitcoin (BTC) is trading in the middle of the local channel, accumulating power for a further move. Currently, traders should pay attention to the daily closure. If it happens close to the resistance at $28,314, the breakout may lead to a continued rise to the $29,000 zone.
The price is trying to fix above the $28,000 mark on the daily time frame. From a technical point of view, Bitcoin (BTC) needs more time to accumulate energy for further growth.
In this case, sideways trading in the area of $27,000-$28,000 is the more likely scenario for the next days.
From the midterm point of view, the price has made a false breakout of the interim resistance level at $28,474. If the bar closes far from it, there is a chance to see a correction to the $27,000 zone at the beginning of next week.
Bitcoin is trading at $28,015 at press time.
Tomiwabold Olajide
Godfrey Benjamin
Gamza Khanzadaev