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 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.
Denys SerhiichukIn 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.
Godfrey Benjamin
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya