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The last day of the week has turned out to be bearish for Bitcoin (BTC) and for all of the other top 10 coins as well.
BTC/USD
The rate of Bitcoin (BTC) has gone down by 8.37% over the last week.
On the hourly chart, Bitcoin (BTC) is trading in the local channel between the support at $34,287 and the resistance at $34,921. At the moment, the rate is close to the $35,000 mark, which means that bulls are more powerful than bears at the moment. If bulls can hold the initiative, there is a chance to see a breakout at the beginning of the next week.
On the daily time frame, Bitcoin (BTC) made a false breakout of the $34,324 level. The selling volume has declined, which means that bears are losing their energy. In this case, the more likely scenario is correction to the zone of $35,000.
On the bigger chart, Bitcoin (BTC) is approaching the support level of the wide channel. If the fall continues to the $33,000 mark, there is a high chance of seeing a sharp drop below $32,800 next week.
Bitcoin is trading at $34,674 at press time.
Godfrey Benjamin
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov