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.
Bull keep controlling the situation on the market, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has increased by 1.51% since yesterday.
On the hourly chart, the price of BTC is looking bearish, as the rate is approaching the support of $34,718. If bulls cannot seize the initiative, there is a high chance of seeing a breakout, followed by a move to the $34,400 zone.
On the bigger time frame, the rate of BTC has made a false breakout of the recently formed resistance of $35,612.
If the bar closes with no long wicks, the correction may continue to the $34,000 area soon.
A similar picture can be seen on the weekly time frame. If the weekly candle closes far from $35,198, one can expect a further decline to the $33,000-$34,000 area. Such a scenario is relevant until mid-November.
Bitcoin is trading at $34,708 at press time.
Alex Dovbnya
Gamza Khanzadaev
