Bitcoin (BTC) Price Analysis for October 7
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The weekend has started with bulls' dominance on the cryptocurrency market.
BTC/USD
The rate of Bitcoin (BTC) has increased by 1.63% over the last day.
On the hourly chart, the price of BTC is in the middle of the channel, getting power for a further sharp move. As most of the ATR has been passed, ongoing sideways trading in the area of $27,900-$28,000 is the more likely scenario until tomorrow.
A similar situation is on the daily time frame. Even if today's bar closes in the green zone, the rate is far from the resistance, which means that more time is needed for a sharp move.
From the midterm point of view, the weekly bar is about to close in the neutral zone as neither buyers nor sellers have seized the initiative yet.
Denys SerhiichukBuyers may start thinking of a possible upward move if the candle returns to the $30,000 zone.
Bitcoin is trading at $27,986 at press time.
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