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The market is mainly bullish today, however, some coins are in the red zone, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has fallen by 0.4% since yesterday.
On the hourly chart, the rate of BTC is trying to fix the local support of $118,638. If the situation does not change by the end of the day, the decline is likely to continue to the $118,000 mark by tomorrow.
On the longer time frame, one should focus on the daily bar closure in terms of yesterday's candle low.
If the breakout of the $118,000 mark happens, traders may witness a test of the $117,000 area shortly.
From the midterm point of view, the situation is rather bearish. If bulls cannot seize the initiative until the end of the week, the correction may continue to the $116,000 range.
Bitcoin is trading at $118,539 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team