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The crypto market has changed to red at the beginning of the week, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 2.29% since yesterday.
On the hourly chart, the price of BTC is near the local support of $114,955. If a bounce back does not occur and the daily bar closes around that mark or below it, one can expect an ongoing downward move to the $114,000 zone.
On the longer time frame, there are no reversal signals yet. If the bar closes around the current prices and with no long wick, the decline may continue to the support of $112,000 by the end of the week.
From the midterm point of view, the price of the main crypto is declining after the previous bearish bar's closure.
If the drop continues to the nearest support level, there is a high chance to witness a support breakout, followed by a drop to the $110,000 range.
Bitcoin is trading at $115,650 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team