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The growth continues on the cryptocurrency market, according to CoinMarketCap.
BTC/USD
Bitcoin (BTC) is one of the biggest gainers today, rocketing by 6%.
On the hourly chart, the price of BTC keeps rising after a breakout of the local resistance level of $46,365. Until the rate is above that mark, one can expect an ongoing rise to the $48,000 area and above.
On the bigger time frame, the rate of BTC is approaching the resistance of $47,897. At the moment, one should pay attention to the candle's closure.
Denys SerhiichukIf it happens near it or above with no false breakout, the growth is likely to continue to $49,000.
From the midterm point of view, one should focus on the recently formed level of $49,048. If the prices approaches that mark, there is a possbility of seeing a local correction in the event of a false brekaout.
Bitcoin is trading at $47,472 at press time.
Alex Dovbnya
Vladislav Sopov
Dan Burgin