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Cryptocurrencies keep rising at the beginning of the week, according to CoinStats.
BTC/USD
Bitcoin (BTC) is the exception to the rule, falling by 0.11%.
On the hourly chart, the rate of BTC is in the middle of a narrow channel, between the support of $116,594 and the resistance of $119,682.
As most of the ATR has been passed, ongoing sideways trading around current prices is the most likely scenario.
On the longer time frame, the situation is similar. At the moment, the price is closer to the support than to the resistance level. If the breakout of the bottom line happens, the accumulated energy might be enough for a move to the $112,000-$114,000 area.
From the midterm point of view, the price of the main coin has once again bounced off the $119,482 resistance. If the weekly bar closes far from that mark, bears may seize the initiative, which may lead to a correction to the $112,000 zone.
Bitcoin is trading at $118,301 at press time.
Vladislav Sopov
U.Today Editorial Team