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The rates of the majority of the coins are going down today, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has dropped by 0.43% over the past day.
On the hourly chart, the rate of BTC has broken the local support of $104,426. However, one should focus on the daily bar's closure.
If it happens with a long wick and the candle closes far from that mark, the ongoing correction might be postponed.
On the bigger time frame, the price of the main coin is in the middle of the channel, between the support of $1.3,675 and the resistance of $106,329. As none of the sides is dominating, there are low chances of seeing sharp moves by the end of the week.
From the midterm point of view, the rate of BTC is within the previous weekly bar. The volume is not going up, which means ongoing sideways trading around the current prices is the more likely scenario.
Bitcoin is trading at $104,576 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team