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According to CoinStats, the prices of most coins are constantly facing corrections.
BTC chart from CoinStats
BTC/USD
The price of Bitcoin (BTC) has increased by 0.4% in the last day.
Image from TradingView
On the hourly chart, BTC price is near the local resistance level of $42,446. If buyers can take the initiative, there is a possibility of a breakout followed by a move towards the $42,700 zone.
Image from TradingView
On the larger time frame, neither buyers nor sellers dominate as the price is far from the support and resistance levels.
Overall, continued sideways trading between $42,000 and $43,000 is the more likely scenario for the next few days.
Image from TradingView
On the weekly chart, bulls failed to sustain the advance after the last bullish candle. If the bar fails to close above the $44,000 level, traders can expect a correction to the $40,000 area.
Bitcoin is trading at $42,317 at press time.
About the author
Denys Serhiichuk
With over five years of trading experience, Denys has extensive knowledge of both technical and fundamental market analysis. Mainly, he started his blog on TradingView where he publishes all relevant information and makes predictions about top coins.
His experience is backed by working in top blockchain-related companies such as W12, Platinum Listing, ATB Coin and others. They can be contacted at [email protected].
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