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According to CoinStats, sellers are back in the game.
BTC chart from CoinStats
BTC/USD
The price of Bitcoin (BTC) has fallen by 2.23% since yesterday. In the last week the price has fallen by 4.4%.
Image from TradingView
Despite today's decline, BTC price managed to mistakenly break the local support at $41,554. If the daily bar closes far from this level, traders can expect a test of the $42,000 zone.
Image from TradingView
On the larger time frame, traders should pay attention to the intermediate level of $41,600. If a breakout occurs, the decline could extend to the support at $40,181. Such a scenario is relevant for the coming week.
Image from TradingView
On the weekly chart, the BTC candle is about to close within the previous bar. This means that neither bulls nor bears have taken the initiative so far.
All in all, sideways trading between $41,000 and $43,000 is the more likely scenario.
At press time, Bitcoin is trading at $41,899.
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].
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
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