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The start of the weekend turned out to be bullish for the cryptocurrency market.
Top coins from CoinMarketCap
BTC/USD
The price of Bitcoin (BTC) has increased by 0.63% in the last 24 hours.
Image from TradingView
On the hourly chart, BTC price is in the middle of the local channel between the support at $43,749 and the resistance at $44,389.
With most of the daily ATR exceeded, continued sideways trading in the $44,000 area by the end of the day is the more likely scenario.
Image from TradingView
On the larger time frame, the price mistakenly broke resistance at $44,528. If the bar closes far from this level, there are chances of another decline to the $42,500-$43,000 zone soon.
Image from TradingView
On the weekly chart, the price of BTC keeps reaching new local highs. For now, focus should be on the nearest key zone of $45,000. If the bar closes above without long wicks, the uptrend could continue to $48,200.
Bitcoin is trading at $43,867 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].
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
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