Denys Serhiichuk
What are the odds of Bitcoin (BTC) going up in the first week of the year?
The market failed to continue yesterday’s trend and most coins are back in the red.
BTC/USD
Despite the decline in most altcoins, Bitcoin (BTC) price is almost flat since yesterday.
On the daily chart, Bitcoin (BTC) price is trading near the local support level at $16,654 after its false breakout. If the buyers fail to take the initiative, the decline could lead to a test of the $16,500 zone shortly.
On the larger timeframe, Bitcoin (BTC) has failed to reach the $16,772 resistance. If the candle fixes below the $16,600 level, the accumulated power might be enough for a move to the $16,500 zone.
Thus, volume remains low, meaning bulls are unwilling to buy BTC at current prices.
From a medium-term perspective, it’s still too early to make predictions as it’s only Tuesday and the price could rise or fall sharply (or both) by Sunday. However, as volume decreases, one should not expect exponential growth or decline. In this case, sideways trading in the tight $16,400-$16,800 range is the more likely scenario.
Bitcoin is trading at $16,636 at press time.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.