Denys Serhiichuk
Can one expect correction of Bitcoin (BTC) before further growth?
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The cryptocurrency market is mainly trading neutrally on the last day of the week.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 0.46% since yesterday. Over the last week, the price has risen by 14.37%.
Despite today’s slight fall, the price of BTC is looking bullish on the hourly chart. The rate is trying to fix above the local resistance of $34,279. If that happens, the upward move may continue to the $34,500 zone soon.
A different picture is on the daily time frame. The price of BTC keeps rising after a false breakout of the support level of $33,686. However, it remains far from the resistance.
If today’s bar closes near $34,500, there is a chance to see a test of the $35,000 zone within the next few days.
On the weekly chart, the bar is about to close in the bullish zone. While the rate remains above the $31,500 level, buyers are more powerful than sellers. In this case, traders are likely to see a test of $36,000 next month.
Bitcoin is trading at $34,297 at press time.
About the author
Denys Serhiichuk