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The Bulls are trying to get back into the game after yesterday's dump.
Top coins from CoinMarketCap
BTC/USD
The price of Bitcoin (BTC) is up 1.67% in the last 24 hours.
Image from TradingView
On the hourly chart, BTC price has broken the local resistance at $43,290 and is trying to stay above it. If the bulls manage to retain the initiative, the growth could continue into the $44,000 zone tomorrow.
Image from TradingView
A different picture emerges in the daily time frame. After such a sharp decline, the price needs time to gain energy for further movement. In this case, it is unlikely that there will be any ups or downs anytime soon.
By the end of the week, sideways trading in the $42,000-$44,000 range is the more likely scenario.
Image from TradingView
From a medium-term perspective, you should wait until the bar closes. If it happens near the $44,779 resistance, buyers can sustain the increase, which could lead to a test of the $48,000 zone.
At press time, Bitcoin is trading at $43,273.
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
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