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The weekend started with a neutral mode in the cryptocurrency market.
BTC/USD
The price of Bitcoin (BTC) has fallen by 0.11% in the last 24 hours.
On the daily chart, BTC price managed a false breakout above the local support level at $37,670. However, if the daily candle closes close to this, there is a possibility of a decline to the $37,500 zone tomorrow.
On a larger time frame, the BTC price has failed to break through the $38,000 mark and stabilize above it.
Until then, traders can expect a correction to the $37,000-$37,500 range soon.
A similar picture can be seen on the weekly chart. If the price closes far from the $37,988 level, the bears could take the initiative, which could lead to a decline to the $36,000 level next month.
At press time, Bitcoin is trading at $37,703.
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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