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According to CoinStats, neither bulls nor bears dominate as the weekend begins.
BTC chart from CoinStats
BTC/USD
The price of Bitcoin (BTC) has fallen by 1% since yesterday.
Image from TradingView
On the hourly time frame, BTC price is in the middle of the narrow channel between the support at $63,458 and the resistance at $64,282.
Since most of the daily ATR has been exceeded, drastic moves are unlikely to occur by the end of the day.
Image from TradingView
On the larger chart, traders should focus on the next level at $64,636. Further increase is possible only if the price of BTC is above this. Unless this happens, one can expect a correction to the $63,000 zone.
Image from TradingView
In the medium term, the price is far from the support and resistance levels. If the weekly bar closes around current prices, continued sideways trading in the $62,000-$66,000 range is the more likely scenario for next week.
At press time, Bitcoin is trading at $63,790.
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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