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According to CoinStats, the cryptocurrency market is mostly bullish today.
BTC chart from CoinStats
BTC/USD
The price of Bitcoin (BTC) is up 0.17% in the last 24 hours.
Image from TradingView
On the hourly chart, BTC price is near the local resistance at $51,147. If the daily bar closes near or even above, there is a possibility of a breakout followed by a move to the $51,500 area.
Image from TradingView
On the larger time frame, pay attention to the daily candle close for the support level at $50,611. If the closure occurs far from this mark, one can expect a local recovery to the $51,500-$52,000 zone soon.
Image from TradingView
From a medium-term perspective, neither bulls nor bears have taken the initiative. In this case, drastic moves are unlikely to happen soon.
All in all, a consolidation in the $50,000-$52,000 range is the more likely scenario for the next few weeks.
At press time, Bitcoin is trading at $51,123.
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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