As a seasoned crypto investor with several years of experience under my belt, I’ve learned to read between the lines when it comes to market trends and price movements. The recent positive start to the weekend for most coins, including Bitcoin (BTC), is a welcome sign after a week of volatility.
The weekend has started positively for most coins, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has risen by 3.29% over the last 24 hours.
On the hourly chart, Bitcoin’s price may have established a local resistance point at $64,522. With much of the daily Average True Range (ATR) having been surpassed, significant price swings are less probable before the end of the day.
On a larger time scale, the primary cryptocurrency has rebounded from its previous mark of $64,310. If the candlestick ends significantly away from this point, there’s a possibility that bears could regain control, potentially triggering a correction towards the $62,000-$63,000 range in the near future.
Based on the perspective of the midterm analysis, Bitcoin‘s price appeared to have breached the support of $59,440 falsely. Nevertheless, it’s premature to assume a quick reversal since the coin lacks sufficient momentum for such a move at this time.
In this case, ongoing sideways trading in the zone of $62,000-$66,000 is the more likely scenario.
Bitcoin is trading at $63,728 at press time.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD PHP PREDICTION
- USD CLP PREDICTION
- USD ZAR PREDICTION
- FJO PREDICTION. FJO cryptocurrency
2024-05-04 22:18