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Bull keep controlling the situation on the market, according to CoinMarketCap.

BTC/USD

The rate of Bitcoin (BTC) has increased by 1.51% since yesterday.

On the hourly chart, the price of BTC is looking bearish, as the rate is approaching the support of $34,718. If bulls cannot seize the initiative, there is a high chance of seeing a breakout, followed by a move to the $34,400 zone.

On the bigger time frame, the rate of BTC has made a false breakout of the recently formed resistance of $35,612. 

If the bar closes with no long wicks, the correction may continue to the $34,000 area soon.

A similar picture can be seen on the weekly time frame. If the weekly candle closes far from $35,198, one can expect a further decline to the $33,000-$34,000 area. Such a scenario is relevant until mid-November.

Bitcoin is trading at $34,708 at press time.

About the author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at [email protected].