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Despite the recent market dump, most of the cryptocurrencies are not ready to grow at the moment, according to CoinStats.
$BTC/USD
The price of Bitcoin ($BTC) has declined by 1.83% over the last 24 hours.
On the hourly chart, the rate of $BTC might have found local support at $66,351. As most of the daily ATR has passed, there are low chances of seeing sharp moves by tomorrow.
In this case, sideways trading in the range of $67,000-$69,000 is the most likely scenario.
On the longer time frame, one should focus on the daily bar's closure in terms of the $67,313 level. If a false breakout occurs, there is a chance of seeing a bounce back to the $70,000 area soon.
A less bullish picture can be seen on the weekly chart. In this regard, one should pay attention to the $74,434 level. Until the rate of $BTC is below that mark, ongoing decline remains the most likely scenario.
Bitcoin is trading at $67,155 at press time.
coinpaper.com
bitcoinmagazine.com