The market could not keep yesterday’s trend going, and most of the coins are back to the red area.
Despite the fall of most of the altcoins, the rate of Bitcoin (BTC) is almost unchanged since yesterday.
On the daily chart, the price of Bitcoin (BTC) is trading near the local support level at $16,654 after its false breakout. If buyers cannot seize the initiative, the fall may lead to the test of the $16,500 zone shortly.
On the bigger time frame, Bitcoin (BTC) has failed to get to the resistance at $16,772. If the candle fixes below the mark of $16,600, the accumulated power may be enough for a move to the $16,500 zone.
Thus, the volume remains low, which means that bulls are not willing to buy BTC at current prices.
From the midterm point of view, it is too early to make any predictions as it is only Tuesday and the price can sharply rise or fall (or both) between now and Sunday. However, as the volume is going down, one should not expect either exponential growth or a drop. In this case, sideways trading in the narrow range of $16,400-$16,800 is the more likely scenario.
Bitcoin is trading at $16,636 at press time.