According to CoinStats, the market is neutral on the final day of the week.
BTC/USD
The Bitcoin (BTC) rate has fallen by 0.44% since yesterday.
Despite today’s decline, BTC price looks bullish on the hourly chart. If the price can break above the local resistance at $112,213, growth is likely to continue to the $113,000 level.
On the larger time frame, the leading cryptocurrency rate has set local support at $109,711. However, buyers may need more time to accumulate energy for further action.
In this case, a trade sideways in a narrow range of $111,000 to $114,000 is the more likely scenario.
In the medium term, the situation is bearish. If the weekly candlestick closes below the previous bar’s low ($111,597), we will likely see a continued correction into the $100,000 to $105,000 area.
At the time of writing, Bitcoin is trading at $111,773.
