Despite the slight drop, the rate of Bitcoin is looking bullish on the hourly chart as the price has broken the resistance at $29,454. If buyers can hold the rate above that mark, bulls might seize the initiative that can lead to a test of the $29,600 zone tomorrow.
On the daily time frame, the situation is less positive, as the rate of BTC is not ready yet for a continued upward move. Bulls may start thinking about a possible midterm reversal only if prices return to the $30,000 zone and fix above it.A similar situation can be seen on the weekly chart, as the price has once again bounced off the support level at $28,842. The volume remains low, which means that the price of BTC has not accumulated enough energy for a further move.
Source: Digital Coin News (digitalcoinnews.net)
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