Can the fall of BTC continue to $16,000 next week? NickSzabo4 alistairmilne Maybemore_DC WhalePanda maxkeiser
The price of Bitcoin has slightly risen since yesterday. Over the last week, however, the price has fallen by 2.56%.
On the local time frame, Bitcoin continues yesterday's sideways trading, which is confirmed by declining volume. If bulls want to seize the initiative, they need to restore the rate to the $16,800 mark and fix it above. On the bigger chart, Bitcoin might have found a local bottom at $16,572. At the same time, the chance to see a fast reversal is low as not enough energy has been accumulated yet.Respectively, the more likely scenario is trading in the range of $16,600-$16,800 for the next couple of days.
However, on the weekly time frame, the fall may continue as bulls have failed to fix the price above the $18,000 mark. If the candle closes with no long wicks, the price of Bitcoin could test the $16,000 zone by the end of the week. In addition, the buying volume remains low, indicating bulls' lack of interest in the current levels.
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