The correction has not lasted long, and all of the top 10 coins are in the green zone again, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has increased by 1.06% since yesterday.
On the hourly chart, the price of BTC has made a false breakout of the local resistance of $119,239. However, if the daily bar closes near that mark, one can expect a test of the $120,000 area soon.
On the daily time frame, the rate of the main crypto is within yesterday’s candle, which means none of the sides is dominating.
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Thus, the volume is going down, confirming the absence of bulls and bears’ strength. In this regard, consolidation in the range of $117,000-$120,000 is the most likely scenario.
From the midterm point of view, one should focus on the weekly bar closure in terms of the $119,482 level. If the candle closes far from it, sellers may seize the initiative, which may lead to a correction to the $112,000 mark.
Bitcoin is trading at $118,698 at press time.
Source: https://u.today/bitcoin-btc-price-analysis-for-july-16