Has Bitcoin (BTC) accumulated enough energy for local bounceback?
Bulls are trying to return the lost initiative as most of the coins are in the green zone again.
BTC/USD
The rate of Bitcoin (BTC) is almost unchanged since yesterday with growth of 0.25%.
On the local chart, Bitcoin (BTC) has made a false breakout of the formed support level at $16,675. If buyers can hold that mark until the end of the day, there are chances to see further growth to the $19,900-$20,000 zone.
On the bigger time frame, nothing crucial is happening as Bitcoin (BTC) keeps trading in the channel, accumulating power for a further sharp move. However, if bulls can return the rate to the important $20,000 mark, a bullish trend may start.
Analyzing the weekly chart, Bitcoin (BTC) remains above the support at $19,526. If buyers can hold this mark until the end of the week, one can expect continued growth to the mirror level at $20,800 in the second part of September.
Bitcoin is trading at $19,822 at press time.
