On the hourly chart, the rate of Bitcoin is in the middle of a narrow channel, getting ready for a sharp move. In this case, a daily bar closure plays an important role. If it happens near the resistance, there is a chance to see an upward move to the $30,000 zone tomorrow.
On the bigger time frame, the situation is rather more bearish than bullish as the price keeps trading near the support level. If the rates gets back to it, the breakout can be a prerequisite for a continued drop to the $29,000 area and below.From the midterm point of view, the price of Bitcoin is about to fix below the vital zone of $30,000. If buyers cannot seize the initiative, the ongoing decline may lead to the test of the $28,500-$29,000 range by the end of the month.
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