Things to watch out for:
The hash rate is heading south again. It's the weekend, and the 'Hash Crash' is still fresh in our minds. I would suggest keeping a close eye on this metric for the next 48 hours, as a continued fall could trigger an inbuilt, fear-based response and hurt prices.
Coupled with this, we are seeing a large net inflow to exchanges—again, putting us slightly on edge.
The bulls will be hoping the weekend passes without incident, and will be happy with a continuation of the sideways price action. The bears, as ever, will be looking to shake the beginnings of the recovery Bitcoin has exhibited this week.
Support at $36,400 has limited the downside today, as Bitcoin attempts to trade sideways towards the upper end of the trading range. The bulls have been unable to push through resistance at $38,600, leaving BTC in a tight range.
As we head into the weekend trading sessions, there is risk of a sharp move in either direction.
A break down below $36,400 will see Bitcoin trade down to $35,000, ahead of a test of its key support at $33,600.0
On the upside, given the continued attempts to break higher, should BTC move above $39,000, it's likely the momentum built will be enough to see Bitcoin trade back above $40,000 and target resistance at $40,900.
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