Daily Market Analysis - BTC
The market keeps moving up, today the global cap is up to 325.25B. Dominance rose up following the price action to 63.70%. The price of Bitcoin is at 11,600.
The price action has been volatile, but Bitcoin continues it's overall upward trend.
The StochasticRSI was unable to cross above 20, but the RVI is indicating a reduction in volatility. However, the price was unable to break through resistance at the yellow trendline.
Smaller timeframes are overbought, which indicate the price action could continue to fall in the short-term. The volume has been shrinking, which further support short-term bearishness.
If the short-term trend continues, we could see the price pull back to 11,300-11,000.
Bearish: Price action continues it's downward trend and price re-test support at 11,000
Bullish: Price action diverges from indicators caused by volume support above the 11,500 price point causing price action to reverse and break above the yellow resistance trendline at 12,000.
Bearish 60% / Bullish 40%
The price action has been volatile, but Bitcoin continues it's overall upward trend.
The StochasticRSI was unable to cross above 20, but the RVI is indicating a reduction in volatility. However, the price was unable to break through resistance at the yellow trendline.
Smaller timeframes are overbought, which indicate the price action could continue to fall in the short-term. The volume has been shrinking, which further support short-term bearishness.
If the short-term trend continues, we could see the price pull back to 11,300-11,000.
Bearish: Price action continues it's downward trend and price re-test support at 11,000
Bullish: Price action diverges from indicators caused by volume support above the 11,500 price point causing price action to reverse and break above the yellow resistance trendline at 12,000.
Bearish 60% / Bullish 40%
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