Daily Market Analysis - BTC
Over the weekend, the global market cap has risen up to 277B. Dominance is down to 68.91%. The price of Bitcoin is at ~10,700.
Price action has been following the trajectory of the IH&S outlined. Trendlines has been adjusted.
On the daily charts, the current candle is testing a resistance zone at 10,700. Volume has risen the past two days. The stochastic RSI may break above 20, and the MACD is oversold. All of which are bullish conditions.
We should also note the current position of the Chikou span (gray line), which has been moving in sync with price action, and an upcross above the price would point to a breakout that could carry the price action along the path of the IH&S pattern.
For those in Discord, we can see on the 1 hour chart, the MACD is crossing over, and there is a weak point in the Kumo (blue circle)
If the short-term price action continues to be bearish, there is a support zone that aligns with the larger support trendline and we would want to see a bounce from this area (yellow circle)
Bearish: If the price is unable to break above 10,700, we could fall to 10,300.
Bullish: If 10,700 resistance is cleared, the next main resistance zone is up at 11,300.
Bullish 60% / Bearish 40%
Price action has been following the trajectory of the IH&S outlined. Trendlines has been adjusted.
On the daily charts, the current candle is testing a resistance zone at 10,700. Volume has risen the past two days. The stochastic RSI may break above 20, and the MACD is oversold. All of which are bullish conditions.
We should also note the current position of the Chikou span (gray line), which has been moving in sync with price action, and an upcross above the price would point to a breakout that could carry the price action along the path of the IH&S pattern.
For those in Discord, we can see on the 1 hour chart, the MACD is crossing over, and there is a weak point in the Kumo (blue circle)
If the short-term price action continues to be bearish, there is a support zone that aligns with the larger support trendline and we would want to see a bounce from this area (yellow circle)
Bearish: If the price is unable to break above 10,700, we could fall to 10,300.
Bullish: If 10,700 resistance is cleared, the next main resistance zone is up at 11,300.
Bullish 60% / Bearish 40%
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