Market Analysis - BTC
The global market cap is up to 270B. Dominance has dropped down to 68.11%. The price of Bitcoin is struggling at 10,200.
Bitcoin has undergone continuous selling pressure over the last 5 days, but the price has managed to stay above the short-term support zone.
The selling pressure has kept Bitcoin from participating in the small rally that other top coins have been experiencing.
Volatility has reached a low point indicated by the RVI. That in combination with the daily closes above the support should, we should see the price re-test 11,000 resistance in the next week or so.
However, the Stochastic RSI has not yet reached it's bottom, which indicates there could be further short-term downside.
Bearish: If price action breaches and closes below short-term support at 10,000, there is a lack of support until the price reaches ~9,600.
Bullish: If the volume is able to pick up in the short-term, the price action could re-test the 10,500 resistance.
Bearish 55% / Bullish 45%
Bitcoin has undergone continuous selling pressure over the last 5 days, but the price has managed to stay above the short-term support zone.
The selling pressure has kept Bitcoin from participating in the small rally that other top coins have been experiencing.
Volatility has reached a low point indicated by the RVI. That in combination with the daily closes above the support should, we should see the price re-test 11,000 resistance in the next week or so.
However, the Stochastic RSI has not yet reached it's bottom, which indicates there could be further short-term downside.
Bearish: If price action breaches and closes below short-term support at 10,000, there is a lack of support until the price reaches ~9,600.
Bullish: If the volume is able to pick up in the short-term, the price action could re-test the 10,500 resistance.
Bearish 55% / Bullish 45%
Join The Spekre ACS Creator Pool and gain access to exclusive trading indicators, copy trading, exclusive content, and more tools in the future! Link: hub.accessprotocol.co/creators/J8TpW6cypxheFUYjWn4mxS6ExvBEMxyMiRvrf43Nhnvy
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.