Market Analysis - BTC
The market cap is down to 259B. Dominance is up to 69.96%. The price of Bitcoin is 10,100.
So far, there has been continual buying pressure in the short-term support zone. However, the daily candles tell us that there is indecision in the market and participants continued to sell above 10,300.
Technical indicators are in conflict, the Stochastic RSI indicates contracting momentum, but the RVI indicates a point of low volatility meaning there is the chance of renewed buying pressure in the near-term.
Bearish: A break below the short-term support zone will most likely cause the price action to re-test support zone 1.
Bullish: If the lowered volatility indicates an increase in volume and the short-term support holds, the price action will need to re-test resistance near 11,000.
Bullish 55% / Bearish 45%
So far, there has been continual buying pressure in the short-term support zone. However, the daily candles tell us that there is indecision in the market and participants continued to sell above 10,300.
Technical indicators are in conflict, the Stochastic RSI indicates contracting momentum, but the RVI indicates a point of low volatility meaning there is the chance of renewed buying pressure in the near-term.
Bearish: A break below the short-term support zone will most likely cause the price action to re-test support zone 1.
Bullish: If the lowered volatility indicates an increase in volume and the short-term support holds, the price action will need to re-test resistance near 11,000.
Bullish 55% / Bearish 45%
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