Market Analysis - BTC
The market cap has been choppy and is at 222B. Dominance has dropped a point and is down to 67.83%. The price of Bitcoin has been struggling between 8,200 - 8,300.
Support zone 2 has held up well and buying pressure has been demonstrated in that area of support.
The stochastic RSI signal line has risen over the mark of 20 in a bullish crossover.
The RVI has risen all the way up to 58 from 8. However, the price action has been unable to test the resistance zone and that tells us the volatility is rising non-symmetrically relative to price action.
In other words the momentum indicated by the RVI has not been entirely mirrored by price which tells us there has been heavy selling pressure faced on the way up.
The kumo has undergone a bearish twist and the flipping point acts as a potential weak-spot for the price action to breach (yellow circle)
However, before the price is able to test the kumo twist, there will need to be a reversal of momentum in volume.
Bearish: If the price action of the daily candle is unable to make a new high, there is a likely chance the price will re-test the support zone near 8,000.
Bullish: If enough volume flows into the market over the next week, and support forms above 8,000, we could see price action re-test resistance between 8800 - 9200.
Bullish 55% / Bearish 45%
Support zone 2 has held up well and buying pressure has been demonstrated in that area of support.
The stochastic RSI signal line has risen over the mark of 20 in a bullish crossover.
The RVI has risen all the way up to 58 from 8. However, the price action has been unable to test the resistance zone and that tells us the volatility is rising non-symmetrically relative to price action.
In other words the momentum indicated by the RVI has not been entirely mirrored by price which tells us there has been heavy selling pressure faced on the way up.
The kumo has undergone a bearish twist and the flipping point acts as a potential weak-spot for the price action to breach (yellow circle)
However, before the price is able to test the kumo twist, there will need to be a reversal of momentum in volume.
Bearish: If the price action of the daily candle is unable to make a new high, there is a likely chance the price will re-test the support zone near 8,000.
Bullish: If enough volume flows into the market over the next week, and support forms above 8,000, we could see price action re-test resistance between 8800 - 9200.
Bullish 55% / Bearish 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.