Daily Market Analysis - BTC
The market cap is up to 265B. Dominance is up to 70.29%. The price of Bitcoin is at 10,400.
Price action was able to find support and bounce off the short-term zone. The next point of resistance price action needs to break through is 10,500.
Smaller timeframes are overbought, but continued bullish volume flow would create a divergence causing continued bullish price action.
If we can break above 10,500 and hold support, we should be moving up to 11,000 next.
However, if the price action is denied at 10,500, we can expect the price to pull back to the 10,000 - 10,300 area.
Bearish: Failure to break above 10,500 should cause more short-term price consolidation at the ~10,000 price level.
Bullish: A break above 10,500 could lead us back into 11,000+
Bullish 60% / Bearish 40%
Price action was able to find support and bounce off the short-term zone. The next point of resistance price action needs to break through is 10,500.
Smaller timeframes are overbought, but continued bullish volume flow would create a divergence causing continued bullish price action.
If we can break above 10,500 and hold support, we should be moving up to 11,000 next.
However, if the price action is denied at 10,500, we can expect the price to pull back to the 10,000 - 10,300 area.
Bearish: Failure to break above 10,500 should cause more short-term price consolidation at the ~10,000 price level.
Bullish: A break above 10,500 could lead us back into 11,000+
Bullish 60% / Bearish 40%
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