Daily Market Analysis - BTC
The market continues its ascent! Global cap is up to 330.63B. As money continues to shift from altcoins and into bitcoin, the market dominance has rose above 60% to 60.91%. The price of Bitcoin is at 11,300.
The current chart pattern is forming another rising wedge. Due to the market structure and broader economic conditions, there is a higher probability that this wedge will also resolve as a continuation.
The RVI has broken above 90, which tells us that the momentum behind price has continued to increase, but that also means there is more liquidity and therefore volatility.
The ADX shows us that the current uptrend has continued to pick up strength as the trend line has risen above 30.
Trend strength and direction is also reinforced by the fact that the Kumo continues to rise concurrent with price action.
Bearish: Price breaks to the downside and re-tests support at 11,000.
Bullish: Price breaks to the topside of the rising wedge and begins testing resistance at 11,500 -11,700
Bullish: 65% / Bearish: 35%
The current chart pattern is forming another rising wedge. Due to the market structure and broader economic conditions, there is a higher probability that this wedge will also resolve as a continuation.
The RVI has broken above 90, which tells us that the momentum behind price has continued to increase, but that also means there is more liquidity and therefore volatility.
The ADX shows us that the current uptrend has continued to pick up strength as the trend line has risen above 30.
Trend strength and direction is also reinforced by the fact that the Kumo continues to rise concurrent with price action.
Bearish: Price breaks to the downside and re-tests support at 11,000.
Bullish: Price breaks to the topside of the rising wedge and begins testing resistance at 11,500 -11,700
Bullish: 65% / Bearish: 35%
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