Daily Market Analysis - BTC
Global market cap is down to 251B. Dominance is up to 69.26%. The price of Bitcoin is just under 9,700.
Price action finally broke to the down side creating another higher low.
Technical indicators are still oversold, but the stochastic RSI is crossing down, and there is not enough volume to influence the MACD painting a bearish picture.
The pullback in price happened in less than an hour of time pointing to a high volume position leaving the market as opposed to any fundamental reason.
If market participants choose to be scared, the price could fall down to the support zone under the short-term selling pressure.
Bearish: If the price is unable to find support above 9.7k, the price could re-test support at 9.3k.
Bullish: If the price action is able to find support at 9.7k, we need to see a breakthrough above 10k.
Bearish 60% / Bullish 40%
My short-term bias is bearish because this market is emotional and overreacts to small moves.
Price action finally broke to the down side creating another higher low.
Technical indicators are still oversold, but the stochastic RSI is crossing down, and there is not enough volume to influence the MACD painting a bearish picture.
The pullback in price happened in less than an hour of time pointing to a high volume position leaving the market as opposed to any fundamental reason.
If market participants choose to be scared, the price could fall down to the support zone under the short-term selling pressure.
Bearish: If the price is unable to find support above 9.7k, the price could re-test support at 9.3k.
Bullish: If the price action is able to find support at 9.7k, we need to see a breakthrough above 10k.
Bearish 60% / Bullish 40%
My short-term bias is bearish because this market is emotional and overreacts to small moves.
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