Daily Market Analysis - BTC
Over the weekend, the market continued it's growth. It is up to 285.32B. Dominance has followed Bitcoin and is up to 57.88%. The price of Bitcoin is testing is resistance point at 9300.
The market has steadily risen over the weekend. Yesterday, there was clear profit taking at 9300 down to 8900 before buying pressure moved back in.
The MACD and RVI tell us that the market is in for a big move, and that momentum is rapidly rising, which also means more volatility.
The volume has been on the rise which suggests this move has momentum and strength behind it. However, the volume has been low on the hourly charts. There is a large bullish divergence on the 4 hour chart suggesting continuation.
Bearish: Profit taking kicks it at 9300 and the price falls back down to 8800-9000.
Bullish: Price breaks through 9300 resistance backed by rising volume . Price tests 9500. Possibly 10000.
Bullish 60% / Bearish 40%
The market has steadily risen over the weekend. Yesterday, there was clear profit taking at 9300 down to 8900 before buying pressure moved back in.
The MACD and RVI tell us that the market is in for a big move, and that momentum is rapidly rising, which also means more volatility.
The volume has been on the rise which suggests this move has momentum and strength behind it. However, the volume has been low on the hourly charts. There is a large bullish divergence on the 4 hour chart suggesting continuation.
Bearish: Profit taking kicks it at 9300 and the price falls back down to 8800-9000.
Bullish: Price breaks through 9300 resistance backed by rising volume . Price tests 9500. Possibly 10000.
Bullish 60% / Bearish 40%
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