Daily Market Analysis - BTC
Over the weekend, we saw a relatively steep sell off pushing the price down from 11,800 down to 9,800.
Today though, the market has moved begun moving back up and the global cap is at 288B. Dominance is up to 67.43% causing a very tight squeeze on alts. The price of Bitcoin is at 10,800.
The price has been able to gain support at the Tenkan Sen (base line) and has rebounded from a low of 9,800 up to 10,800.
This tells us there is still a lot of buying pressure below the 10,000 price level.
The stochastic RSI look to be forming a large double bottom acting as a large spring.
However, the RVI is still above 50 despite the sell off, and that warrants caution.
Currently, we see the price is testing the resistance trendline caused by the sell off.
Bearish: The price is unable to break above the resistance trendline at ~11,000 and pulls back down to 10,100.
Bullish: Price action breaks to the topside of resistance with rising volume and tests resistance between 11,000 - 11,700.
Bullish 60% / Bearish 40%
Today though, the market has moved begun moving back up and the global cap is at 288B. Dominance is up to 67.43% causing a very tight squeeze on alts. The price of Bitcoin is at 10,800.
The price has been able to gain support at the Tenkan Sen (base line) and has rebounded from a low of 9,800 up to 10,800.
This tells us there is still a lot of buying pressure below the 10,000 price level.
The stochastic RSI look to be forming a large double bottom acting as a large spring.
However, the RVI is still above 50 despite the sell off, and that warrants caution.
Currently, we see the price is testing the resistance trendline caused by the sell off.
Bearish: The price is unable to break above the resistance trendline at ~11,000 and pulls back down to 10,100.
Bullish: Price action breaks to the topside of resistance with rising volume and tests resistance between 11,000 - 11,700.
Bullish 60% / Bearish 40%
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