Daily Market Analysis - BTC
Today, the market is up to 284.33B. Dominance is down to 66.61%. The price of Bitcoin is at 10,600.
The price was able to break above the short-term resistance trendline as well as the resistance at 10,500.
After that, the price re-tested resistance at 10,700, but failed to break through. Since then, the price has been ranging between 10,100 - 10,700.
There are small bullish divergences forming on the 15 minute and 1 hour time frames. That tells us there is sufficient buying pressure that is equalizing any selling pressure.
Eventually, the selling pressure should subside causing the order books to clear out, and the buying pressure will overwhelm the sellers causing upwards momentum and bullish price action.
Bearish: The market experiences a large volume selloff causing the price to re-test support at 9,700 - 10,000.
Bullish: Price breaks to the topside of 10,700 and begins moving up to it's next resistance points between 11,000 - 11,300.
Bullish 60% / Bearish 40%
The price was able to break above the short-term resistance trendline as well as the resistance at 10,500.
After that, the price re-tested resistance at 10,700, but failed to break through. Since then, the price has been ranging between 10,100 - 10,700.
There are small bullish divergences forming on the 15 minute and 1 hour time frames. That tells us there is sufficient buying pressure that is equalizing any selling pressure.
Eventually, the selling pressure should subside causing the order books to clear out, and the buying pressure will overwhelm the sellers causing upwards momentum and bullish price action.
Bearish: The market experiences a large volume selloff causing the price to re-test support at 9,700 - 10,000.
Bullish: Price breaks to the topside of 10,700 and begins moving up to it's next resistance points between 11,000 - 11,300.
Bullish 60% / Bearish 40%
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