Daily Market Analysis - BTC
The market is pulling back today. It is down to 309.25B. Dominance is dropping and is down to 62.99%. The price of Bitcoin is hovering just under 11,000 at 10,900.
Today, we will be using the 4-hour timeframe for a closer look at the price action.
The stochasticRSI failed to crossover and the MACD is turning bearish. The price rejection at 11,400 resistance in combination with the declining volume points to re-tests of previous lows.
The smaller time frames have indicators that are overbought or forming double bottoms, which suggest more selling pressure in the short term.
However, the 4 hour time frame does have a small bullish indication in that, the Kumo is indicating a dramatic bullish twist upward and could suggest that if the price follows the plotted path (in orange) to test support and creates a higher low, we could a see another test of the yellow line of resistance.
Bearish: Price action continues to pull back and re-tests support levels at 10,500.
Bullish: The price sees renewed buying pressure at a support level creating a higher lower and pushing the price up to 11,200 for a re-test of resistance.
Bearish 60% / Bullish 40%
Today, we will be using the 4-hour timeframe for a closer look at the price action.
The stochasticRSI failed to crossover and the MACD is turning bearish. The price rejection at 11,400 resistance in combination with the declining volume points to re-tests of previous lows.
The smaller time frames have indicators that are overbought or forming double bottoms, which suggest more selling pressure in the short term.
However, the 4 hour time frame does have a small bullish indication in that, the Kumo is indicating a dramatic bullish twist upward and could suggest that if the price follows the plotted path (in orange) to test support and creates a higher low, we could a see another test of the yellow line of resistance.
Bearish: Price action continues to pull back and re-tests support levels at 10,500.
Bullish: The price sees renewed buying pressure at a support level creating a higher lower and pushing the price up to 11,200 for a re-test of resistance.
Bearish 60% / Bullish 40%
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