Daily Market Analysis - BTC
The market is up to 247.76B. Dominance has dropped further and is down to 56.05%. The price of Bitcoin is just above 7750.
The current daily candle has formed a rare four-price doji, which signals indecision among market participants about which direction the price will move next.
The stochasticRSI is oversold and forming a double bottom, and the RVI tells us that volatility has become muted.
Bearish Scenario: If the price breaks below 7500, it is very likely that the price will re-test 7200 support.
Bullish Scenario: A large influx of volume in a short period of time could cause the price to stay within the ascending channel and reach the next level of resistance at 8000.
60% Bullish / 40% Bearish
The current daily candle has formed a rare four-price doji, which signals indecision among market participants about which direction the price will move next.
The stochasticRSI is oversold and forming a double bottom, and the RVI tells us that volatility has become muted.
Bearish Scenario: If the price breaks below 7500, it is very likely that the price will re-test 7200 support.
Bullish Scenario: A large influx of volume in a short period of time could cause the price to stay within the ascending channel and reach the next level of resistance at 8000.
60% Bullish / 40% Bearish
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