Daily Market Analysis - BTC
The market quickly descended and is down 170B. Dominance has remained nearly the same at 55.08%. The price of Bitcoin is just above 5100.
The price drop coincides with the bottomed-out portion of the Kumo, which still suggests a future uptrend with strong support. The bull flag could be forming an ascending channel.
The price needs to hold above the 5000 or 0.618 fib level over the weekend. Otherwise, we could see the price re-test support at 4700-4800. Yesterdays candle shows there is still buying pressure waiting below the 5k price, and if a downside break occurs, we need to see that buying enthusiasm continue.
The price drop coincides with the bottomed-out portion of the Kumo, which still suggests a future uptrend with strong support. The bull flag could be forming an ascending channel.
The price needs to hold above the 5000 or 0.618 fib level over the weekend. Otherwise, we could see the price re-test support at 4700-4800. Yesterdays candle shows there is still buying pressure waiting below the 5k price, and if a downside break occurs, we need to see that buying enthusiasm continue.
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