Daily Market Analysis - BTC
The market is up to 260.91B. Dominance is up to 67.34.% The price of Bitcoin is just under 9,700.
Price action was able to climb up from 9,000 and re-tested resistance at 10,000 before profit taking caused the price to pull back to 9,700.
The stochastic RSI is forming a double bottom and if a crossover occurs above 20 and there is volume behind the move, we could see another test of the short term resistance trendline at ~10,200.
Although the TRIX is oversold on the daily charts, there is a buy signal on the 4 hour time frame, which tells us there could be continuation of upside price action on the daily.
Bearish: If the price is unable to break resistance above 10,000, the price could pull back to support at 9,000.
Bullish: The price break above resistance at 10,000 and moves to its next resistance zone between 10,500 - 10,700
Bullish 60% / Bearish 40%
Price action was able to climb up from 9,000 and re-tested resistance at 10,000 before profit taking caused the price to pull back to 9,700.
The stochastic RSI is forming a double bottom and if a crossover occurs above 20 and there is volume behind the move, we could see another test of the short term resistance trendline at ~10,200.
Although the TRIX is oversold on the daily charts, there is a buy signal on the 4 hour time frame, which tells us there could be continuation of upside price action on the daily.
Bearish: If the price is unable to break resistance above 10,000, the price could pull back to support at 9,000.
Bullish: The price break above resistance at 10,000 and moves to its next resistance zone between 10,500 - 10,700
Bullish 60% / Bearish 40%
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