Market Analysis - BTC
The overall cryptocurrency market has been pulling back and the global market cap is down to 180B.
Dominance has moved up to 67.64%. The price of Bitcoin fell to a low of 6430 before rapidly bouncing to its current level around 6800.
On the daily chart, we can see the price action failed to break above both resistance tests from it's prior rally up from these price levels, which are illustrated by the yellow boxes.
However, the current daily candle tells us there is a lot of buying enthusiasm near these price levels, which we can see by the long wick on the current candle.
Strong psychological support levels in conjunction with an oversold stochastic RSI, and a rising signal line both indicate continued bullish price action.
Volume has risen relatively quick over the past 4 hours and should support continued bullish price action up to the next level of resistance at 7,000.
Bullish 75% / Bearish 25%
Dominance has moved up to 67.64%. The price of Bitcoin fell to a low of 6430 before rapidly bouncing to its current level around 6800.
On the daily chart, we can see the price action failed to break above both resistance tests from it's prior rally up from these price levels, which are illustrated by the yellow boxes.
However, the current daily candle tells us there is a lot of buying enthusiasm near these price levels, which we can see by the long wick on the current candle.
Strong psychological support levels in conjunction with an oversold stochastic RSI, and a rising signal line both indicate continued bullish price action.
Volume has risen relatively quick over the past 4 hours and should support continued bullish price action up to the next level of resistance at 7,000.
Bullish 75% / Bearish 25%
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