Market Analysis - BTC
The global market cap is down to 254B. Dominance 68.36%. The price of Bitcoin is at 9,600.
Price action finally made a decision and broke to the downside of short-term support without re-testing resistance at 11,000.
The stochastic RSI is oversold and has fallen below 20. There is a slight curl on the stochastic RSIs signal line, which could turn into a bullish crossover if enough volume flows into the market.
The RVI shows us that momentum and volatility has fallen to a historically low level that has not happened since November 2018.
If the daily candle is unable to close with a bullish candle, there is a high probability that we could experience more downside.
If that happens, I would watch for a reversal to happen within support zone 1.
Bearish 60% / Bullish 40%
Price action finally made a decision and broke to the downside of short-term support without re-testing resistance at 11,000.
The stochastic RSI is oversold and has fallen below 20. There is a slight curl on the stochastic RSIs signal line, which could turn into a bullish crossover if enough volume flows into the market.
The RVI shows us that momentum and volatility has fallen to a historically low level that has not happened since November 2018.
If the daily candle is unable to close with a bullish candle, there is a high probability that we could experience more downside.
If that happens, I would watch for a reversal to happen within support zone 1.
Bearish 60% / Bullish 40%
Join The Spekre ACS Creator Pool and gain access to exclusive trading indicators, copy trading, exclusive content, and more tools in the future! Link: hub.accessprotocol.co/creators/J8TpW6cypxheFUYjWn4mxS6ExvBEMxyMiRvrf43Nhnvy
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.