Daily Market Analysis - BTC
The market has continued it's fall and is down to 302.92B. Dominance has risen above 66%. The price of Bitcoin is 11,000.
Currently, we see the StochasticRSI has become oversold, and that is reflected on many of the smaller time frames as well.
However, despite the price action to the downside, the RVI is still mid-way between its range bound area.
That tells us despite the oversold conditions, we could see continued volatility to the downside.
In addition, there are overbought conditions on the weekly timeframe, which aligns with further short-term bearishness.
Bearish: If the support at 11,000 is unable to hold, the short-term channel support could break leaving the price to re-test support between 10,200-10,700.
Bullish: The price has a positive reaction to the support line test causing rapid short terms buying pressure which could push the price up to 11,300 - 11,700.
Bearish 60% / Bullish 40%
Currently, we see the StochasticRSI has become oversold, and that is reflected on many of the smaller time frames as well.
However, despite the price action to the downside, the RVI is still mid-way between its range bound area.
That tells us despite the oversold conditions, we could see continued volatility to the downside.
In addition, there are overbought conditions on the weekly timeframe, which aligns with further short-term bearishness.
Bearish: If the support at 11,000 is unable to hold, the short-term channel support could break leaving the price to re-test support between 10,200-10,700.
Bullish: The price has a positive reaction to the support line test causing rapid short terms buying pressure which could push the price up to 11,300 - 11,700.
Bearish 60% / Bullish 40%
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