Daily Market Analysis - BTC
The global market cap over the weekend has pulled back and is down to 266B. Dominance is up to 68.91%. The price of Bitcoin is at 10,200.
No meaningful support or resistance zones were broken and price action continues to range and consolidate.
Lower highs indicate that sellers are dropping their orders in the books, and higher lows show us that buyers are increasing their orders.
Eventually, an inflection point is reached between the two basic supply and demand forces at work, which leads to a breakout.
The current economic uncertainty, global rising debts, and upcoming fundamental events related directly to Bitcoin should help keep the price in an uptrend.
The qualitative strength of the uptrend is reflected by improving fear metrics displayed on the Bitcoin fear index.
If the current trendlines remain valid, we could see price action remain choppy until ~September 8th.
Bearish: Price action needs to remain within the current support trendline or we can expect a re-test of support near 9,700.
Bullish: If price action manages to break above 11,000 and turn it into support, then we would need to see a higher high above 12,200.
Bearish 55% / Bullish 45%
No meaningful support or resistance zones were broken and price action continues to range and consolidate.
Lower highs indicate that sellers are dropping their orders in the books, and higher lows show us that buyers are increasing their orders.
Eventually, an inflection point is reached between the two basic supply and demand forces at work, which leads to a breakout.
The current economic uncertainty, global rising debts, and upcoming fundamental events related directly to Bitcoin should help keep the price in an uptrend.
The qualitative strength of the uptrend is reflected by improving fear metrics displayed on the Bitcoin fear index.
If the current trendlines remain valid, we could see price action remain choppy until ~September 8th.
Bearish: Price action needs to remain within the current support trendline or we can expect a re-test of support near 9,700.
Bullish: If price action manages to break above 11,000 and turn it into support, then we would need to see a higher high above 12,200.
Bearish 55% / Bullish 45%
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