Daily Market Analysis - BTC
The market has continued it's advance upward, and is up to 248.35B. Dominance has shifted away from Bitcoin and has dropped to 57.44%. As for the price of Bitcoin, it has been hovering between 7800-8100.
The past 3 days show that profit has been taken when the price moves outside the defined ascending channel. Yet there has still been buying pressure during pullbacks.
The daily candle is forming a spinning top, which indicates some indecision in the markets. This type of psychology is well founded due to the past volatility that carried over from 2018.
If the price can continue to hold support , we could see restored confidence and a break to 8800.
On the other hand, if the price continues to hold support, but volume does not increase rapidly, the price could range for some time.
If a bearish scenario were to occur, the price level to watch would be 7700 as support, and continue to watch volume.
Due to the strength of the trend indicated by the ADX and some bullish signals on the smaller time frames, I believe a ranging price scenario is the most likely to take place.
The past 3 days show that profit has been taken when the price moves outside the defined ascending channel. Yet there has still been buying pressure during pullbacks.
The daily candle is forming a spinning top, which indicates some indecision in the markets. This type of psychology is well founded due to the past volatility that carried over from 2018.
If the price can continue to hold support , we could see restored confidence and a break to 8800.
On the other hand, if the price continues to hold support, but volume does not increase rapidly, the price could range for some time.
If a bearish scenario were to occur, the price level to watch would be 7700 as support, and continue to watch volume.
Due to the strength of the trend indicated by the ADX and some bullish signals on the smaller time frames, I believe a ranging price scenario is the most likely to take place.
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