Daily Market Analysis - BTC
The market is up to 188.54B. Dominance is up even more to 56.27%. Overnight, the buying pressure overwhelmed selling pressure, and the price broke to the upside testing 6000. The price has since found support above 5800.
Selling at the top of the daily wick near the 6k price indicates profit taking, and possible fear of a breakdown could lead cautious traders to close positions and wait.
If momentum continues and the price holds above the 5800 and 0.786 Fibonacci levels, we should see the price break 6000, and test 6200 in the coming days.
Selling at the top of the daily wick near the 6k price indicates profit taking, and possible fear of a breakdown could lead cautious traders to close positions and wait.
If momentum continues and the price holds above the 5800 and 0.786 Fibonacci levels, we should see the price break 6000, and test 6200 in the coming days.
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