Daily Market Analysis - BTC
The market is pulling back and is down to 278.16B. Dominance has risen further to 57.83%. The price of Bitcoin is testing support at 9100.
Over the past ~20 hours, the price has fallen ~6%, Bitcoin fell from 9400 down to 8900 before buying pressure took over and moved the price to 9100.
Although the stochastic RSI is overbought, there are divergences on smaller time frames including the 2 and 4 hour. In addition, the MACD is bullish and indicates strength behind this move.
If the volume continues to increase in the short-term, the price could easily reclaim and possibly re-test resistance at 9500.
Bearish: Buying pressure fails to create support and the price closes below 9000. This would indicate a re-test of 8800.
Bullish: Continued buying causes a bullish influx of volume, and the price closes above 9300. If the price breaks above the trendline resistance at 9500, there would be little resistance up to 10000.
Over the past ~20 hours, the price has fallen ~6%, Bitcoin fell from 9400 down to 8900 before buying pressure took over and moved the price to 9100.
Although the stochastic RSI is overbought, there are divergences on smaller time frames including the 2 and 4 hour. In addition, the MACD is bullish and indicates strength behind this move.
If the volume continues to increase in the short-term, the price could easily reclaim and possibly re-test resistance at 9500.
Bearish: Buying pressure fails to create support and the price closes below 9000. This would indicate a re-test of 8800.
Bullish: Continued buying causes a bullish influx of volume, and the price closes above 9300. If the price breaks above the trendline resistance at 9500, there would be little resistance up to 10000.
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