Daily Market Analysis - BTC
The market is up to $271.96%. Dominance has dropped down to 56.38%. The price of Bitcoin is at 8700.
In a 2-hour period, the price of Bitcoin dropped from 8640 down to 8432. However, the price quickly recovered it's losses in less than 4 hours indicating there is buying demand ready to step in below the 8500 price point.
The Tenkan (blue line) has begun drifting upward conveying increased short term price momentum.
The RVI indicates lowering volatility and the ADX trend strength is still above 40 meaning the trend is strong.
Once dominance begins to shift, and volume increases, there should be little resistance to stop Bitcoin from re-testing 9000.
Within the next 3 days, the price should break if the price continues to respect the ascending channel pattern.
In a 2-hour period, the price of Bitcoin dropped from 8640 down to 8432. However, the price quickly recovered it's losses in less than 4 hours indicating there is buying demand ready to step in below the 8500 price point.
The Tenkan (blue line) has begun drifting upward conveying increased short term price momentum.
The RVI indicates lowering volatility and the ADX trend strength is still above 40 meaning the trend is strong.
Once dominance begins to shift, and volume increases, there should be little resistance to stop Bitcoin from re-testing 9000.
Within the next 3 days, the price should break if the price continues to respect the ascending channel pattern.
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