Daily Market Analysis - BTC
The global market cap has continued to drop and is down to 246B. Dominance is down to 68.96%. The price of Bitcoin is at 9,450.
Price action is headed towards it's first zone of support ranging between 8,800 - 9,300. Ideally, we will see the price bounce from this support zone to it's resistance.
The stochastic RSI has hit bottom, and a large bounce would coincide with a double bottom.
Volatility is reaching a strong area of support as well.
Once the fear in the markets subsides, a bottom should form in the price action before we see a bullish re-test of resistance.
Bearish: If the price is unable to find support at 9,300, we could fall to support at 9,000.
Bullish: If moderate buying pressure steps in and forms support at 9,300, we could see the price move up to 9,600.
Bearish 60% / Bullish 40%
Price action is headed towards it's first zone of support ranging between 8,800 - 9,300. Ideally, we will see the price bounce from this support zone to it's resistance.
The stochastic RSI has hit bottom, and a large bounce would coincide with a double bottom.
Volatility is reaching a strong area of support as well.
Once the fear in the markets subsides, a bottom should form in the price action before we see a bullish re-test of resistance.
Bearish: If the price is unable to find support at 9,300, we could fall to support at 9,000.
Bullish: If moderate buying pressure steps in and forms support at 9,300, we could see the price move up to 9,600.
Bearish 60% / Bullish 40%
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