Daily Market Analysis - BTC
The market is slightly down to 250.93B. Dominance has dropped further to 55.99%. The price of Bitcoin is down to 7865.
Over the past 7 trading days, the price has been confined to a price between 7400-8000. The overall market conditions while oversold, has not been able to bring in buyers above 8000.
In addition, the market structure continues to shift as dominance drops which drives bullish conditions for altcoins.
However, the underlying volatility for Bitcoin as displayed by the RVI remains range-bound between 40 - 60.
If the volatility had continued to drop in line with the StochasticRSI and MACD, the market structure would be more bullish for Bitcoin overall.
Further sideways action should be expected to cause additional choppy market action until one of the two critical points of resistance or support has broken.
Bearish: Critical support of 7400 breaks.
Bullish: Critical resistance at 8000 breaks.
Bullish 50% / Bearish 50%
Over the past 7 trading days, the price has been confined to a price between 7400-8000. The overall market conditions while oversold, has not been able to bring in buyers above 8000.
In addition, the market structure continues to shift as dominance drops which drives bullish conditions for altcoins.
However, the underlying volatility for Bitcoin as displayed by the RVI remains range-bound between 40 - 60.
If the volatility had continued to drop in line with the StochasticRSI and MACD, the market structure would be more bullish for Bitcoin overall.
Further sideways action should be expected to cause additional choppy market action until one of the two critical points of resistance or support has broken.
Bearish: Critical support of 7400 breaks.
Bullish: Critical resistance at 8000 breaks.
Bullish 50% / Bearish 50%
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