Daily Market Analysis - BTC
The market has continued to descend over the weekend. Today, the market cap is down to 300B. Dominance has dropped down to 61.64%. The price of Bitcoin is re-testing support levels at 10,200.
From a technical standpoint, the bottom has not yet been found, but the Stochastic RSI has dropped to 1.87, and the RVI has moved below the halfway point at 50.
As the indicators begin to reach their bottom, the price should begin to move sideways for a period of time before we see another phase of renewed buying.
Bearish: The price breaks below its support at 10,200 and re-tests 9500.
Bullish: A quick reversal, although improbable, would not be uncommon in the cryptocurrency markets. Smaller timeframes are generally more bullish at the moment, and we could see the price reach 10,800-11,200
Bearish 60% / Bullish 40%
From a technical standpoint, the bottom has not yet been found, but the Stochastic RSI has dropped to 1.87, and the RVI has moved below the halfway point at 50.
As the indicators begin to reach their bottom, the price should begin to move sideways for a period of time before we see another phase of renewed buying.
Bearish: The price breaks below its support at 10,200 and re-tests 9500.
Bullish: A quick reversal, although improbable, would not be uncommon in the cryptocurrency markets. Smaller timeframes are generally more bullish at the moment, and we could see the price reach 10,800-11,200
Bearish 60% / Bullish 40%
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