Daily Market Analysis - BTC
The market is up to 258.73B. Dominance is down to 55.88%. The price of Bitcoin is re-testing 8200.
The current bottom trendline has held up well against the price, indicating a newly confirmed trendline.
Stochastic RSI has crossed above 20, which suggest bullish momentum is increasing.
Whereas, the MACD is still oversold.
Because the stochastic RSI is a leading indicator, the crossover is bullish, but not a full confirmation of upcoming potential bullish price action.
The MACD is a lagging indicator and will take more time to trigger a buy signal.
Volume is lightly ascending and the chikou span is nearly about to upcross the price.
All of these conditions point to a much more bullish market structure with a good probability of bullish price action over the next few days.
Bearish: Price is denied at 8200 and continues to range sideways between 8200 and 7400.
Bullish: Price breaks to the topside of 8200 backed by bullish volume leading to an upside breakout. Target would be 8500 and then 8800.
Bullish 70% / Bearish 40%
The current bottom trendline has held up well against the price, indicating a newly confirmed trendline.
Stochastic RSI has crossed above 20, which suggest bullish momentum is increasing.
Whereas, the MACD is still oversold.
Because the stochastic RSI is a leading indicator, the crossover is bullish, but not a full confirmation of upcoming potential bullish price action.
The MACD is a lagging indicator and will take more time to trigger a buy signal.
Volume is lightly ascending and the chikou span is nearly about to upcross the price.
All of these conditions point to a much more bullish market structure with a good probability of bullish price action over the next few days.
Bearish: Price is denied at 8200 and continues to range sideways between 8200 and 7400.
Bullish: Price breaks to the topside of 8200 backed by bullish volume leading to an upside breakout. Target would be 8500 and then 8800.
Bullish 70% / Bearish 40%
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