Daily Market Analysis - BTC
The market is fractionally down to 261.07B. Dominance has jumped up to 56.97%. The price of Bitcoin is testing 8500.
Market structure shifted as bitcoin dominance increased causing alts to bleed, and the price of bitcoin to push past 8200 resistance.
Because the global market cap is down, but Bitcoin price is up, this move has been on volume that was already in the market as traders and investors sell alts and move back into Bitcoin.
The technicals for bitcoin are positive indicated by both the TRIX and Stochastic RSI, as well as, the Kijun Sen which is acting as support.
The kumo and chikou span suggest from a technical perspective that the price action could continue in a bullish manner.
Bearish: Price fails to break 8500 and falls back to support at 8000.
Bullish. Price breaks resistance at 8500 and moves up to 8800-9000. The move will need to be supported by volume whether that is through the global market cap, or a continuation of alts experiencing downside price actions as dominance moves towards 58-60%.
Bullish 60% / Bearish 40%.
Market structure shifted as bitcoin dominance increased causing alts to bleed, and the price of bitcoin to push past 8200 resistance.
Because the global market cap is down, but Bitcoin price is up, this move has been on volume that was already in the market as traders and investors sell alts and move back into Bitcoin.
The technicals for bitcoin are positive indicated by both the TRIX and Stochastic RSI, as well as, the Kijun Sen which is acting as support.
The kumo and chikou span suggest from a technical perspective that the price action could continue in a bullish manner.
Bearish: Price fails to break 8500 and falls back to support at 8000.
Bullish. Price breaks resistance at 8500 and moves up to 8800-9000. The move will need to be supported by volume whether that is through the global market cap, or a continuation of alts experiencing downside price actions as dominance moves towards 58-60%.
Bullish 60% / Bearish 40%.
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