Daily Market Analysis - BTC
The market has experienced some pullback, and is down to 247.20B. Dominance has fallen further and is down to 56.77%. The price of Bitcoin is at 7900.
The price has been ranging between 7700-8200 for the past ~24 hours. The flattening of the kumo and tenkan/kijun sen indicate possible ranging could occur with the momentum leveling off for some time.
The stochastic RSI further confirms the momentum is diminishing.
Because of that, the key levels to watch are at 7700, and a downside break of 7300 would likely mean a re-test of 6700 support.
In a bullish scenario, we would see price break 8300 resistance and begin to test 8500.
If neither support or resistance break, we can expect ranging, and potential continued alt rallies.
The price has been ranging between 7700-8200 for the past ~24 hours. The flattening of the kumo and tenkan/kijun sen indicate possible ranging could occur with the momentum leveling off for some time.
The stochastic RSI further confirms the momentum is diminishing.
Because of that, the key levels to watch are at 7700, and a downside break of 7300 would likely mean a re-test of 6700 support.
In a bullish scenario, we would see price break 8300 resistance and begin to test 8500.
If neither support or resistance break, we can expect ranging, and potential continued alt rallies.
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