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%