Daily Market Analysis - BTC
The market found some support and is up to 177.13B today. Dominance has dropped to 55%. The current alt market was caused from a 2% shift in dominance meaning if BTC spikes and the dominance raises to 57%, there are some alts that will be seeing some new ATLs. The price of bitcoin is testing resistance at 5500.
Over the past 3 days, we have seen each daily candle close with a wick, which tells us there are willing participants to buy at the 5300 price point. The TRIX and MACD have remained above the zero line indicating a sustained uptrend in the overall price action. There is also a price divergence on the MACD.
That is why I am more bullish on the price action over the next few days, I believe ranging or an upside break is more likely than a downside break. The large deficit of the Kumo could signal a quick re-test of low levels of support.
Over the past 3 days, we have seen each daily candle close with a wick, which tells us there are willing participants to buy at the 5300 price point. The TRIX and MACD have remained above the zero line indicating a sustained uptrend in the overall price action. There is also a price divergence on the MACD.
That is why I am more bullish on the price action over the next few days, I believe ranging or an upside break is more likely than a downside break. The large deficit of the Kumo could signal a quick re-test of low levels of support.
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