Daily Market Analysis - BTC
The market continued it's upward trajectory over the weekend. Today, the market cap is up to 320.72B. Dominance has followed suit and is up to 60.13%. The price of Bitcoin has is at 10,900.
After a successful topside break from the rising wedge pattern, the price quickly rose to 11,200 testing the next level of critical resistance.
Over the weekend the price has ranged between 10,000 and 11,350. So far, the price has managed to stay above 10,000, but has been unable to break resistance at 11,200. Because of that, we could be in for a cooling off period.
Indicators are both in overbought territory, which suggests failure to overcome resistance will have us pulling back or moving sideways while the market conditions find better grounding.
Volume has been bullish, but it has also been decreasing telling us the move may not have enough buying power to create new highs.
Bearish: Price is unable to break resistance and pulls back to 10,000.
Bullish: Despite overbought technicals, market participants could continue to drive the price over resistance causing price to move on to it's next resistance level at 11,500.
Bullish: 60% / Bearish: 40%
After a successful topside break from the rising wedge pattern, the price quickly rose to 11,200 testing the next level of critical resistance.
Over the weekend the price has ranged between 10,000 and 11,350. So far, the price has managed to stay above 10,000, but has been unable to break resistance at 11,200. Because of that, we could be in for a cooling off period.
Indicators are both in overbought territory, which suggests failure to overcome resistance will have us pulling back or moving sideways while the market conditions find better grounding.
Volume has been bullish, but it has also been decreasing telling us the move may not have enough buying power to create new highs.
Bearish: Price is unable to break resistance and pulls back to 10,000.
Bullish: Despite overbought technicals, market participants could continue to drive the price over resistance causing price to move on to it's next resistance level at 11,500.
Bullish: 60% / Bearish: 40%
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