BTC - Daily Market Analysis
Over the weekend, the market cap shrank and is down to $169.02%. Dominance rose over the weekend and is up to 55.41%. The price of Bitcoin is at the 5100 price point.
The charts show there was very relatively very little price action over the weekend. The RVI shows volatility has begun to drop in relation to price, but it still rests at a point of high volatility. The 5000 psychological support level illustrated by the sky blue line has been able to hold up so far. Continued support of this level should allow the price to form a bottom.
With the current price action ranging between the psychological 5k mark, and the 0.618 Fibonacci level, we can expect that if the price breaks to the downside, we will re-test 4900.
However, if the support holds and we can watch for a break to the upside of the 0.618 resistance, which would signal a run back up to 5500.
The charts show there was very relatively very little price action over the weekend. The RVI shows volatility has begun to drop in relation to price, but it still rests at a point of high volatility. The 5000 psychological support level illustrated by the sky blue line has been able to hold up so far. Continued support of this level should allow the price to form a bottom.
With the current price action ranging between the psychological 5k mark, and the 0.618 Fibonacci level, we can expect that if the price breaks to the downside, we will re-test 4900.
However, if the support holds and we can watch for a break to the upside of the 0.618 resistance, which would signal a run back up to 5500.
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