Daily Market Analysis - BTC
The market is up to 251.98B. Dominance is down 55.85%. The price of Bitcoin is at 7900.
Earlier, the price ran up to 8100, but was rejected at the resistance of the Tenkan (blue line).
Volume is bullish but declining, and the stochastic RSI has crossed over. In addition, the current trendline has held for 4 days.
Right now, the price needs to overcome resistance at 8200. Until then, we could see the price range between 7400-8200.
Bearish scenario: A break below 7400 leading to lower lows. Target would be 7200 if 7400 support breaks down.
Bullish scenario: A topside break of 8200 with high volume supporting the move. Next major zone of resistance before 9000 would be 8500.
Bearish 40% / Bullish 60%
The major trendline indicating an uptrend has not been re-tested. (light blue line) Until that support has been broken, the overall long term trend is still up.
Earlier, the price ran up to 8100, but was rejected at the resistance of the Tenkan (blue line).
Volume is bullish but declining, and the stochastic RSI has crossed over. In addition, the current trendline has held for 4 days.
Right now, the price needs to overcome resistance at 8200. Until then, we could see the price range between 7400-8200.
Bearish scenario: A break below 7400 leading to lower lows. Target would be 7200 if 7400 support breaks down.
Bullish scenario: A topside break of 8200 with high volume supporting the move. Next major zone of resistance before 9000 would be 8500.
Bearish 40% / Bullish 60%
The major trendline indicating an uptrend has not been re-tested. (light blue line) Until that support has been broken, the overall long term trend is still up.
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