Daily Market Analysis - BTC
The market is doing fantastic today, it is up to 188B, which is 10B in less than 24 hours. Dominance has chased the increased volume and is up to 55.72%. The price of Bitcoin is above 5750.
The three white soldiers pattern continued with strong volume carrying price momentum, the price broke through the top of the channel as well as 0.786 resistance.
Currently, the price is precariously sitting between two key points of resistance. In a bullish scenario, we form support above 0.786 level at 5650. The swift increase in volume indicates increased volatility, which could lead the price to test 6000.
On the other hand, if we cannot form support at 5600 and volume begins diminishing rapidly, our next critical support is now 5400.
Overall, the case seems much more bullish than bearish. Smaller time frames are indicating continued bullish action. We should see a test of 6k within the next few days, possible as soon as the next 24 hours.
The three white soldiers pattern continued with strong volume carrying price momentum, the price broke through the top of the channel as well as 0.786 resistance.
Currently, the price is precariously sitting between two key points of resistance. In a bullish scenario, we form support above 0.786 level at 5650. The swift increase in volume indicates increased volatility, which could lead the price to test 6000.
On the other hand, if we cannot form support at 5600 and volume begins diminishing rapidly, our next critical support is now 5400.
Overall, the case seems much more bullish than bearish. Smaller time frames are indicating continued bullish action. We should see a test of 6k within the next few days, possible as soon as the next 24 hours.
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