Market Analysis - BTC
The global market cap is down to 254B. Dominance 68.36%. The price of Bitcoin is at 9,600.
Price action finally made a decision and broke to the downside of short-term support without re-testing resistance at 11,000.
The stochastic RSI is oversold and has fallen below 20. There is a slight curl on the stochastic RSIs signal line, which could turn into a bullish crossover if enough volume flows into the market.
The RVI shows us that momentum and volatility has fallen to a historically low level that has not happened since November 2018.
If the daily candle is unable to close with a bullish candle, there is a high probability that we could experience more downside.
If that happens, I would watch for a reversal to happen within support zone 1.
Bearish 60% / Bullish 40%
Price action finally made a decision and broke to the downside of short-term support without re-testing resistance at 11,000.
The stochastic RSI is oversold and has fallen below 20. There is a slight curl on the stochastic RSIs signal line, which could turn into a bullish crossover if enough volume flows into the market.
The RVI shows us that momentum and volatility has fallen to a historically low level that has not happened since November 2018.
If the daily candle is unable to close with a bullish candle, there is a high probability that we could experience more downside.
If that happens, I would watch for a reversal to happen within support zone 1.
Bearish 60% / Bullish 40%
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