Daily Market Analysis - BTC

The market is up to 248.45B. Dominance has followed and is up to 57.35%. The price of Bitcoin is at 8000.

Yesterday, the price made contact with the channel and the price has followed that path up from 7400 to 8100.

Price is forming a bullish divergence on the StochasticRSI. In addition, the relative volatility index has inverted, which suggested momentum is beginning to reverse.

If the volume continues to flow in, the price is likely to re-test resistance at 8300. If the price is able to break through resistance, we should see our next test of resistance at 8500.

The key levels of support and resistance to watch today are 7700 and 8000. A daily close above the support at 8000 should lead the price to form a three white soldiers pattern, which should carry us to the 8500 price point.