Daily Market Analysis - BTC

2019年6月3日

Over the weekend, the market had very little movement and ranged between it's two critical levels of 8200 & 8800.

The market is up to 267.88B, 2 billion higher than it was on friday. Dominance has lowered to 56.39%.

The price is testing the wall of the ascending channel, and it is also testing major support at 8200.

The descending volume indicates this move might break to the downside of the channel.

The stochasticRSI looks as though it failed to breakout, and could be forming a double bottom.

The ADX is signaling a weakening in trend strength compared to 1-2 weeks ago.

In addition, the Kumo is expanding, and the Kijun/Tenkan are moving sideways, which tells us the volatlity is flattening out.

If the price breaks to the downside, we should be ready to re-test support at 7800-8000.

There is the possibility of a large unexpected move, but there are no variables largely indicating that at this time. Unless we see some volume come in and very quick, the more likely scenarios for trend direction is sideways or a downside break.