Daily Market Analysis - BTC

The market is up to 315B. Dominance is back up to 63.08%. The price of Bitcoin is at 11,300.

After the price broke through 11,000, it was able to reach up to 11,700, but has been ranging between the two price levels since then.

On the daily chart, we can see the StochasticRSI has begun to react to the bullish price action, but it has not yet crossed over it's confirmation level, which is generally accepted to be at 20.

The RVI has reversed indicating the positive price action Bitcoin has felt the past 2 days.

However, the volume is lowering, and the current price action should be acted on cautiously.

The 4-hour timeframe still indicates short-term overbought territory. If the price is unable to maintain support above 11,000, the price could re-test support between 10,200-10,500.

Bearish: The price is unable to maintain 11,000 and breaks down to the 10,200-10,500 price range over the next 8-16 hours.

Bullish: Bullish volume flows into the market causing the short-term price action to break 11,700 resistance, which would create a higher low on the daily charts and cause the Stochastic RSI to reach up to, or above, it's confirmation level.

Bearish 40% / Bullish 60%