The market is testing a bottom and is up to $308.46B. Dominance has is up to 62.57%. The price of Bitcoin is at 10,800.
Today, we will be using the 1 hour and 1-day charts.
On the hourly chart, 7 hours ago, the price jumped up from 9,900 - 10,500. Over the following 6 hours, the price has continued to rise.
Although the Kumo has not yet reacted on smaller timeframes, the 1 hour shows the chikou span up crossing the price action (in yellow)
If the price is able to break above the short-term resistance of the kumo, the price could continue it's short-term uptrend and test resistance at 11,000.
On the daily charts, we can see that there is heavy buying pressure waiting between 9,600 - 9,900 illustrated by the two long wicks on the past daily candles.
In addition, the stochastic RSI has begun to form a bottom, but because it is a lagging indicator, there is no confirmation.
Furthermore, the RVI has started to curl up indicating short-term upwards momentum.
Bearish: Price fails to break resistance at 11,000, and falls back to 9,800.
Bullish: The price breaks out from resistance at 11,000 and re-tests 11,300.
Bearish 40% / Bullish 60%.
Today, we will be using the 1 hour and 1-day charts.
On the hourly chart, 7 hours ago, the price jumped up from 9,900 - 10,500. Over the following 6 hours, the price has continued to rise.
Although the Kumo has not yet reacted on smaller timeframes, the 1 hour shows the chikou span up crossing the price action (in yellow)
If the price is able to break above the short-term resistance of the kumo, the price could continue it's short-term uptrend and test resistance at 11,000.
On the daily charts, we can see that there is heavy buying pressure waiting between 9,600 - 9,900 illustrated by the two long wicks on the past daily candles.
In addition, the stochastic RSI has begun to form a bottom, but because it is a lagging indicator, there is no confirmation.
Furthermore, the RVI has started to curl up indicating short-term upwards momentum.
Bearish: Price fails to break resistance at 11,000, and falls back to 9,800.
Bullish: The price breaks out from resistance at 11,000 and re-tests 11,300.
Bearish 40% / Bullish 60%.
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