Daily Market Analysis - BTC
More cash creeped into the market overnight and it is up to 178.64B. Dominance has followed suit and is up to 55.24%. The price of Bitcoin is at 5350.
The Tenkan San (blue line) has cemented itself as further support. Price began testing resistance again at 5400. Although the price did not break topside resistance, the current candle pattern is forming a three white soldiers continuation pattern, which indicates the momentum should carry the price above 5400 to eventually re-test the 0.786 fibonacci level.
The chart pattern suggest an ascending channel or bullish megaphone pattern, which further indicates the price should continue to rise. However, if support is unable to hold, the price could break down to 5100-5200, which is less likely considering the overall market conditions.
The Tenkan San (blue line) has cemented itself as further support. Price began testing resistance again at 5400. Although the price did not break topside resistance, the current candle pattern is forming a three white soldiers continuation pattern, which indicates the momentum should carry the price above 5400 to eventually re-test the 0.786 fibonacci level.
The chart pattern suggest an ascending channel or bullish megaphone pattern, which further indicates the price should continue to rise. However, if support is unable to hold, the price could break down to 5100-5200, which is less likely considering the overall market conditions.
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