Daily Market Analysis - BTC
Over the weekend, the market dropped slightly below 180B. But it has since recovered, and is up to 186.67B. Dominance reached above 56% over the weekend, but is down to 55.67% today.
The price of Bitcoin tested support at the 5480 level. Today, the price is hanging just above 5700.
The stochasticRSI is overbought, but there has been buying pressure above 5500. Illustrated by the yellow arrows. This pressure has kept the price action above support.
In a bearish scenario, we will see the price drop down to re-test support at 5480. If the price breaks below the Kijun (blue line), we could test the support at the blue circle at ~5100.
If the market continues its bullish trend, the price should test 6k before the end of the week.
During this month, the Consensus 2019 event will be taking place which has historically driven market prices higher leading up to the event. This could act as a market catalyst in the coming weeks.
The price of Bitcoin tested support at the 5480 level. Today, the price is hanging just above 5700.
The stochasticRSI is overbought, but there has been buying pressure above 5500. Illustrated by the yellow arrows. This pressure has kept the price action above support.
In a bearish scenario, we will see the price drop down to re-test support at 5480. If the price breaks below the Kijun (blue line), we could test the support at the blue circle at ~5100.
If the market continues its bullish trend, the price should test 6k before the end of the week.
During this month, the Consensus 2019 event will be taking place which has historically driven market prices higher leading up to the event. This could act as a market catalyst in the coming weeks.
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