Daily Market Analysis - BTC
The upward market momentum continues, the global cap is up to 299.17B. Dominance has moved up further to 58.79%. The price of Bitcoin is hovering around 9900.
The price snapped right through 9500 resistance, the current trendlines are forming a rising wedge pattern, which indicates a continuation pattern. This is further reinforced by the ascending bullish volume over the past 3 days.
On top of that, the Kumo has begun to shift upward, the upward fluctuation of the Senkou lines tell us that the uptrend is also likely to continue over the next month.
Bearish: Price is unable to break out of the rising wedge, and re-tests support at 9000-9500.
Bullish: Price continues its ascent backed by volume, breaks its 10000 resistance and moves to 10500.
Bullish 70% / Bearish 30%
The price snapped right through 9500 resistance, the current trendlines are forming a rising wedge pattern, which indicates a continuation pattern. This is further reinforced by the ascending bullish volume over the past 3 days.
On top of that, the Kumo has begun to shift upward, the upward fluctuation of the Senkou lines tell us that the uptrend is also likely to continue over the next month.
Bearish: Price is unable to break out of the rising wedge, and re-tests support at 9000-9500.
Bullish: Price continues its ascent backed by volume, breaks its 10000 resistance and moves to 10500.
Bullish 70% / Bearish 30%
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