Daily Market Analysis - BTC
The market is down slightly to 185.67B. Dominance continues to rise and is up to 58.45%. The price of Bitcoin is right above 6k.
The price quickly broke topside resistance and ascended to test the next price resistance at 6100. Since then, the price has been ranging between 6000-6100.
The channel formation has broke and a rising wedge (continuation pattern) has begun to manifest on the charts.
If the price can find support above the blue line, we should see a break to the next Fibonacci level up, which lies at ~6285.
However, if the price is unable to find support, our next support level is 5800.
A rising wedge can be a bearish or a continuation pattern. Although, the market conditions for Bitcoin are more bullish at the moment.
That being said, these market conditions create high volatility, which means a downside break could happen quickly.
The price quickly broke topside resistance and ascended to test the next price resistance at 6100. Since then, the price has been ranging between 6000-6100.
The channel formation has broke and a rising wedge (continuation pattern) has begun to manifest on the charts.
If the price can find support above the blue line, we should see a break to the next Fibonacci level up, which lies at ~6285.
However, if the price is unable to find support, our next support level is 5800.
A rising wedge can be a bearish or a continuation pattern. Although, the market conditions for Bitcoin are more bullish at the moment.
That being said, these market conditions create high volatility, which means a downside break could happen quickly.
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