Daily Market Analysis - BTC
The market has drifted up to 245.34B. Dominance has shifted down further to 56.92%, and the price of Bitcoin has managed to find support between 7700 - 8000.
Price action has almost invalidated the rising wedge pattern, which suggests the ascending channel will be the more valid pattern to play out.
The RVI indicates consolidation of volatility meaning there has been a supply of buying pressure when the price falls to 7500.
Although the stochastic has crossed over, there is not enough volume at the time to support a large move. A possible double bottom could form at this junction, which would lead the price action to follow the vector illustrated by the light blue trends.
This means the price is likely to re-test support at 7700 with the possibility of testing 7300.
At which point, the price would also be reaching a point that would either validate or invalidate the ascending channel.
If the channel holds, the price would need to see a bullish move on 5/23.
Price action has almost invalidated the rising wedge pattern, which suggests the ascending channel will be the more valid pattern to play out.
The RVI indicates consolidation of volatility meaning there has been a supply of buying pressure when the price falls to 7500.
Although the stochastic has crossed over, there is not enough volume at the time to support a large move. A possible double bottom could form at this junction, which would lead the price action to follow the vector illustrated by the light blue trends.
This means the price is likely to re-test support at 7700 with the possibility of testing 7300.
At which point, the price would also be reaching a point that would either validate or invalidate the ascending channel.
If the channel holds, the price would need to see a bullish move on 5/23.
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