Daily Market Analysis - BTC
Over the weekend, the market continued to chug along. Today the market cap is up to 228B. Dominance has continued to rise up to 60.50% causing alts to continue their trend downwards. The price of Bitcoin has been ranging between 7700-7900 this morning.
The ADX is used to measure trend strength. Currently, the trend is right above 50, which indicates a very strong trend.
The RVI measure volatility as well as momentum. Right now the RVI has held above 70, which tells us although the price action is volatile (big moves always are), there is momentum and strength behind the current upwards momentum.
If the price can break 8k resistance, the next major barrier is 8200. After that, the price has a clear shot to 8500-8800.
Although there is always cause for caution when price action surges in this way. However, there are very few bear cases to be made other then simply pointing out large moves carry increased levels of volatility.
The market has easily digested any bearish news over the past few weeks, and the upcoming fundamentals continue to improve.
The ADX is used to measure trend strength. Currently, the trend is right above 50, which indicates a very strong trend.
The RVI measure volatility as well as momentum. Right now the RVI has held above 70, which tells us although the price action is volatile (big moves always are), there is momentum and strength behind the current upwards momentum.
If the price can break 8k resistance, the next major barrier is 8200. After that, the price has a clear shot to 8500-8800.
Although there is always cause for caution when price action surges in this way. However, there are very few bear cases to be made other then simply pointing out large moves carry increased levels of volatility.
The market has easily digested any bearish news over the past few weeks, and the upcoming fundamentals continue to improve.
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