Daily market Analysis - BTC

The market is roughly equivalent to yesterdays volume at 251.74B. Dominance has risen to 56.13%. The price of Bitcoin is at 7950.

Market dominance shifted and volume has moved back into Bitcoin. However, the price has failed to break above 8000 two times in the past 5 days indicating profit is being taken, while buyers re-enter the market at 7400.

Both the StochasticRSI and MACD suggest these conditions are currently oversold.

The Kumo indicates the current uptrend will continue due to the cloud expansion in size. Furthermore, the chikou span could upcross the price on bullish volume, which would suggest a breakout within the next week or two.

Bearish: Price is unable to break 8000 and breaks below 7400.

Bullish: Price breaks to the topside of 8000 on large volume and re-tests 8500 resistance.

Bullish 60% / Bearish 40%