Market Analysis - BTC

The global market cap is down to 254B. Dominance 68.36%. The price of Bitcoin is at 9,600.

Price action finally made a decision and broke to the downside of short-term support without re-testing resistance at 11,000.

The stochastic RSI is oversold and has fallen below 20. There is a slight curl on the stochastic RSIs signal line, which could turn into a bullish crossover if enough volume flows into the market.

The RVI shows us that momentum and volatility has fallen to a historically low level that has not happened since November 2018.

If the daily candle is unable to close with a bullish candle, there is a high probability that we could experience more downside.

If that happens, I would watch for a reversal to happen within support zone 1.

Bearish 60% / Bullish 40%