The market pulled back over the weekend and is down to $263B. The dominance has undergone very little rate of change and is up to 64.44%. The price of Bitcoin is at 9,500.
Over the weekend, there was a pullback caused by $20 billion exiting the market cap in less than an hour.
Yesterday, there was a $10B dollar fakeout in which the price of Bitcoin dipped to 9,000 and was instantly bought back up to 9,500 within an hour of time.
Market moves such as this are indicative of market participants with high volumes of capital creating entry points for accumulation.
These moves also cause indecision since they are influenced by such large sizes of volume and in such small periods of time.
Indicators continue to remain oversold and the volume has been dwindling, which is most likely due to the volatility causing indecision in newer market participants and that can quickly turn to fear.
However, the fundamentals remain positive with TD ameritrade opening crypto services and Bakkt beginning their product testing.
Bearish: Price action continues to be denied by the short-term resistance trendline (orange) and the price pulls back to 9,000.
Bullish: Volume on the downside could be setting up a springboard of volume causing the price to break up to 9,800-10,100.
Bearish 55% / Bullish 45%
Over the weekend, there was a pullback caused by $20 billion exiting the market cap in less than an hour.
Yesterday, there was a $10B dollar fakeout in which the price of Bitcoin dipped to 9,000 and was instantly bought back up to 9,500 within an hour of time.
Market moves such as this are indicative of market participants with high volumes of capital creating entry points for accumulation.
These moves also cause indecision since they are influenced by such large sizes of volume and in such small periods of time.
Indicators continue to remain oversold and the volume has been dwindling, which is most likely due to the volatility causing indecision in newer market participants and that can quickly turn to fear.
However, the fundamentals remain positive with TD ameritrade opening crypto services and Bakkt beginning their product testing.
Bearish: Price action continues to be denied by the short-term resistance trendline (orange) and the price pulls back to 9,000.
Bullish: Volume on the downside could be setting up a springboard of volume causing the price to break up to 9,800-10,100.
Bearish 55% / Bullish 45%
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