The market exploded last night up to $192.01B. Dominance quickly followed and is up to 58.97%. The price of Bitcoin is at ~6400.
The price broke to the topside of the rising wedge confirming a continuation pattern. The next key levels of support are 6300, 6100, and of course 6000.
The RVI indicates high levels of volatility, but it also tells us that price action has elevated levels of momentum.
This is further confirmed by the ADX, which is sitting at 43, and that tells us the strength of the trend has legs to it.
Increasing momentum, volume, and volatility can lead to dramatic price swings.
At this point. There are market participants who are beginning to feel FOMO and hype buying into the price. These indiviuals wish they had been buying at 3.5-5.5k.
This is further driven by the fact that institutions such as Fidelity announcing their plans to roll out Bitcoin trading in the coming weeks.
In addition, the exchange, Bakkt, which is run by the NYSE owner, Jeffrey Sprecher, and partnered with Microsoft and Starbucks, has been working to launch their platform before the end of 2019.
These variables could lead the price to bubble up between 6700 - 8000, the next two point of major resistance.
Although I do not like predicting large movements, in the cryptocurrency market, there have been many times the price of Bitcoin has moved $2,000 in less than an hour of time. So, it's not impossible.
As always, trade safe!
The price broke to the topside of the rising wedge confirming a continuation pattern. The next key levels of support are 6300, 6100, and of course 6000.
The RVI indicates high levels of volatility, but it also tells us that price action has elevated levels of momentum.
This is further confirmed by the ADX, which is sitting at 43, and that tells us the strength of the trend has legs to it.
Increasing momentum, volume, and volatility can lead to dramatic price swings.
At this point. There are market participants who are beginning to feel FOMO and hype buying into the price. These indiviuals wish they had been buying at 3.5-5.5k.
This is further driven by the fact that institutions such as Fidelity announcing their plans to roll out Bitcoin trading in the coming weeks.
In addition, the exchange, Bakkt, which is run by the NYSE owner, Jeffrey Sprecher, and partnered with Microsoft and Starbucks, has been working to launch their platform before the end of 2019.
These variables could lead the price to bubble up between 6700 - 8000, the next two point of major resistance.
Although I do not like predicting large movements, in the cryptocurrency market, there have been many times the price of Bitcoin has moved $2,000 in less than an hour of time. So, it's not impossible.
As always, trade safe!
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