The market has continued down and has dropped to 256.39B. Dominance is down to 67%. The price of Bitcoin is at 9500.
Price action was unable to break above the resistance at 10,800 yesterday and a quick reversal began taking place.
Within a period of 2 hours, the price fell from 10,500 down to 9,400. Over the past 4 hours, the price has slowly risen making higher lows.
On the daily chart, the RVI has finally dropped below 50, which has been a significant area of reversal in the past.
The MACD is heavily oversold and the signal line is approaching the zero point. That tells us the trend is oversold and is losing strength.
Bearish: The price is unable to find support at 9500, and breaks further to the downside to 8,500 - 9,000.
Bullish: A large amount of buying pressure causes a quick reversal back up to 10,100 - 10,500 as was seen roughly 2 weeks ago the last time price had quick reaction.