The market has continued to move in a parabolic fashion. Today, the market cap is up to $233.58B. Dominance has drifted down slightly to 59.86%. The price of Bitcoin is just under 7800.
The daily candle is forming a shooting star pattern, which generally indicates buying pressure has exhausted and a price will begin to consolidate after a rally.
Although the uptrend is still in tact, a cooling off period would be healthier price action after breaching 8000.
The Tenkan and Kijun have both begun levelling off. This is also true for the Kumo, which further indicates potential sideways action.
The OBV has flucutated downwards on the smaller timeframes conveying the volume is lessening over time.
All in all, the price looks as if it may come back down to re-test support between 7300 - 7700.
However, if the daily candle is able to close above 8000, the case would be more bullish and 8200 would be the next price point to keep an eye on.
The daily candle is forming a shooting star pattern, which generally indicates buying pressure has exhausted and a price will begin to consolidate after a rally.
Although the uptrend is still in tact, a cooling off period would be healthier price action after breaching 8000.
The Tenkan and Kijun have both begun levelling off. This is also true for the Kumo, which further indicates potential sideways action.
The OBV has flucutated downwards on the smaller timeframes conveying the volume is lessening over time.
All in all, the price looks as if it may come back down to re-test support between 7300 - 7700.
However, if the daily candle is able to close above 8000, the case would be more bullish and 8200 would be the next price point to keep an eye on.
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