The global market cap dropped to a low of $200B yesterday, but has since recovered and is up to $230B. Dominance dropped as low as 65.6%, and has followed the price action up to 66.71%. The price of Bitcoin is testing support at 8,500.
~Weekly~
On the weekly charts, we can see that over the past two weeks, the dip into the support zone caused immediate buying pressure to step in. Our next zone of resistance from a weekly standpoint is 9200 - 9600.
Furthermore, the technical indicators, both the Stochastic RSI and RVI are at near weekly lows, with the StochasticRSI possibly crossing over the 20 point range, which could indicate upcoming buying pressure.
~Daily~
On the daily charts, we can see Support Zone 2 demonstrating it's strengh as a support zone causing todays large candle indicating very heavy buying pressure.
However, the price action has failed to break above the short-term trendline and has not breached into the resistance zone.
Ideally, the price action, in a bullish scenario, should manage to form support above the smaller support area.
On the daily screenshot, we can see the MACD crossed over, which generally confirms the strength of a move. Because of this, I would expect continuation on the upside over the next few days.
In addition, we can see the Chikou span is about to upcross the price (sky blue) which further reinforces a strong bullish move.
~4 - Hour~
On the 4 hour chart, volume has followed price action over the past 8 hours, but the current candle forming could have some short-term downside baked into the price action if resistance holds.
At these price levels, a close above 8,300 would point to a healthy pullback before more potential upside.
Bearish: If the price is unable to breach into the resistance zone at 9,000 - 9,200 over the next week, the price action could experience more consolidation and ranging in the 7,500 - 8, 000 range.
Bullish: If volume can continue its upward momentum and break above 9,200, the possibility for a run up to 9,600 would be likely.
Bullish 60% / Bearish 40%
Note: To view the weekly and 4-hour charts, you will need to join the BMR discord, which can be found on our website.
~Weekly~
On the weekly charts, we can see that over the past two weeks, the dip into the support zone caused immediate buying pressure to step in. Our next zone of resistance from a weekly standpoint is 9200 - 9600.
Furthermore, the technical indicators, both the Stochastic RSI and RVI are at near weekly lows, with the StochasticRSI possibly crossing over the 20 point range, which could indicate upcoming buying pressure.
~Daily~
On the daily charts, we can see Support Zone 2 demonstrating it's strengh as a support zone causing todays large candle indicating very heavy buying pressure.
However, the price action has failed to break above the short-term trendline and has not breached into the resistance zone.
Ideally, the price action, in a bullish scenario, should manage to form support above the smaller support area.
On the daily screenshot, we can see the MACD crossed over, which generally confirms the strength of a move. Because of this, I would expect continuation on the upside over the next few days.
In addition, we can see the Chikou span is about to upcross the price (sky blue) which further reinforces a strong bullish move.
~4 - Hour~
On the 4 hour chart, volume has followed price action over the past 8 hours, but the current candle forming could have some short-term downside baked into the price action if resistance holds.
At these price levels, a close above 8,300 would point to a healthy pullback before more potential upside.
Bearish: If the price is unable to breach into the resistance zone at 9,000 - 9,200 over the next week, the price action could experience more consolidation and ranging in the 7,500 - 8, 000 range.
Bullish: If volume can continue its upward momentum and break above 9,200, the possibility for a run up to 9,600 would be likely.
Bullish 60% / Bearish 40%
Note: To view the weekly and 4-hour charts, you will need to join the BMR discord, which can be found on our website.
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