Over the past week, the market cap dropped to a low of $212B, and over the past 24 hours has risen up to $222B.
Dominance has continued to shrink and is at 66.65% down from 68%.
The price of Bitcoin hit a low of 7,701 before rebounding to a high of 8,310. Currently, the price is at 8,250
**4-Hour Chart For Discord**
On the 4-hour chart, we can see the price action was rejected below the short-term resistance area.
Technical indicators are overbought, and the Kumo is bearish and growing in size, which indicates more short-term volatility and downside in the near future.
In the short term, we could re-test the support zone before making another volatile move.
**Daily Chart For Everyone**
On the daily charts, we can see the price action continued to consolidate to the downside before testing the support zone at 7,700 and afterwards we saw the price action jump up to 8,300 before hitting resistance.
The stochastic RSI indicates positive price action, but due to the nature of indicator leading price action, the bull crossover could still be a false positive.
The RVI further indicates the risk baked into the price action, as the RVI shot up from it's low point (blue), the price action attempted to mirror the indicator, but the momentum was stopped short at the resistance. Because of this, the volatility has increased, but the price range has not, which points to a potential volatile move.
**Weekly Chart For Discord**
The weekly chart indicates a much more potential bullish environment than the smaller timeframes.
Below the current price action range, we can see there is a strong zone of psychological support somewhat padding the large drop in the ichimoku Kumo (light blue)
If the price is able to form strong support in the range it is currently within, we could see another run up towards the end of the year preceding the halving event.
Further supporting the bullish environment are the technical indicators, the Stochastic RSI is forming a double-bottom (double-bottom usually have more momentum once they reverse)
In addition, the RVI is at a much lower range, which tells us there is room for upward momentum.
Lastly, we can see the Ichimoku kumo drastically shifts upward (green arrow), which begins on January 6th, and begins to even out on January 20th, which also corresponds with the halving date.
Dominance has continued to shrink and is at 66.65% down from 68%.
The price of Bitcoin hit a low of 7,701 before rebounding to a high of 8,310. Currently, the price is at 8,250
**4-Hour Chart For Discord**
On the 4-hour chart, we can see the price action was rejected below the short-term resistance area.
Technical indicators are overbought, and the Kumo is bearish and growing in size, which indicates more short-term volatility and downside in the near future.
In the short term, we could re-test the support zone before making another volatile move.
**Daily Chart For Everyone**
On the daily charts, we can see the price action continued to consolidate to the downside before testing the support zone at 7,700 and afterwards we saw the price action jump up to 8,300 before hitting resistance.
The stochastic RSI indicates positive price action, but due to the nature of indicator leading price action, the bull crossover could still be a false positive.
The RVI further indicates the risk baked into the price action, as the RVI shot up from it's low point (blue), the price action attempted to mirror the indicator, but the momentum was stopped short at the resistance. Because of this, the volatility has increased, but the price range has not, which points to a potential volatile move.
**Weekly Chart For Discord**
The weekly chart indicates a much more potential bullish environment than the smaller timeframes.
Below the current price action range, we can see there is a strong zone of psychological support somewhat padding the large drop in the ichimoku Kumo (light blue)
If the price is able to form strong support in the range it is currently within, we could see another run up towards the end of the year preceding the halving event.
Further supporting the bullish environment are the technical indicators, the Stochastic RSI is forming a double-bottom (double-bottom usually have more momentum once they reverse)
In addition, the RVI is at a much lower range, which tells us there is room for upward momentum.
Lastly, we can see the Ichimoku kumo drastically shifts upward (green arrow), which begins on January 6th, and begins to even out on January 20th, which also corresponds with the halving date.
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