Over the weekend, the market continued its upward trend. Today, the global market cap is up to 310B. Dominance has risen and is up to 67.70%. The price of Bitcoin is at 11,700.
The price action rose up from 10,500 to 11,950, stopping just short of resistance at 12,000.
The stochastic RSI has moved into overbought territory and the RVI is indicating high levels of volatility, which means the probability of a pullback or sideways price action is likely to begin.
However, the volume has been bullish and increasing for the past few days, there are bullish divergences forming on the 1-hour timeframe, and the Chikou span is upcrossing the price.
All of the above variables point to a possible breakout higher in which the price action could leg up to resistance at 12,300.
Bearish: Price momentum slows as profit taking begins pushing the price back down to support at 11,300.
Bullish: Volume continues its rate of change moving the price up to 12,300 - 12,500