The market pulled back over the weekend and the global cap is down to $296B. Dominance has dropped and is down to 68.68%. The price of Bitcoin is at 11,400.
Price action was unable to break to the topside and pulled back under the selling pressure. In 1 hour, the price fell ~700 or 6%.
Overall, the price action is forming a bullflag, but the overbought indicators tell us that there could be more consolidation before the pattern resolves.
Bearish: Bull flag support breaks down and the price falls under 11,000
Bullish: If price action were to break above 11,500, the next point of resistance to watch would be 11,700.
Bearish 55% / Bullish 45%
Price action was unable to break to the topside and pulled back under the selling pressure. In 1 hour, the price fell ~700 or 6%.
Overall, the price action is forming a bullflag, but the overbought indicators tell us that there could be more consolidation before the pattern resolves.
Bearish: Bull flag support breaks down and the price falls under 11,000
Bullish: If price action were to break above 11,500, the next point of resistance to watch would be 11,700.
Bearish 55% / Bullish 45%
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