The market ran all the way up $380B. Since then, the market is down to $354B. Dominance has risen all the way up to 63.08%. The price of Bitcoin is at 12,600.
Price action pierced all the way up to 13,800 before profit taking began, which has caused the price to pull back to mid 12,000.
On smaller timeframes, we can see that the price dropped from 13,650 down to 11,709 in a matter of 15 minutes, which indicates the sell off was caused by a singular source of large volume causing stop losses to liquidate.
Immediately after, the price was bought up from 11,700 to 12,600 in a matter of 15 minutes.
This is a common tactic used by traders with relatively large volume of capital to create a more favorable entry price.
Despite the short reprieve, the volume has been bullish and continually ascending.
Right now, we would want to see the price close above 11,500 support to stay short-term bullish.
Bearish: price closes below 11,500. Price pulls back to 11,000.
Bullish: Price action picks up volume throughout the day and closes above 12,600.
Due to the extreme market volatility, we could see highs up to 14,500, and lows down to 11,000.
Bearish 60% / Bullish 40%
Price action pierced all the way up to 13,800 before profit taking began, which has caused the price to pull back to mid 12,000.
On smaller timeframes, we can see that the price dropped from 13,650 down to 11,709 in a matter of 15 minutes, which indicates the sell off was caused by a singular source of large volume causing stop losses to liquidate.
Immediately after, the price was bought up from 11,700 to 12,600 in a matter of 15 minutes.
This is a common tactic used by traders with relatively large volume of capital to create a more favorable entry price.
Despite the short reprieve, the volume has been bullish and continually ascending.
Right now, we would want to see the price close above 11,500 support to stay short-term bullish.
Bearish: price closes below 11,500. Price pulls back to 11,000.
Bullish: Price action picks up volume throughout the day and closes above 12,600.
Due to the extreme market volatility, we could see highs up to 14,500, and lows down to 11,000.
Bearish 60% / Bullish 40%
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