Daily Market Analysis - BTC
The market is down to 239.47B. Dominance is up to 57.34%. The price of Bitcoin is at 7800.
The rising wedge pattern is still in tact, if valid, the price should be able to break through it's 8300 resistance and sharply increase to test resistance at 8800.
However, if the wedge is proves to be invalid, the price next level of support to watch is 7300, and the topside resistance at 8300.
Due to the lowering volatility and lowered momentum indicated by the stochastic RSI, the price should be able to continue it's support above 7300.
Potential upcoming catalysts to watch for would include information regarding TD Ameritrades plans to open up Crypto trading through their platform.
In addition, there should be a decision rendered on the pending Bitcoin ETF at the SEC. Although, I am more bearish on the ETF news and expect a denial while the SEC sites the same vague nonsensical metrics it has been able to use in the past to stave off actually making a concrete decision.
The rising wedge pattern is still in tact, if valid, the price should be able to break through it's 8300 resistance and sharply increase to test resistance at 8800.
However, if the wedge is proves to be invalid, the price next level of support to watch is 7300, and the topside resistance at 8300.
Due to the lowering volatility and lowered momentum indicated by the stochastic RSI, the price should be able to continue it's support above 7300.
Potential upcoming catalysts to watch for would include information regarding TD Ameritrades plans to open up Crypto trading through their platform.
In addition, there should be a decision rendered on the pending Bitcoin ETF at the SEC. Although, I am more bearish on the ETF news and expect a denial while the SEC sites the same vague nonsensical metrics it has been able to use in the past to stave off actually making a concrete decision.
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