Bulls arrest the drop|However, this is NOT a bull run yet!
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Quick glance: As of now, Bitcoin jumped higher by approximately 6%. We witnessed a consolidation and the spiking up of the MFI on the 4hr time-frame. It gave clear indications as to potential reversal for BTC.
In our previous analysis on BTCUSD, we had correctly predicted that we might see a consolidation shortly. That is exactly what happened before the bulls pulled the market higher.
Market in the last 24hrs
The last 24 hours were intensely volatile. At some point, 28k was within touching distance for BTC.
Today’s Trend analysis
In the weekly timeframe, we can witness that the price declined on a week-on-week basis. However, the traded volumes declined linearly during the same time.
In this 4hr timeframe analysis, we saw that volumes shot up as investors rushed to buy the dip. Although the market sentiments greatly improved after Bitcoin’s recovery, it cannot be termed as a bull market yet. BTC will likely face resistance around 32k in the near term.
→ In the short term, we can expect a rally till 32k.
→ On a long term horizon, the markets would be strongly bullish if BTC manages to surpass 45k.
Price volatility remained high at approximately 7.11%, with the day's range between $29,500.00 — $31,600.00.
Price at the time of publishing: $31,522.21
BTC's market cap: $591.67 Billion
Volumes have bumped up over the past 24 hours.
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The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Keep supporting:)
-Mudrex
Quick glance: As of now, Bitcoin jumped higher by approximately 6%. We witnessed a consolidation and the spiking up of the MFI on the 4hr time-frame. It gave clear indications as to potential reversal for BTC.
In our previous analysis on BTCUSD, we had correctly predicted that we might see a consolidation shortly. That is exactly what happened before the bulls pulled the market higher.
Market in the last 24hrs
The last 24 hours were intensely volatile. At some point, 28k was within touching distance for BTC.
Today’s Trend analysis
In the weekly timeframe, we can witness that the price declined on a week-on-week basis. However, the traded volumes declined linearly during the same time.
In this 4hr timeframe analysis, we saw that volumes shot up as investors rushed to buy the dip. Although the market sentiments greatly improved after Bitcoin’s recovery, it cannot be termed as a bull market yet. BTC will likely face resistance around 32k in the near term.
→ In the short term, we can expect a rally till 32k.
→ On a long term horizon, the markets would be strongly bullish if BTC manages to surpass 45k.
Price volatility remained high at approximately 7.11%, with the day's range between $29,500.00 — $31,600.00.
Price at the time of publishing: $31,522.21
BTC's market cap: $591.67 Billion
- Out of 11 Oscillator indicators, 8 are neutral, none are bearish and 3 are bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 5 are bearish and 9 are bullish.
- Indicator summary is giving a ‘BUY’ signal on BTCUSD .
Volumes have bumped up over the past 24 hours.
----------------------------------------------------------------------------------------
The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Keep supporting:)
-Mudrex
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