Ascending channel and chain-metrics point to long term bullish
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Quick glance: Our previous analysis on BTC indicated the exact movements of BTC. We keep our immediate and medium term levels unchanged. Bitcoin moved sideways over the past 10 days. The rejection near $50k has kept the bears on their toes. However, the markets did not fall massively after the rejection. On-chain metrics published by the crypto-analytics firm, Santiment, shows that there is impatience near the psychological $50,000 level.
This is the 6-H timeframe analysis
Market in the last 24hrs
The past 24 hours signalled the end of the weekend. As usual, the traded volumes were lower over the weekend, and we saw a minor profit booking.
Today’s Trend analysis
Bitcoin on-chain metrics published by Santiment indicates that in case bulls manage to touch $50k this time, the price will rally much higher.
Apart from this, there are multiple technical indicators which present a bullish case for BTC. There is a massive support region just above the $46.2k mark. It will help the markets weed out the bad actors and help in consolidation in case of a sell-off.
The volume profile analysis also points to a significantly large demand zone at the current levels. It can help keep BTC range bound till the bulls emerge stronger. Currently, BTC is in a solid ascending channel.
The 2 crucial levels at the current price point are $46,230 on the lower range, and $50,000 on the upper range.
Price volatility remained extremely low at approximately 2.71%, with the day's range between $47,623.27 — $48,915.29.
Price at the time of publishing: $48,056.76
BTC's market cap: $901.81 Billion
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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 24-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Do give a follow if you liked the content.
Keep supporting:)
-Mudrex
Quick glance: Our previous analysis on BTC indicated the exact movements of BTC. We keep our immediate and medium term levels unchanged. Bitcoin moved sideways over the past 10 days. The rejection near $50k has kept the bears on their toes. However, the markets did not fall massively after the rejection. On-chain metrics published by the crypto-analytics firm, Santiment, shows that there is impatience near the psychological $50,000 level.
Market in the last 24hrs
The past 24 hours signalled the end of the weekend. As usual, the traded volumes were lower over the weekend, and we saw a minor profit booking.
Today’s Trend analysis
Bitcoin on-chain metrics published by Santiment indicates that in case bulls manage to touch $50k this time, the price will rally much higher.
Apart from this, there are multiple technical indicators which present a bullish case for BTC. There is a massive support region just above the $46.2k mark. It will help the markets weed out the bad actors and help in consolidation in case of a sell-off.
The volume profile analysis also points to a significantly large demand zone at the current levels. It can help keep BTC range bound till the bulls emerge stronger. Currently, BTC is in a solid ascending channel.
The 2 crucial levels at the current price point are $46,230 on the lower range, and $50,000 on the upper range.
Price volatility remained extremely low at approximately 2.71%, with the day's range between $47,623.27 — $48,915.29.
Price at the time of publishing: $48,056.76
BTC's market cap: $901.81 Billion
- Out of 11 Oscillator indicators, 9 are neutral, 2 are bearish and none are bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 3 are bearish and 11 are bullish.
- Indicator summary is giving a ‘ BUY ’ signal on BTCUSD .
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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 24-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Do give a follow if you liked the content.
Keep supporting:)
-Mudrex
