BTC bounces off trendline support|Bulls manage to keep it afloat
Updated
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Quick glance: The past 24 hours have been nothing of a roller coaster ride for BTC. It dropped more than 4% earlier in the day and then rebounded off the local support at the trendline. BTC looks poised to reclaim the 33k mark shortly.
In our previous analysis on BTCUSD, we had done a multi timeframe analysis on BTCUSD. A multi timeframe approach helps one take a better call at analysing the true market sentiment.
Market in the last 24hrs
BTC tanked heavily earlier in the ay. The fall was arrested after it rebounded off the trendline. This trendline has acted as a strong support for the past 2 weeks with BTC rebounding multiple times at this trendline support.
Today’s Trend analysis
Traded volumes have gone higher and the price has rallied after the rebound. It shows that a lot of people rushed in to buy the dip. This momentum will likely keep BTC in the hunt for the 33k mark in the next 24 hours.
Price volatility remained moderate at approximately 3.89%, with the day's range between $31589.35 — $32801.00.
Price at the time of publishing: $32469.18
BTC's market cap: $609.24 Billion
Volumes have increased in 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 4Hr candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Keep supporting:)
-Mudrex
Quick glance: The past 24 hours have been nothing of a roller coaster ride for BTC. It dropped more than 4% earlier in the day and then rebounded off the local support at the trendline. BTC looks poised to reclaim the 33k mark shortly.
In our previous analysis on BTCUSD, we had done a multi timeframe analysis on BTCUSD. A multi timeframe approach helps one take a better call at analysing the true market sentiment.
Market in the last 24hrs
BTC tanked heavily earlier in the ay. The fall was arrested after it rebounded off the trendline. This trendline has acted as a strong support for the past 2 weeks with BTC rebounding multiple times at this trendline support.
Today’s Trend analysis
Traded volumes have gone higher and the price has rallied after the rebound. It shows that a lot of people rushed in to buy the dip. This momentum will likely keep BTC in the hunt for the 33k mark in the next 24 hours.
Price volatility remained moderate at approximately 3.89%, with the day's range between $31589.35 — $32801.00.
Price at the time of publishing: $32469.18
BTC's market cap: $609.24 Billion
- Out of 11 Oscillator indicators, 8 are neutral, 1 is bearish and 2 are bullish .
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 13 are bearish and 1 is bullish .
- Indicator summary is giving a ‘Sell' signal' on BTCUSD .
Volumes have increased in 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 4Hr candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Keep supporting:)
-Mudrex
Note
The past 24 hours were highly volatile for the entire crypto spectrum. We are glad that BTC followed the price analysis to the exact point in the analysis.
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