Strong breakout supported by volume and multiple factors
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Quick glance: BTC had four successive days of rally. BTC is hovering above the $42,000 mark yet again. Just a few days back, we had another instance of BTC shooting past $42,000, and then subsequently succumbing to profit booking. This breakout seems more strong and decisive than the earlier breakout. Even in our previous analysis on BTC, we suggested that this market has room for everyone. That was a short bearish period and we had suggested a turnaround soon enough.
Market in the last 24hrs
BTC shot up approximately 6% in the past 24 hours. The traded volumes in both BTC and ETH were massive.
Today’s Trend analysis
Bitcoin’s latest breakout above $42,000 seems more convincing than the previous one. It is supported by:
Markets have almost risen linearly over the past few days. In such scenarios, markets may consolidate for a while before they continue the rally again. Another considerable factor is that we are entering a weekend and volumes will likely drop. Therefore, some aggressive orders may drive the momentum in either direction. Bottomline is traders need to be more watchful during this weekend.
Price volatility remained high at approximately 8.78%, with the day's range between $39,879.47 — $43,381.00.
Price at the time of publishing: $42,936.41
BTC's market cap: $805.61 Billion
Volumes have increased 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 24-hour 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: BTC had four successive days of rally. BTC is hovering above the $42,000 mark yet again. Just a few days back, we had another instance of BTC shooting past $42,000, and then subsequently succumbing to profit booking. This breakout seems more strong and decisive than the earlier breakout. Even in our previous analysis on BTC, we suggested that this market has room for everyone. That was a short bearish period and we had suggested a turnaround soon enough.
Market in the last 24hrs
BTC shot up approximately 6% in the past 24 hours. The traded volumes in both BTC and ETH were massive.
Today’s Trend analysis
Bitcoin’s latest breakout above $42,000 seems more convincing than the previous one. It is supported by:
- There were multiple rejections around the resistance level around 40k. This breakout finally managed to get ahead of the resistance zone.
- The steady rise in volumes gives a clear indication of the momentum in the market. If we look at the volume bars, we see that the volume candles for the past three days are above the 20-day Moving Averages of the volumes.
- The trendline was active as a resistance since the second week of April. This rally has given this sturdy trendline breakout.
Markets have almost risen linearly over the past few days. In such scenarios, markets may consolidate for a while before they continue the rally again. Another considerable factor is that we are entering a weekend and volumes will likely drop. Therefore, some aggressive orders may drive the momentum in either direction. Bottomline is traders need to be more watchful during this weekend.
Price volatility remained high at approximately 8.78%, with the day's range between $39,879.47 — $43,381.00.
Price at the time of publishing: $42,936.41
BTC's market cap: $805.61 Billion
- Out of 11 Oscillator indicators, 9 are neutral, 1 is bearish and 1 is bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 1 is bearish and 13 are bullish.
- Indicator summary is giving a ‘ BUY ’ signal on BTCUSD .
Volumes have increased 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 24-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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