Expect this tussle to continue| Bitcoin’s trouble likely to drag
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Quick glance: As of now, BTC buyers seem to be fighting hard with the bears to keep the price above the 33k mark. The current channel pattern has been in place since June 29. In case BTC tries to go higher, the upper Bollinger Band would likely act as a resistance.
In our previous analysis on BTCUSD, we had correctly predicted Bitcoin to be on a slippery slope.
Market in the last 24hrs
The last 24 hours have been a bit better compared to the day before. Initially Bitcoin appeared to be facing a huge resistance, but it still managed to stay above the
31K level.
Today’s Trend analysis
In the hourly timeframe, the Bollinger Bands have shrunken. It merely suggests that the volatility has partially reduced. The last 4 candles are green candles and their volume is over the Moving Average of the candle volumes. It suggests that the bears might have lost some steam lately. Combining the volume with the MACD, we see some ray of hope for the BTC bulls.
Price volatility remained low at approximately 3.8%, with the day's range between $32700.00 — $33981.51.
Price at the time of publishing: $33431.71
BTC's market cap: $626.45 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: As of now, BTC buyers seem to be fighting hard with the bears to keep the price above the 33k mark. The current channel pattern has been in place since June 29. In case BTC tries to go higher, the upper Bollinger Band would likely act as a resistance.
In our previous analysis on BTCUSD, we had correctly predicted Bitcoin to be on a slippery slope.
Market in the last 24hrs
The last 24 hours have been a bit better compared to the day before. Initially Bitcoin appeared to be facing a huge resistance, but it still managed to stay above the
31K level.Today’s Trend analysis
In the hourly timeframe, the Bollinger Bands have shrunken. It merely suggests that the volatility has partially reduced. The last 4 candles are green candles and their volume is over the Moving Average of the candle volumes. It suggests that the bears might have lost some steam lately. Combining the volume with the MACD, we see some ray of hope for the BTC bulls.
Price volatility remained low at approximately 3.8%, with the day's range between $32700.00 — $33981.51.
Price at the time of publishing: $33431.71
BTC's market cap: $626.45 Billion
Out of 11 Oscillator indicators, 8 are neutral, 2 are bearish and 1 is bullish.
Out of 15 Moving average indicators, 1 is 'NEUTRAL', 7 are bearish and 7 are bullish.
Indicator summary is giving a ‘NEUTRAL’' 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
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