Profit booking ramping up, buying activity decreasing|What next?
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Quick glance: As of now, Bitcoin is hovering around the $38,000 mark. After the recent short squeeze that drove prices higher, BTC is now starting to consolidate.
Market in the last 24hrs
The last 24 hours were pretty volatile. BTC rushed towards the 40k mark and later fell and created a low around $36,300.
Today’s Trend analysis
First of all, we notice that the volumes are going down. Then we notice that the MFI or the Money Flow Index is dipping downwards. These two combined give a sense that the buying pressure is decreasing. As the markets start appearing shaky, short-sellers would likely take up aggressive positions to bring it further down. We expect the markets to consolidate over the next 24 hours. The nearest strong support is at $36,500.
The only way this analysis would be invalidated is if we see a huge influx of money flowing into BTC. In that case, 40k and $40,500 would be the sturdy resistance levels.
Price volatility remained extremely high at approximately 12.95%, with the day's range between $36,386.19 — $38,144.08.
Price at the time of publishing: $38,144.98
BTC's market cap: $710.67 Billion
Volumes have decreased 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 12-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: As of now, Bitcoin is hovering around the $38,000 mark. After the recent short squeeze that drove prices higher, BTC is now starting to consolidate.
Market in the last 24hrs
The last 24 hours were pretty volatile. BTC rushed towards the 40k mark and later fell and created a low around $36,300.
Today’s Trend analysis
First of all, we notice that the volumes are going down. Then we notice that the MFI or the Money Flow Index is dipping downwards. These two combined give a sense that the buying pressure is decreasing. As the markets start appearing shaky, short-sellers would likely take up aggressive positions to bring it further down. We expect the markets to consolidate over the next 24 hours. The nearest strong support is at $36,500.
The only way this analysis would be invalidated is if we see a huge influx of money flowing into BTC. In that case, 40k and $40,500 would be the sturdy resistance levels.
Price volatility remained extremely high at approximately 12.95%, with the day's range between $36,386.19 — $38,144.08.
Price at the time of publishing: $38,144.98
BTC's market cap: $710.67 Billion
- Out of 11 Oscillator indicators, 7 are neutral, 2 are bearish and 2 are bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 4 are bearish and 10 are bullish.
- Indicator summary is giving a ‘BUY’ signal on BTCUSD .
Volumes have decreased 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 12-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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