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Quick glance: Over the past few days, we saw the largest cryptocurrency by market capitalisation struggling quite a bit under the bearish dominance. We saw BTC dropping from over the $44,000 mark to $37,000. BTC is currently trading in a consolidation zone in which it was trading in May last year.
Market in the last 24hrs
The past 24 hours remained pretty bearish for the cryptocurrency market. Prices dropped rapidly across the spectrum. However, it was not a massive selloff nor the case of a bear market. A look at the trading volumes reveal that there was no major spike even during the drop.
Today’s Trend analysis
On the daily timeframe, BTC is currently trading in a consolidation zone in which it was previously trading during May- Aug last year. Traded volumes have remained low throughout this month. On the lower end, we can expect BTC to drop to $34,500. However, there seems to be buying interest at current prices.
If we look at the VPVR (volume profile visible range), we can see that there has been increased interest at current prices. However, it might not be a prudent idea to jump into leveraged long positions on BTC now. There is still scope for the price to fall to around $34,500. Going for a dollar-cost averaging might be a prudent tactic now.
BTC is still below the 50-day moving average line, which will act as a resistance if BTC attempts to move higher. Over the coming few days, BTC could likely make a dash towards the $40k mark.
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Price volatility remained high at approximately 6.17%, with the day's range between $37,200.02 — $39494.2
Price at the time of publishing: $37517.80
ETH's market cap: $711.56 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', 14 are bearish and none are bullish .
Indicator summary is giving a ‘STRONG SELL’ signal on BTCUSD .
Volumes have remained consistently high over the past few days.
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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Quick glance: Over the past few days, we saw the largest cryptocurrency by market capitalisation struggling quite a bit under the bearish dominance. We saw BTC dropping from over the $44,000 mark to $37,000. BTC is currently trading in a consolidation zone in which it was trading in May last year.
Market in the last 24hrs
The past 24 hours remained pretty bearish for the cryptocurrency market. Prices dropped rapidly across the spectrum. However, it was not a massive selloff nor the case of a bear market. A look at the trading volumes reveal that there was no major spike even during the drop.
Today’s Trend analysis
On the daily timeframe, BTC is currently trading in a consolidation zone in which it was previously trading during May- Aug last year. Traded volumes have remained low throughout this month. On the lower end, we can expect BTC to drop to $34,500. However, there seems to be buying interest at current prices.
If we look at the VPVR (volume profile visible range), we can see that there has been increased interest at current prices. However, it might not be a prudent idea to jump into leveraged long positions on BTC now. There is still scope for the price to fall to around $34,500. Going for a dollar-cost averaging might be a prudent tactic now.
BTC is still below the 50-day moving average line, which will act as a resistance if BTC attempts to move higher. Over the coming few days, BTC could likely make a dash towards the $40k mark.
----------------------------------------------------------------------------------------
Price volatility remained high at approximately 6.17%, with the day's range between $37,200.02 — $39494.2
Price at the time of publishing: $37517.80
ETH's market cap: $711.56 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', 14 are bearish and none are bullish .
Indicator summary is giving a ‘STRONG SELL’ signal on BTCUSD .
Volumes have remained consistently high over the past few days.
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
