BTCUSD to see a downtrend(4Hr) | Local resistance observed

Market in last 24hrs

• BTCUSD saw a sideways movement with the price riding the midline band
  
• Price volatility was very high. The market moved ~6.79%, between $19,340k and $18,109k
  

Today’s Trend analysis

• BTCUSD expected to see a downtrend as the price observed a midline retracement with local resistance and Bollinger band squeeze taking place
  
• Price at time of publishing: $19,018
  
• BTC’s market cap: $352 Billion
  
• Oscillator indicators are mostly neutral. RSI at 55
  
• Moving average indicators are indicating an uptrend Ichimoku Cloud is neutral
  
• Volume indicators observed a change from decreasing with a decline in price to an increase in volume as the price decrease
  

Price expected to see a continued uptrend as price observed higher lows with Bollinger band moving upward. Most of the Oscillator indicators are neutral. MACD line moving above the signal line, with the histogram size decreasing in the positive region suggesting bullish bias. RSI at 66, in the neutral region above the midline. CCI at around 94, in the neutral region with a down move. Another interesting point to notice here is that the volume observed a change from decreasing with a decline in price to an increase in volume as the price decrease indicating a shift from buyers to sellers.
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The analysis is based on signals from 28 technical indicators, out of which 17 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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- Mudrex