Expect a dead-cat bounce| BTC gripped by bearish momentum
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Quick glance: BTCUSD is under tremendous selling pressure lately. Bitfinex data shows a huge number of long positions going down on the 4-hour timeframe. It clearly highlights the fear gripping BTC right now.
In our previous analysis on BTCUSD, we had correctly predicted Bitcoin's slippery slope and had warned about a quick selloff on the basis of volume. BTCUSD followed the price analysis to the exact price point.
Market in the last 24hrs
The selloff across the markets began in the last 24 hours.
Today’s Trend analysis
Bitcoin had a breakdown from the triangle pattern. Price has fallen below the 200 MA on the 4-hour timeframe. We might witness a dead-cat bounce on BTC from here. However, the overall momentum continues to be very bearish on BTC.
Price volatility remained moderate at approximately 4.2%, with the day's range between $32101. 01 — $33943.49.
Price at the time of publishing: $32341.12
BTC's market cap: $612.24 Billion
Volumes have remained constant 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: BTCUSD is under tremendous selling pressure lately. Bitfinex data shows a huge number of long positions going down on the 4-hour timeframe. It clearly highlights the fear gripping BTC right now.
In our previous analysis on BTCUSD, we had correctly predicted Bitcoin's slippery slope and had warned about a quick selloff on the basis of volume. BTCUSD followed the price analysis to the exact price point.
Market in the last 24hrs
The selloff across the markets began in the last 24 hours.
Today’s Trend analysis
Bitcoin had a breakdown from the triangle pattern. Price has fallen below the 200 MA on the 4-hour timeframe. We might witness a dead-cat bounce on BTC from here. However, the overall momentum continues to be very bearish on BTC.
Price volatility remained moderate at approximately 4.2%, with the day's range between $32101. 01 — $33943.49.
Price at the time of publishing: $32341.12
BTC's market cap: $612.24 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', 13 are bearish and 1 is bullish.
- Indicator summary is giving a ‘Sell' signal on BTCUSD .
Volumes have remained constant 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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