Market in last 24hrs - As , BTCUSD price saw a weak downtrend - Price volatility was low. Market moved ~2.5%, between 9.23k and 9.43k
Today’s Trend analysis - Sideways today - Price at time of publishing: $9,270 - BTC’s market cap: $168 Billion - ‘Oscillator‘ indicators are neutral with a bias towards downtrend. RSI at 42 - ‘Moving average‘ indicators are indicating a downtrend. Ichimoku Cloud is neutral - Volume indicators are signaling at an uptrend
Price expected to trend sideways today. Most of the Oscillator indicators are neutral with a bias towards sell side. MACD histogram is in negative zone and MACD line is tending down. RSI is trending almost flat, moving slightly below its midpoint 50. CCI, the more reactive oscillator, is trending flat near -100. Another interesting point to notice is that green volume candles are supported more and on balance volume indicator is trending up, indicating that the buying is getting stronger. All factors indicating that both bulls and bears are struggling. Overall, price is expected to move sideways today.
The analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and remaining 11 are oscillators. These indicator values are calculated using 4 hr candles.
DM to get details of the above analysis and list of indicator & their values used to arrive at the above conclusion.
Note: Above analysis would hold true if we do not encounter sudden jump in trade volume .
The uptrend prediction was because how volume indicators were behaving.
You can see that
1. On balance volume was trending up
2. Trade volume on green candles is higher than that on red candles
Also, note that volume is a leading indicator. Both above points are suggesting that uptrend is near.
Also, do take into consideration that history and candle size I am taking into consideration. I am taking 4hr candles, hence analysis is valid for next 1 days.