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Support & Resistance analysis for Bitcoin | 4H timeframe

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Quick glance: On our previous analysis on BTCUSD , we discussed the rise following the dumping. Although, the macro indicators supposedly have negligible impact on crypto, El Salvador's decision to accept Bitcoin as a legal tender sparked off debates about other nations following the same some time in the future.

Market in the last 24hrs
BTCUSD witnessed a roller coaster ride. There was a sharp rise, then a retracement and followed by a rally.

Today’s Trend analysis
BTCUSD seems to have a strong momentum. Volume has also shot up. However, the increasing channel of the Bollinger Bands suggest increased volatility .

Price volatility remained high at approximately 6%, with the day's range between $36254.00 — $38446.24.

Price at the time of publishing: $37849.42
BTC's market cap: $707.14 Billion

Out of 11 Oscillator indicators, 8 are neutral, and 2 points to 'SELL' signals, and 1 points to 'BUY' signal.

Out of 15 Moving average indicators, 11 are giving a 'BUY' signal, and 3 are giving a 'SELL' signal.

Indicator summary is giving a 'BUY' signal on BTCUSD for the shorter timeframe.

Volumes have remained low 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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Comments

Great analysis.
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Awesome post!
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