Quick glance: It has been a crazy past 24 hours for BTC. At one prices crashed more than 10% across the spectrum. Then it rebounded again. Then came the historical decision by El Salvador to accept Bitcoin as a legal tender.
Our previous analysis on BTCUSD covered the dip yesterday.
Market in the last 24hrs BTCUSD witnessed a major dip and then a quick rally. Trading volume has however reduced consistently during the past 24 hours.
Today’s Trend analysis BTCUSD seems to be forming an inverted cup and handle pattern. It is a Bearish reversal pattern. BTCUSD could retrace its support zone at 33K again shortly. However, the indicators still point to a neutral consolidated move.
Price volatility remained high at approximately 4.8%, with the day's range between $32423.72 — $35450.00.
Price at the time of publishing: $35006.39 BTC's market cap: $656.04 Billion
Out of 11 Oscillator indicators, 9 are neutral, and 2 point to 'BUY' signals, and none of them point to a 'SELL' signal.
Out of 15 Moving average indicators, 7 are giving a 'SELL' signal, and 7 are giving a 'BUY' signal.
Indicator summary is giving a 'NEUTRAL' signal on BTCUSD .
Volumes have remained low 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 .
Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)
Loving your posts brother. Followed! Keep up the good work :)
Sherlock_MacGyver
⋅
GDP of El Salvador in 2020 = 52 Billion lol
Less than half a percent of the global economy.
This is meaningless.
Even if everyone in the country used Bitcoin, it would mean virtually nothing, and...how could they? The value of their money would be wildly different from day to day using it as a currency.
Also, how would they get any of it if they're so poor that many of them have NO money at all, or are lucky to make a dollar in a day?
LOL Wow, one of the world's shittiest countries says it's a real currency. Who cares.
Mudrex
⋅
@PhreakinGenius, too much pessimistic eh? LOL although some part of that might be true. But the point is what if other countries start following the same path? Could be interesting, right? well who knows
excitedRice78604
⋅
@PhreakinGenius I believe this view is very shortsighted. This is a game changer in many ways. El Salvador ruling BTC is legal tender means no capital gain tax. They are opening a door to industry and brilliant minds that will help change the economy of their country and, in turn, the world. This is a big first step no matter how little you know about the US/global economic structure. Furthermore, this is a signal of traction to which price has not yet caught up to due to many factors including people’s ignorance of the significance in the overall macro picture of this event in the global economy. There will without a doubt be increased FUD pushed out in the coming days/weeks/months because of this adoption and the subsequent adoption globally. I am hopeful and excited for El Salvador 🇸🇻 because of this news. I believe their country can finally begin a new path utilizing this amazing profound tool. Please feel free to disagree with this opinion, but in the long term opinions don’t matter. BTC and digital assets have, are, and will continue to change life as we know it. Don’t worry about getting in the way.