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Quick glance: BTC is currently steady above $46,500. Even after multiple days of rally, the momentum still appears to be there for both BTC and ETH. They are collectively driving the markets higher. BTC is currently above both the 50-day and 100-day MA.
Market in the last 24hrs
The past 24 hours were quite a steady up-move. Even though there was a significant macro-event as the trillion-dollar infrastructure bill got passed by the US Senate, we witnessed a minor profit booking. However, that was quickly taken over the bulls as they drove the markets higher. If we look at the money flow index below, we can see that there is a steady amount of money flowing into BTC. It is a huge bullish signal.
Today’s Trend analysis
Markets have been rallying steadily over the past week. Bitcoin breached multiple crucial resistance levels and hasn’t faced a pullback yet. On the daily chart, we see a major accumulation pattern, where the price dipped and then rose significantly following a curve. In such cases, the underlying often tries to reach the previous high.
Although the momentum appears to be steady, there are some concerns. The traded volumes appear to be dropping for BTC. On top of this, there are no strong support regions between current levels and the $40,000 mark. This means that any pullback will likely crash prices to $40k, if the bears manage to get an upper hand. As of now, short term traders, entering long positions should preferably keep a stop-loss, in case things start going south.
Price volatility remained low at approximately 2.98%, with the day's range between $45,353.02 — $46,709.05.
Price at the time of publishing: $46,618.04
BTC's market cap: $875.06 Billion
Volumes have decreased over 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 24-hour 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: BTC is currently steady above $46,500. Even after multiple days of rally, the momentum still appears to be there for both BTC and ETH. They are collectively driving the markets higher. BTC is currently above both the 50-day and 100-day MA.
Market in the last 24hrs
The past 24 hours were quite a steady up-move. Even though there was a significant macro-event as the trillion-dollar infrastructure bill got passed by the US Senate, we witnessed a minor profit booking. However, that was quickly taken over the bulls as they drove the markets higher. If we look at the money flow index below, we can see that there is a steady amount of money flowing into BTC. It is a huge bullish signal.
Today’s Trend analysis
Markets have been rallying steadily over the past week. Bitcoin breached multiple crucial resistance levels and hasn’t faced a pullback yet. On the daily chart, we see a major accumulation pattern, where the price dipped and then rose significantly following a curve. In such cases, the underlying often tries to reach the previous high.
Price volatility remained low at approximately 2.98%, with the day's range between $45,353.02 — $46,709.05.
Price at the time of publishing: $46,618.04
BTC's market cap: $875.06 Billion
- Out of 11 Oscillator indicators, 8 are neutral, none are bearish and 3 are bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 1 is bearish and 13 are bullish.
- Indicator summary is giving a ‘ STRONG BUY ’ signal on BTCUSD .
Volumes have decreased over 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 24-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Keep supporting:)
-Mudrex
