BTCUSD to see a downtrend(4Hr)|Bearish CCI Upper band resistance

Market in last 24hrs

• BTCUSD saw an uptrend after getting lower Bollinger band support
  
• Price volatility was very high. The market moved ~3.89%, between $16.40k and $15.78k
  

Today’s Trend analysis

• BTCUSD expected to see a slight downtrend as the price has been trading between the bands, with upper band resistance expected
  
• Price at time of publishing: $16,332
  
• BTC’s market cap: $301 Billion
  
• Oscillator indicators are mostly neutral. RSI at 61
  
• Moving average indicators are indicating an uptrend Ichimoku Cloud is neutral
  
• Volume indicators observed a decrease in value for red candles while observed an increase for blue candles
  

Price expected to see a slight downtrend as the price has been trading between the bands, with upper band resistance expected. Most of the Oscillator indicators are neutral. MACD line approaching from below the signal line, with the histogram size decreasing in the negative region suggesting bearish bias. RSI at 61, in the neutral region above the midline. CCI at around 125, in the overbought region indicating a downtrend. Another interesting point to notice here is that the volume observed a decrease in value for red candles while observed an increase for blue candles indicating a shift from sellers to buyers.
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The analysis is based on signals from 28 technical indicators, out of which 17 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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- Mudrex