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BTCUSD: Strong momentum buildup| $40k level taken out decisively

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Quick glance: Right now, BTCUSD has decisively taken down the $40k level. The momentum looks good, however traders should wait for a confirmation candle.

Our previous analysis on BTCUSD correctly predicted the consolidation and the possible upward momentum.

Market in the last 24hrs
BTCUSD some consolidation around the current resistance level . Trading volume has steadily increased.

Today’s Trend analysis
BTCUSD has decisively taken out the $40k mark. We might see a short fallback as $40k is a strong psychological resistance level . However, the momentum is strong currently. Paul Tudor Jones took a dig at inflation and the policies adopted by the US Federal Reserve , following which momentum was gaining among Bitcoin traders.

Price volatility remained high at approximately 5.3%, with the day's range between $38758.4 — $40825.51

Price at the time of publishing: $40684.17
BTC's market cap: $759.85 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, 14 are giving a 'BUY' signal, 1 is 'NEUTRAL' and none point to a 'SELL' signal.

  • Indicator summary is giving a 'STRONG BUY' signal on BTCUSD .

Volumes have steadily increased 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

BTC is facing pressure from the Bears at the resistance zone showed on the chart. The next 24 hours might be crucial. It would be interesting to see the movement. We urge the traders to wait for a confirmation on either side before placing an aggressive trade at this point.
+1 Reply
things getting interesting now. volume is going up
+1 Reply
akukiet Mudrex
@Mudrex, Rising volume at support is kind of sure setup for long position.
Reply
Mudrex akukiet
@akukiet, true enough !!
Reply
Really like your charts.
+1 Reply
Mudrex AtlasTrades
@AtlasTrades, thanks a lot. always happy to contribute to the community :)
Reply
Remember there’s still all those shorts that have to make a move. I wonder when they’re going to throw in the towel? 🤔 that’s mucho mucho volume.
Reply
Mudrex excitedRice78604
@excitedRice78604, very fair point. things are spicing up. let's see what happens from here. Bears would definitely jump in, what would be interesting is whether the bulls pump it higher or let it slide
+1 Reply