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Quick glance: As of now, BTCUSD seems to be on slippery slope. $36,800 is a demand zone.
Our previous analysis on BTCUSD correctly predicted the consolidation and the possible upward momentum. $38,700 is a strong resistance!
Market in the last 24hrs BTCUSD witnessed some sell-off. All other major cryptos fell as well. Trading volume has declined.
Today’s Trend analysis BTCUSD is currently under some selling pressure. The short term outlook is bearish. Additionally, we might see some large wicks pointing down. Though they are not a sign to panic, one should keep a close eye out on the price.
Price volatility remained low at approximately 2.6%, with the day's range between $37224.00 — $38208.68.
Price at the time of publishing: $37505.84 BTC's market cap: $704.85 Billion
Out of 11 Oscillator indicators, 9 are neutral, and 2 point to indicate a bearish outlook, and none of them point to a 'BUY' signal.
Out of 15 Moving average indicators, 12 indicate a bearish outlook, 1 is 'NEUTRAL' and 2 give out a bullish view.
Indicator summary is giving a 'STRONG SELL' 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 :)
Comment
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BTC has broken below $36,800. The volume in the exchanges seem less at the moment. Looks like something interesting is cooking up. Waiting to see if the strong support level gets broken now.
Bulls are setting the biggest Honey Trap for Bears ever seen...there has been a massive run up in short positions recently with the long/short ratio being the lowest ever at 0.89 the past day. Long term holders have increased their positions by 280K over the past weeks while short term holders have decreased their positions over the same time by similar amounts. This almost always signals a bullish price movement in the short term.
A massive short squeeze is setting up that will likely drive the price up to 50K or even past there as all the short positions are forced to liquidate nd buy back their shares, adding further fuel to the price movement upwards. There is a reason Crypto Whales have been buying up BTC over the past few weeks in record numbers...they have been setting this Honey Trap for the Bears for a month+ now and they are about ready to execute it in the coming days...too much money at stake for it not to happen...bulls will have massive profits by pumping the market and liquidating all these short positions...they did it on April 26th of this year when $150 million in short positions were liquidated in a few hours...this time there is close to $850 million in short positions taken up...maybe even more as the run up seems to keep growing...the market is vastly over shorted right now, and when that happens the smart money is on a major correction the other way to reap huge profits by forcing the shorts to liquidate and drive the price up further.
Institutions have plenty of money to pump the market that they have been holding since they sold at 65K earlier this year after having bought in around 9K prior to the run up.
apsnt
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Awesome analysis. BTW take a look at other coins and total market cap. The cash is flowing out.
A massive short squeeze is setting up that will likely drive the price up to 50K or even past there as all the short positions are forced to liquidate nd buy back their shares, adding further fuel to the price movement upwards. There is a reason Crypto Whales have been buying up BTC over the past few weeks in record numbers...they have been setting this Honey Trap for the Bears for a month+ now and they are about ready to execute it in the coming days...too much money at stake for it not to happen...bulls will have massive profits by pumping the market and liquidating all these short positions...they did it on April 26th of this year when $150 million in short positions were liquidated in a few hours...this time there is close to $850 million in short positions taken up...maybe even more as the run up seems to keep growing...the market is vastly over shorted right now, and when that happens the smart money is on a major correction the other way to reap huge profits by forcing the shorts to liquidate and drive the price up further.
Institutions have plenty of money to pump the market that they have been holding since they sold at 65K earlier this year after having bought in around 9K prior to the run up.