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BTC lost over $60 Billion mkt cap in 24 hours- China's crackdown

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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Quick glance: As of now, BTCUSD seems to be on under massive selling pressure Traders are looking closely at the $30k level.

Our previous analysis on BTCUSD correctly predicted the slippery slope BTC was at, and should the support be broken, there could be a massive downtrend.

Market in the last 24hrs
China's regulations on Bitcoin miners seem to have a major toll on the entire crypto spectrum. BTC is under serious selling pressure.

Today’s Trend analysis
Three black crows is a major bearish pattern , formed by three adjacent candles. This pattern is usually a reliable confirmation of the bear market, wherein each candle closes below the previous candle. As of now, $30k mark would a strong psychological support zone for BTCUSD .

Price volatility remained extremely high at approximately 12.8%, with the day's range between $31700.00 — $35763.80.

Price at the time of publishing: $32535.84
BTC's market cap: $610.85 Billion

  • Out of 11 Oscillator indicators, 6 are neutral, and 1 indicates to a bearish outlook, and 4 point to a 'BUY' signal.

  • Out of 15 Moving average indicators, 13 indicate a bearish outlook, 1 is 'NEUTRAL' and 1 gives out a bullish view.

  • Indicator summary is giving a 'SELL' signal on BTCUSD .

Volumes have remained high 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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