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 :)
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. ----------------------------------------------------------------------------------------
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 :)
A very good analysis you have made here and also with additional information! It could absolutely happen. I myself wait until certain levels are broken with a closing of the day candle because it filters out a lot of noise. When in doubt, always zoom out is very important. Your support zone is also absolutely right! Volume is an absolute necessity but unfortunately often not correct due to the many exchanges and orders that we cannot see as we can with the stock markets. Still better than nothing!
Perfectly done my dear friend!
Mudrex
⋅
@Ether2020, you are very kind with your words man:)
anyway, I agree volume is not exactly the best way to judge. however, it's still many times better than relying on a sole indicator, (which are anyways mostly lagging)
Ether2020
⋅
@Mudrex, Thank you so much for your compliment my dear friend! I can say exact the same from you! You are intelligent and love research. You do an amazing job! Indeed price action and volume is not lagging and indicators are. A thing what can work with indicators is that if many traders look at the same. Best use therefore always the standard settings and you get a Selffulfilling prophecy. But the more of them you use the more conflicting and you never are sure anymore if the trade is worth it or not.
I really like simple and clean analysis. If it is not working no problem, you have your stops and targets, money management and you can also make trades which are not working.
timlev105
⋅
Nice job, also the slightest negative news will keep pushing this down regardless of any analysis. Not sure why there are so many bullish posts out there…
Mudrex
⋅
@timlev105, exactly my point. optimism is good. but beyond a point, that is just biases. We want Bitcoin and other cryptos to do well. but that doesn't mean we keep hoping that no matter what, it's going to go boom boom!
ikom54
⋅
We've had these 3 black crows more than 5 times just in your screenshot. Even with higher volumes...
Chill, this is just zigging & zagging inbetween the 31-39 area. Consolidation...
Mudrex
⋅
@ikom54, agreed on the 3 black crows recurring multiple times part. although couldn't be ignored on the 4H timeframe considering the overall bearish sentiment. just hoping the 30k level is not broken
fritessayahpronor
⋅
inflation contre la chine il veulent de batre le dollars mais inflation USA suivre de loin le dollars .....
fritessayahpronor
⋅
je suis là inflation défendre sur le dollars contre le Yuan a fait impression le dollars ....
Perfectly done my dear friend!