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Quick glance: We witnessed an intensely volatile cryptocurrency market. However, the volatility in BTC was quite low compared to most other altcoins. BTC is presently hovering around the $31,000 levels. The overall momentum in BTC is still pretty bearish as per the technical indicators.
In our previous analysis on BTCUSD, we had presented a 4hour timeframe analysis on BTCUSD. Our analysis showed the slippery path BTC was on and the large wick on the upside to be a bull trap. Bitcoin’s price declined soon after, confirming the bull trap to be true.
Market in the last 24hrs We are currently in the middle of a massive consolidation in BTC. BTC declined by a meager 1.5%.
Today’s Trend analysis Such consolidations that form up taking a considerable amount of time get broken with high volumes. In such cases, the breakout or breakdown is usually highly volatile.
Traded volumes are still pretty low. The volume candles show that the daily traded volumes are below the 50-day Moving Average.
Price volatility remained high at approximately 6.61%, with the day's range between $31,111.15 — $31,881.71.
Price at the time of publishing: $31,209.18 BTC's market cap: $586.04 Billion
Out of 11 Oscillator indicators, 9 are neutral, 2 are bearish and none are bullish .
Out of 15 Moving average indicators, 1 is 'NEUTRAL', 13 are bearish and 1 is bullish.
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 1-day candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
@Mudrex, very refreshing to not hear insane objections to analysis of analysis on here. I'll be following your ideas.
s_hasan_zolanvar
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Any chance of revival for BTC in short term? or are we heading to 20K?
Mudrex
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@s_hasan_zolanvar, as of now, I don't see a revival towards the moon. however, short term reversals are definitely in the cards. But it would be prudent not to expect BTC reaching a very high price at the near term.
Forrealz
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Thanks for the update, just check your volatility calculator, it’s out a bit 🙏
Mudrex
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@Forrealz, hey, thanks buddy. Yeah, my bad with the volatility figure