BTCUSD to see a continued downtrend(4Hr) | Gap Down expected

Market in last 24hrs

• BTCUSD saw a resistance from the upper band followed by a downtrend with the price reaching the lower band
  
• Price volatility was very high. The market moved ~20.37%, between $19500k and $16200k
  

Today’s Trend analysis

• BTCUSD expected to see a continued downtrend as gap down is expected with Bollinger band expansion
  
• Price at time of publishing: $17,167.01
  
• BTC’s market cap: $318 Billion
  
• Oscillator indicators are mostly neutral. RSI at 32
  
• Moving average indicators are indicating a downtrend Ichimoku Cloud is neutral
  
• Volume indicators observed an increase in volume with a decline in price
  

Price expected to see a continued downtrend as gap down is expected with Bollinger band expansion. Most of the Oscillator indicators are neutral. MACD line moving below the signal line, with the histogram size increasing in the negative region suggesting bearish bias. RSI at 32, in the neutral region below the midline. CCI at around -174, in the oversold region indicating an uptrend soon. Another interesting point to notice here is that the volume observed an increase in volume with a decline in price indicating strong selling pressure.
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The analysis is based on signals from 28 technical indicators, out of which 17 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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- Mudrex