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Quick glance: Over the last 10 days, we saw a lot of activity across financial markets. Cryptos, being the riskier asset class, witnessed a massive volatility. BTC had dropped below $35,000 and the entire crypto spectrum took a massive toll. However, there was a recovery soon after. BTC is currently hovering near the inflection point. The coming couple of days would be crucial.
Market in the last 24hrs
The past 24 hours remained mildly bearish for the cryptocurrency market. Traded volumes marginally dropped. Among the top 10 cryptos, Solana suffered the most after dropping almost 9%.
Today’s Trend analysis
On the daily timeframe, BTC is currently hovering close to the inflection point at $40,900- $41,000 level. This zone has acted as a crucial level multiple times over the past few months.
There are two zones to look out for at the moment:
Point of inflection
The price action is currently in a channel pattern
Over the coming couple of days, BTC would likely make a reversal or have a breakdown. Once the pattern is confirmed, it will be ideal for an entry. If it breaks down, the next support is near the $38,000 mark. If BTC takes support and moves higher, the long target would be closer to $45,000.
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Price volatility remained moderate at approximately 4.2%, with the day's range between $40,800 — $42540.2
Price at the time of publishing: $41,432.80
BTC’s market cap: $790.56 Billion
Out of 11 Oscillator indicators, 8 are neutral, 2 are bearish and 1 is bullish .
Out of 15 Moving average indicators, 1 is 'NEUTRAL', 6 are bearish and 8 are bullish .
Indicator summary is giving a ‘NEUTRAL’ signal on BTCUSD .
Volumes have remained consistently moderate over the past few days.
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 24-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Keep supporting:)
-Mudrex
Quick glance: Over the last 10 days, we saw a lot of activity across financial markets. Cryptos, being the riskier asset class, witnessed a massive volatility. BTC had dropped below $35,000 and the entire crypto spectrum took a massive toll. However, there was a recovery soon after. BTC is currently hovering near the inflection point. The coming couple of days would be crucial.
Market in the last 24hrs
The past 24 hours remained mildly bearish for the cryptocurrency market. Traded volumes marginally dropped. Among the top 10 cryptos, Solana suffered the most after dropping almost 9%.
Today’s Trend analysis
On the daily timeframe, BTC is currently hovering close to the inflection point at $40,900- $41,000 level. This zone has acted as a crucial level multiple times over the past few months.
There are two zones to look out for at the moment:
Point of inflection
The price action is currently in a channel pattern
Over the coming couple of days, BTC would likely make a reversal or have a breakdown. Once the pattern is confirmed, it will be ideal for an entry. If it breaks down, the next support is near the $38,000 mark. If BTC takes support and moves higher, the long target would be closer to $45,000.
Price volatility remained moderate at approximately 4.2%, with the day's range between $40,800 — $42540.2
Price at the time of publishing: $41,432.80
BTC’s market cap: $790.56 Billion
Out of 11 Oscillator indicators, 8 are neutral, 2 are bearish and 1 is bullish .
Out of 15 Moving average indicators, 1 is 'NEUTRAL', 6 are bearish and 8 are bullish .
Indicator summary is giving a ‘NEUTRAL’ signal on BTCUSD .
Volumes have remained consistently moderate over the past few days.
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 24-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Do give a follow if you liked the content.
Keep supporting:)
-Mudrex
