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Quick glance: Bitcoin recovered a bit after the terrible slump yesterday. Despite this minor recovery, BTC’s troubles are not yet over. The market dominance took a dip, and is currently at a trendline resistance. The rest of the month looks poised to be a difficult one for BTC traders and investors. What we observed yesterday was not a black-swan event. The crypto market is known for such moves and therefore, we always suggest our followers to keep a strict and a trailing stop-loss in place.
Market in the last 24hrs
In a massive liquidation event that happened over the past 24 hours, approximately 330,000 traders were liquidated as their accounts ran out of margin. Bitcoin witnessed a major slump after it fell from near $53,000 levels to approximately $43,000.
Today’s Trend analysis
BTC’s market dominance stood at approximately 42.3%. If we take a look at the BTC.D chart, we see that it faces a trendline resistance, and has been on a downtrend for some time. Moreover, the absence of any significant external factors presents a dull picture for BTC for the current month.
On a medium time frame, there seems to be a demand zone at $46,250. The large wicks at the bottom of the 2 consecutive daily candles indicate that there is a demand zone near that level. However, it is important to wait for a confirmation before taking a trade right now.
If the $46,250 level breaks, BTC could likely head to $42,000 in the short term. Similarly, if we see volume and BTC taking support at this level and going higher, we might see it heading for the $50,000 level again.
It’s best to avoid leverage in such crappy markets and always use a stop-loss. Traders who enter into trades considering a good risk : reward setup, end up being profitable in the long run.
Price volatility remained high at approximately 6.63%, with the day's range between $44,436.93 — $47,386.72.
Price at the time of publishing: $46,466.80
BTC's market cap: $877.96 Billion
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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 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: Bitcoin recovered a bit after the terrible slump yesterday. Despite this minor recovery, BTC’s troubles are not yet over. The market dominance took a dip, and is currently at a trendline resistance. The rest of the month looks poised to be a difficult one for BTC traders and investors. What we observed yesterday was not a black-swan event. The crypto market is known for such moves and therefore, we always suggest our followers to keep a strict and a trailing stop-loss in place.
Market in the last 24hrs
In a massive liquidation event that happened over the past 24 hours, approximately 330,000 traders were liquidated as their accounts ran out of margin. Bitcoin witnessed a major slump after it fell from near $53,000 levels to approximately $43,000.
Today’s Trend analysis
BTC’s market dominance stood at approximately 42.3%. If we take a look at the BTC.D chart, we see that it faces a trendline resistance, and has been on a downtrend for some time. Moreover, the absence of any significant external factors presents a dull picture for BTC for the current month.
On a medium time frame, there seems to be a demand zone at $46,250. The large wicks at the bottom of the 2 consecutive daily candles indicate that there is a demand zone near that level. However, it is important to wait for a confirmation before taking a trade right now.
If the $46,250 level breaks, BTC could likely head to $42,000 in the short term. Similarly, if we see volume and BTC taking support at this level and going higher, we might see it heading for the $50,000 level again.
It’s best to avoid leverage in such crappy markets and always use a stop-loss. Traders who enter into trades considering a good risk : reward setup, end up being profitable in the long run.
Price at the time of publishing: $46,466.80
BTC's market cap: $877.96 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', 8 are bearish and 6 are bullish.
- Indicator summary is giving a ‘ SELL ’ signal on BTCUSD .
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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 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
