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Quick glance: BTC is currently facing some flak around the $45,000 level. There has been some profit booking over the past few days. More importantly, BTC dropped below the 200-day MA, which would now act as a major resistance level.
Market in the last 24hrs
The past 24 hours were quite a tug of war between Bitcoin’s price and the crucial psychological resistance level of $45,000. So far, buyers have managed to have the upper hand over the bears. Over the past 24 hours, the entire market has dropped a bit lower.
Today’s Trend analysis
BTC currently is at an inflection point of $45,000. If the bears manage to drag it lower, it would have some trouble gaining the momentum back. However, so far it has managed to stay afloat. One key observation is that BTC fell below the 200-day Moving Average level, which would now be acting as a major resistance level.
However, the general trend in Bitcoin is positive. After the rise from the lowest point in July, we have so far seen higher highs despite multiple profit booking sessions. This momentum imparts a positive outlook to BTC. We witnessed a steady rise even across the Altcoins. It was despite the consolidation in the heavyweights such as Bitcoin and Ether. It gives a clear sense of the momentum across the markets.
Price volatility remained low at approximately 3.08%, with the day's range between $44,218.73 — $45,580.20.
Price at the time of publishing: $45,279.58
BTC's market cap: $850.15 Billion
Volumes have decreased over the past 24 hours.
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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: BTC is currently facing some flak around the $45,000 level. There has been some profit booking over the past few days. More importantly, BTC dropped below the 200-day MA, which would now act as a major resistance level.
Market in the last 24hrs
The past 24 hours were quite a tug of war between Bitcoin’s price and the crucial psychological resistance level of $45,000. So far, buyers have managed to have the upper hand over the bears. Over the past 24 hours, the entire market has dropped a bit lower.
Today’s Trend analysis
BTC currently is at an inflection point of $45,000. If the bears manage to drag it lower, it would have some trouble gaining the momentum back. However, so far it has managed to stay afloat. One key observation is that BTC fell below the 200-day Moving Average level, which would now be acting as a major resistance level.
However, the general trend in Bitcoin is positive. After the rise from the lowest point in July, we have so far seen higher highs despite multiple profit booking sessions. This momentum imparts a positive outlook to BTC. We witnessed a steady rise even across the Altcoins. It was despite the consolidation in the heavyweights such as Bitcoin and Ether. It gives a clear sense of the momentum across the markets.
Price volatility remained low at approximately 3.08%, with the day's range between $44,218.73 — $45,580.20.
Price at the time of publishing: $45,279.58
BTC's market cap: $850.15 Billion
- Out of 11 Oscillator indicators, 9 are neutral, 1 is bearish and 1 is bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 3 are bearish and 11 are bullish.
- Indicator summary is giving a ‘ BUY ’ signal on BTCUSD .
Volumes have decreased over 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 24-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Keep supporting:)
-Mudrex
