Huge dump in Bitcoin| Tread with caution (short term)
This analysis could be read as a continuation of our previous analysis on BTCUSD. The charts suggested a strong move when we analysed it the last time. And BTC has done just that!
Market in the last 24hrs
BTCUSD witnessed a major dip in price. Trading volume has spiked up confirming the overpowering momentum of the Bears.
Today’s Trend analysis
BTCUSD is likely to be weak during the next 24 hours. The indicators still point to a bearish momentum. Even if BTCUSD tries to rebound, we might witness serious pull back by Bears.
Price volatility remained significantly high at approximately 6.2%, with the day's range between $31400.00 — $34085.61.
Price at the time of publishing: $31605.26
BTC's market cap: $594.87 Billion
Volumes have spiked up in 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 4Hr candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)
Market in the last 24hrs
BTCUSD witnessed a major dip in price. Trading volume has spiked up confirming the overpowering momentum of the Bears.
Today’s Trend analysis
BTCUSD is likely to be weak during the next 24 hours. The indicators still point to a bearish momentum. Even if BTCUSD tries to rebound, we might witness serious pull back by Bears.
Price volatility remained significantly high at approximately 6.2%, with the day's range between $31400.00 — $34085.61.
Price at the time of publishing: $31605.26
BTC's market cap: $594.87 Billion
- Out of 11 Oscillator indicators, 8 are neutral, and 2 point to 'SELL' signals.
- Out of 15 Moving average indicators, 14 are giving a 'SELL' signal, and none of them are giving a BUY signal.
- Indicator summary is giving a 'STRONG SELL' signal on BTCUSD .
Volumes have spiked up in 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 4Hr candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)
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