Expect a range bound consolidation for the short term
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Quick glance: BTC is moving in a range-bound territory over the past ten days. BTC dominance is below the 40% mark. This is a good time to hold on to your horses before jumping into taking positions.
Market in the last 24hrs
It was a fairly muted past 24 hours for the crypto market. The traded volumes were low and there were not many aggressive market moving orders.
Today’s Trend analysis
On a daily time frame, we can see that the traded volumes are continuously declining for BTC. Since traded volumes are low, a few large orders can significantly impact the price movement.
From a technical standpoint, the price action is following a trendline pattern. If the price faces stiff resistance around $43,000, BTC could likely be heading towards $39,000. Moreover, BTC also faces another trendline resistance at $45,000.
A major bump in buying volumes would be able to take BTC over the $45,000. As per the prevailing market conditions, the momentum seems consolidated over the past week.The most prudent choice would be to stay put right now, and wait for some time for the market to put on a directional momentum.
It’s best to avoid leverage under such market conditions 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 significantly low at approximately 2.06%, with the day's range between $42,337.06 — $43,209.40.
Price at the time of publishing: $42,671.80
BTC's market cap: $807 billion
Volumes have remained low 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 24-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Do give a follow if you liked the content.
Keep supporting:)
-Mudrex
Quick glance: BTC is moving in a range-bound territory over the past ten days. BTC dominance is below the 40% mark. This is a good time to hold on to your horses before jumping into taking positions.
Market in the last 24hrs
It was a fairly muted past 24 hours for the crypto market. The traded volumes were low and there were not many aggressive market moving orders.
Today’s Trend analysis
On a daily time frame, we can see that the traded volumes are continuously declining for BTC. Since traded volumes are low, a few large orders can significantly impact the price movement.
From a technical standpoint, the price action is following a trendline pattern. If the price faces stiff resistance around $43,000, BTC could likely be heading towards $39,000. Moreover, BTC also faces another trendline resistance at $45,000.
A major bump in buying volumes would be able to take BTC over the $45,000. As per the prevailing market conditions, the momentum seems consolidated over the past week.The most prudent choice would be to stay put right now, and wait for some time for the market to put on a directional momentum.
It’s best to avoid leverage under such market conditions 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 significantly low at approximately 2.06%, with the day's range between $42,337.06 — $43,209.40.
Price at the time of publishing: $42,671.80
BTC's market cap: $807 billion
- Out of 11 Oscillator indicators, 9 are neutral, none are bearish and 2 are bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 13 are bullish and 1 is bearish.
- Indicator summary is giving a ‘ SELL ’ signal on BTCUSD .
Volumes have remained low in 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 .
----------------------------------------------------------------------------------------
Do give a follow if you liked the content.
Keep supporting:)
-Mudrex
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