Price action signals bullish momentum, volumes rise
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Quick glance: BTC has been in a range-bound consolidation over the past few days. We are witnessing a rise in trading volumes, and the price action suggests that there could be a bullish breakout soon. However, there are a few pullback zones in the immediate vicinity.
Market in the last 24hrs
The past 24 hours remained fairly consolidated for the top cryptocurrencies. However, it was a fantastic day for altcoin lovers. Many of the altcoins including ADA shot up by almost 17%. Bored Ape Yacht Club’s Ape Coin continues its merry ride. Gaming tokens such as Axie Infinity, Smooth Love Potion (SLP), SAND, all shot up.
Today’s Trend analysis
The price action finally seems favourable for BTC at the moment. The 50-day MA line is acting as a support to the price.
Moreover, if BTC manages to break out of the channel pattern, we could witness a good jump. The price has been consolidating for quite some time now. And considering the overall momentum in the market, we could likely be heading towards some bullish territory.
$44,600 has been a strong resistance zone for quite some time now. If BTC falls back from this level yet again with good volumes, we could see a bearish move again.
In such cases, it is always prudent to put stop losses and then take a position.
Key levels to watch out for:
- Major resistance level: $44,600
- Key support level: $40,900
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Price volatility remained very low at approximately 2%, with the day's range between $42,636 — $43492.2
Price at the time of publishing: $43,080.80
BTC’s market cap: $817.72 Billion
On a daily time-frame:
Out of 11 Oscillator indicators, 8 are neutral, 2 are bearish and 1 is bullish .
Out of 15 Moving average indicators, 1 is 'NEUTRAL', 2 are bearish and 12 are bullish .
Indicator summary is giving a ‘BUY’ signal on BTCUSD.
Volumes have remained steady 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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Quick glance: BTC has been in a range-bound consolidation over the past few days. We are witnessing a rise in trading volumes, and the price action suggests that there could be a bullish breakout soon. However, there are a few pullback zones in the immediate vicinity.
Market in the last 24hrs
The past 24 hours remained fairly consolidated for the top cryptocurrencies. However, it was a fantastic day for altcoin lovers. Many of the altcoins including ADA shot up by almost 17%. Bored Ape Yacht Club’s Ape Coin continues its merry ride. Gaming tokens such as Axie Infinity, Smooth Love Potion (SLP), SAND, all shot up.
Today’s Trend analysis
The price action finally seems favourable for BTC at the moment. The 50-day MA line is acting as a support to the price.
Moreover, if BTC manages to break out of the channel pattern, we could witness a good jump. The price has been consolidating for quite some time now. And considering the overall momentum in the market, we could likely be heading towards some bullish territory.
$44,600 has been a strong resistance zone for quite some time now. If BTC falls back from this level yet again with good volumes, we could see a bearish move again.
In such cases, it is always prudent to put stop losses and then take a position.
Key levels to watch out for:
- Major resistance level: $44,600
- Key support level: $40,900
----------------------------------------------------------------------------------------
Price volatility remained very low at approximately 2%, with the day's range between $42,636 — $43492.2
Price at the time of publishing: $43,080.80
BTC’s market cap: $817.72 Billion
On a daily time-frame:
Out of 11 Oscillator indicators, 8 are neutral, 2 are bearish and 1 is bullish .
Out of 15 Moving average indicators, 1 is 'NEUTRAL', 2 are bearish and 12 are bullish .
Indicator summary is giving a ‘BUY’ signal on BTCUSD.
Volumes have remained steady 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
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