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Quick glance: As of now, Bitcoin is hovering around the $39,600 mark. After the initial rally towards the end of the weekend, we saw a consolidation. The price has started going up again. However, some profit booking is gripping the markets lately dragging prices lower.
Market in the last 24hrs
The last 24 hours were pretty volatile. BTC rushed towards the $40k mark after an initial consolidation.
Today’s Trend analysis
Lately, newer retail investors are actively entering the markets noticing the rally observed in Bitcoin. BTC is moving within a channel. We have seen BTC moving within this exact channel earlier in Jan 2021. Following the breakout, BTC made a huge move over the $64,000 mark. Currently the markets are neither bearish, nor bullish. It is merely a price discovery period for BTC and the markets.
Volume precedes price. Always!
Even though we see the price rising, the volume is dropping. These are usually signs of reversal. Fakeouts happen too often in such market conditions. Traders should be careful before entering either long or short positions now.
If BTC crosses $45,000 with good volumes, we will certainly be in a bull market. Till then, it is prudent to take trades with tight stop-losses.
Price volatility remained extremely high at approximately 12.95%, with the day's range between $38,895.81 — $40,927.53.
Price at the time of publishing: $39,463.43
BTC's market cap: $744.47 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: As of now, Bitcoin is hovering around the $39,600 mark. After the initial rally towards the end of the weekend, we saw a consolidation. The price has started going up again. However, some profit booking is gripping the markets lately dragging prices lower.
Market in the last 24hrs
The last 24 hours were pretty volatile. BTC rushed towards the $40k mark after an initial consolidation.
Today’s Trend analysis
Lately, newer retail investors are actively entering the markets noticing the rally observed in Bitcoin. BTC is moving within a channel. We have seen BTC moving within this exact channel earlier in Jan 2021. Following the breakout, BTC made a huge move over the $64,000 mark. Currently the markets are neither bearish, nor bullish. It is merely a price discovery period for BTC and the markets.
Volume precedes price. Always!
Even though we see the price rising, the volume is dropping. These are usually signs of reversal. Fakeouts happen too often in such market conditions. Traders should be careful before entering either long or short positions now.
If BTC crosses $45,000 with good volumes, we will certainly be in a bull market. Till then, it is prudent to take trades with tight stop-losses.
Price volatility remained extremely high at approximately 12.95%, with the day's range between $38,895.81 — $40,927.53.
Price at the time of publishing: $39,463.43
BTC's market cap: $744.47 Billion
- Out of 11 Oscillator indicators, 7 are neutral, 1 is bearish and 3 are 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
