BTCUSD to see sideways movement(4Hr) | Upper band resistance

Market in last 24hrs

• BTCUSD saw a continued uptrend with price riding the upper band
  
• Price volatility was very high. The market moved ~5.21%, between $12.32k and $11.71k
  

Today’s Trend analysis

• BTCUSD expected to see a sideways movement as the price observed resistance from the upper band after riding the upper Bollinger band and Bollinger band expansion
  
• Price at time of publishing: $12,214
  
• BTC’s market cap: $226 Billion
  
• Oscillator indicators are mostly neutral. RSI at 79
  
• Moving average indicators are indicating an uptrend Ichimoku Cloud is neutral
  
• Volume indicators observed a change from an increase in volume with the price increase to a decrease in volume as the price increases
  

Price expected to see a sideways movement as the price observed resistance from the upper band after riding the upper Bollinger band and Bollinger band expansion. Most of the Oscillator indicators are neutral. MACD line moving above the signal line, with the histogram size increasing in the positive region suggesting bullish bias. RSI at 79, in the overbought region, indicating a downtrend. CCI at around 149, in the overbought region indicating a downtrend. Another interesting point to notice here is that the volume observed a change from an increase in volume with the price increase to a decrease in volume as the price increases indicating a shift from buyers to sellers.
----------------------------------------------------------------------------------------

The analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.

DM to get details of the above analysis and list of indicators & their values used to arrive at the above conclusion.

Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .

----------------------------------------------------------------------------------------

If you find the analysis useful, please like and share our ideas with the community as well as follow to stay updated with new ideas!

- Mudrex