If you find the analysis useful, please like and share our ideas with the community. Any feedback and suggestions would help in further improving the analysis!
Quick glance: BTC is moving in a range-bound territory over the past few days. BTC dominance is just above the 42% mark. Although the overall momentum in the crypto market is bullish currently, BTC could likely have a correction soon.
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. BTC was in a similar territory during the first week of October, where traded volumes were low and the money flow kept going up aggressively. It made the market move linearly higher.
However, it could be a different situation currently. The overall market has moved significantly higher. If the money starts flowing out even at a low pace, the lack of volumes could significantly drag BTC lower.
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 1.69%, with the day's range between $65,281.36 — $66,387.40.
Price at the time of publishing: $65,903.80
BTC's market cap: $1.24 trillion
----------------------------------------------------------------------------------------
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
Quick glance: BTC is moving in a range-bound territory over the past few days. BTC dominance is just above the 42% mark. Although the overall momentum in the crypto market is bullish currently, BTC could likely have a correction soon.
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. BTC was in a similar territory during the first week of October, where traded volumes were low and the money flow kept going up aggressively. It made the market move linearly higher.
However, it could be a different situation currently. The overall market has moved significantly higher. If the money starts flowing out even at a low pace, the lack of volumes could significantly drag BTC lower.
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 1.69%, with the day's range between $65,281.36 — $66,387.40.
Price at the time of publishing: $65,903.80
BTC's market cap: $1.24 trillion
- Out of 11 Oscillator indicators, 9 are neutral, 1 is bearish and 1 is bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 14 are bullish and none is bearish.
- Indicator summary is giving a ‘ BUY ’ signal on BTCUSD .
----------------------------------------------------------------------------------------
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
