BTCUSD: Strong momentum buildup| $40k level taken out decisively
Quick glance: Right now, BTCUSD has decisively taken down the 40k level. The momentum looks good, however traders should wait for a confirmation candle.
Our previous analysis on BTCUSD correctly predicted the consolidation and the possible upward momentum.
Market in the last 24hrs
BTCUSD some consolidation around the current resistance level. Trading volume has steadily increased.
Today’s Trend analysis
BTCUSD has decisively taken out the 40k mark. We might see a short fallback as 40k is a strong psychological resistance level. However, the momentum is strong currently. Paul Tudor Jones took a dig at inflation and the policies adopted by the US Federal Reserve, following which momentum was gaining among Bitcoin traders.
Price volatility remained high at approximately 5.3%, with the day's range between $38758.4 — $40825.51
Price at the time of publishing: $40684.17
BTC's market cap: $759.85 Billion
Volumes have steadily increased 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 4Hr candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)
Our previous analysis on BTCUSD correctly predicted the consolidation and the possible upward momentum.
Market in the last 24hrs
BTCUSD some consolidation around the current resistance level. Trading volume has steadily increased.
Today’s Trend analysis
BTCUSD has decisively taken out the 40k mark. We might see a short fallback as 40k is a strong psychological resistance level. However, the momentum is strong currently. Paul Tudor Jones took a dig at inflation and the policies adopted by the US Federal Reserve, following which momentum was gaining among Bitcoin traders.
Price volatility remained high at approximately 5.3%, with the day's range between $38758.4 — $40825.51
Price at the time of publishing: $40684.17
BTC's market cap: $759.85 Billion
- Out of 11 Oscillator indicators, 9 are neutral, and 2 point to 'BUY' signals, and none of them point to a 'SELL' signal.
- Out of 15 Moving average indicators, 14 are giving a 'BUY' signal, 1 is 'NEUTRAL' and none point to a 'SELL' signal.
- Indicator summary is giving a 'STRONG BUY' signal on BTCUSD .
Volumes have steadily increased 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 4Hr candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)
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