BTCUSD to see a sideways movement (4Hr) | Bollinger band expands

Market in last 24hrs

BTCUSD saw an uptrend with the price riding the upper Bolliger band
Price volatility was very high. The market moved ~4.75%, between 16.95k and 16.18k

Today’s Trend analysis

BTCUSD expected to see a sideways movement as the price after riding the upper band got rejected with Bollinger band expanding
Price at time of publishing: $16,973
BTC’s market cap: $313 Billion
Oscillator indicators are mostly neutral. RSI at 65
Moving average indicators are indicating an uptrend Ichimoku Cloud is neutral
Volume indicators observed an increase in volume as the price increased which changed to a decline in volume with the sideways movement of price

Price expected to see a sideways movement as the price after riding the upper band got rejected. Most of the Oscillator indicators are neutral. MACD line moving above the signal line, with the histogram size decreasing in the positive region suggesting bullish bias. RSI at 65, in the neutral region above the midline. CCI at around 125, in the overbought region indicating a downtrend. Another interesting point to notice here is that the Bollinger band expansion has started to take place.
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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.

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

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- Mudrex