Weekend plans for BTC, bearish divergence forming
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Quick glance: BTC is currently hovering around the $47,000 level. On the 6-hour timeframe, we see the price forming higher whereas the corresponding RSI fails to reach higher highs. It is a classic case of bearish divergence.
Market in the last 24hrs
The past couple of days were highly volatile for the crypto markets. Both Bitcoin and Ether struggled to find support. The entire market felt the shivers of this volatility. Altcoins went under the hammer. However, towards the end of the day, there was some recovery as Bitcoin seemed to settle around the $47,000 mark.
Today’s Trend analysis
Although Bitcoin was pretty volatile over the past 24 hours, the markets are slowly stabilising now. BTC broke below the long-term trendline and is currently consolidating. The volatility could largely be attributed to the $1.7 billion worth of options contracts that were up for monthly expiry. Therefore, even though the spot trading volumes were low, there was a lot of activity across the derivatives segment. We have traditionally observed that markets remained shaky during such monthly expiry days.
Moving on, the 6-hour timeframe points to two important things. The first is the price of BTC. Price is creating higher highs whereas the RSI is not. Bearish divergences could play out really if supported by volume.
Right now, the markets will be entering the weekend and the trading volumes will likely remain low. So traders need to carefully plan their trades.
Right now, it would be a good idea to let BTC come out of the consolidation before entering a trade. If the bearish divergence plays out, we will see BTC rise towards the trendline and get rejected. Wait for the confirmation and if it faces rejection, it would be a good idea to short Bitcoin.
I reiterate the point: wait for the rejection confirmation! If there is no confirmation candle, and BTC goes higher and accepts the trendline support, we might see a move towards 50k over the weekend!
Have a happy weekend!
Price volatility remained extremely low at approximately 1.65%, with the day's range between $46,363.00 — $47,655.93.
Price at the time of publishing: $47,548.32
BTC's market cap: $888.64 Billion
Volumes have increased 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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Do give a follow if you liked the content.
Keep supporting:)
-Mudrex
Quick glance: BTC is currently hovering around the $47,000 level. On the 6-hour timeframe, we see the price forming higher whereas the corresponding RSI fails to reach higher highs. It is a classic case of bearish divergence.
Market in the last 24hrs
The past couple of days were highly volatile for the crypto markets. Both Bitcoin and Ether struggled to find support. The entire market felt the shivers of this volatility. Altcoins went under the hammer. However, towards the end of the day, there was some recovery as Bitcoin seemed to settle around the $47,000 mark.
Today’s Trend analysis
Although Bitcoin was pretty volatile over the past 24 hours, the markets are slowly stabilising now. BTC broke below the long-term trendline and is currently consolidating. The volatility could largely be attributed to the $1.7 billion worth of options contracts that were up for monthly expiry. Therefore, even though the spot trading volumes were low, there was a lot of activity across the derivatives segment. We have traditionally observed that markets remained shaky during such monthly expiry days.
Moving on, the 6-hour timeframe points to two important things. The first is the price of BTC. Price is creating higher highs whereas the RSI is not. Bearish divergences could play out really if supported by volume.
Right now, the markets will be entering the weekend and the trading volumes will likely remain low. So traders need to carefully plan their trades.
Right now, it would be a good idea to let BTC come out of the consolidation before entering a trade. If the bearish divergence plays out, we will see BTC rise towards the trendline and get rejected. Wait for the confirmation and if it faces rejection, it would be a good idea to short Bitcoin.
I reiterate the point: wait for the rejection confirmation! If there is no confirmation candle, and BTC goes higher and accepts the trendline support, we might see a move towards 50k over the weekend!
Have a happy weekend!
Price volatility remained extremely low at approximately 1.65%, with the day's range between $46,363.00 — $47,655.93.
Price at the time of publishing: $47,548.32
BTC's market cap: $888.64 Billion
- Out of 11 Oscillator indicators, 9 are neutral, 2 are bearish and none are bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 1 is bearish and 13 are bullish.
- Indicator summary is giving a ‘ BUY ’ signal on BTCUSD .
Volumes have increased 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 .
----------------------------------------------------------------------------------------
Do give a follow if you liked the content.
Keep supporting:)
-Mudrex
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Analysis still valid after 3 days
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