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Massive uptrend in Bitcoin, patience does pay off!! for BINANCE:BTCUSDT by Mudrex

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Quick glance: In our previous analysis, we presented a step by step breakdown of why we felt BTC was poised for a massive movement. The short term trend was still negative. However, BTC made a massive move exactly as per our analysis. The entire crypto spectrum gained more than 4% and now stands at around $2.18 trillion.

This was our previous analysis on BTC .

Market in the last 24hrs

We witnessed massive volatility where BTC moved significantly higher. It made the already pumped-up Altcoins move even higher. Ether, made a huge jump from the day’s low of $3384 and moved closer to the $3800 mark. Most of the other top Altcoins replicated a similar move. The crypto fear and greed index is at 71 for the past couple of weeks, indicating a massive bullish momentum prevailing in the markets.

Today’s Trend analysis

On the daily timeframe , the level near $46,250 proved to be a demand zone as BTC took support yet again at this level. The buying momentum can take Bitcoin over the psychological resistance level of $50,000. Once that level is breached, there could be a lot of bears waiting to short the market. Hence, it might be prudent for a confirmation candle before taking entry.

For short timeframe entries, it’s best to use tight stop-loss in such tumultuous markets.

The 2 crucial levels at the current price point are $46,230 on the lower range, and $50,000 on the upper range.

Price volatility remained high at approximately 5.59%, with the day’s range between $46,532.42 — $49,134.00.

Price at the time of publishing: $48,825.76

BTC’s market cap: $916.93 Billion

  • Out of 11 Oscillator indicators, 9 are neutral, 1 is bearish and 1 is bullish .
  • Out of 15 Moving average indicators, 1 is ‘NEUTRAL’, none are bearish and 14 are bullish .
  • Indicator summary is giving a ‘ BUY ’ signal on BTCUSD .

Volumes have remained high 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 24-hour candles.

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

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-Mudrex

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