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.

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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