Have patience, this market has room for everyone

4 באוג׳ 2021

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Quick glance: BTC had four successive days of decline after a rally past $42,000. Today’s candle seems to be a Doji so far traders on both sides are indecisive. Most traders would be waiting for the markets to find support and then either bounce back or break-down.

Market in the last 24hrs
BTC remained under trouble in the past 24 hours. Ether’s ‘London Hard Fork’ upgrade also made the markets a bit jittery.

Today’s Trend analysis
Bitcoin will likely be under pressure in the immediate short term. The price discovery will continue until Bitcoin finds a strong support. 35k-36,300 is a strong support zone. The pivot level for BTC is at $37,732.61.

However, as I always mention, volume would be a key factor to watch out for. A sudden increase in traded volumes can signal a reversal.

We witnessed that during the four-day selloff, the traded volumes marginally increased. This indicates that those would have been looking to book profits squared off their holdings expecting a larger drop in BTC.

The markets are not exactly bearish at the moment. Bulls are not placing any aggressive trades and bears are simply dragging the markets lower at every opportunity. Bitcoin dominance decreased marginally and stands at 45.88% currently.

Over the past 24 hours, we also witnessed the total traded volume across the crypto spectrum dropping by approximately 8%. This suggests that the market is indecisive at the moment.

Price volatility remained high at approximately 2.87%, with the day's range between $37,481.00 — $38.557.80.

Price at the time of publishing: $37,849.41
BTC's market cap: $705.61 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', 7 are bearish and 7 are bullish.
  
  
• Indicator summary is giving a ‘NEUTRAL’ signal on BTCUSD .

Volumes have marginally 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 48-hour candles.

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

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-Mudrex