Watchout for a fake breakout | Weak Momentum persists
If you find the analysis useful, please like and share our ideas with the community. Any feedback and suggestions would help in further improving the analysis!
Quick glance: Prior to the FOMC meeting, we saw a massive volatility in the cryptocurrency market. We saw a sudden jump in price in anticipation of the first rate hike after a considerable amount of time. Following the participation of institutions, retail participants rushed to join the bandwagon. However, the quick correction in price trapped most of the retail participants.
Market in the last 24hrs
The market has been consolidating over the past 24 hours. BTC is currently above the local support level of $40,000.
Today’s Trend analysis
With the US Federal Reserve hiking the rate, and the narrative around BTC tackling inflation could seem too lucrative to jump into the markets right now. However, it would be a good idea to watch out for fake breakouts. The retail participant has been trapped multiple times in such cases.
The technicals suggest that weakness still prevails in the price action. BTC would be in a comfortable position if the price manages to move above the $42,000 mark.
On the weekly timeframe, the present candle is having a large upside wick. Although there is a sign of forming higher lows, there is no confirmation being observed yet. The key resistance lies over the $41,500 mark and a massive support lies at $28,000. The only silver lining to the current volatility is for an investor. On a long term basis, there is only a marginal reduction in the price.
However, for several traders, this has been nothing short of a nightmare. In the coming week, we can expect the volatility to continue.
In such cases, it is always prudent to hedge the positions.
Key levels to watch out for:
- Major resistance level: $41,800
- Key support level: $38,000
----------------------------------------------------------------------------------------
Price volatility remained very high at approximately 8.38%, with the day's range between $40,496 — $41497.2
Price at the time of publishing: $41,000.80
BTC’s market cap: $778.35 Billion
On a daily time-frame:
Out of 11 Oscillator indicators, 9 are neutral, 0 are bearish and 2 are bullish .
Out of 15 Moving average indicators, 1 is 'NEUTRAL', 4 are bearish and 10 are bullish .
Indicator summary is giving a ‘BUY’ signal on BTCUSD.
Volumes suddenly shot up and settled low over the past few days.
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
Quick glance: Prior to the FOMC meeting, we saw a massive volatility in the cryptocurrency market. We saw a sudden jump in price in anticipation of the first rate hike after a considerable amount of time. Following the participation of institutions, retail participants rushed to join the bandwagon. However, the quick correction in price trapped most of the retail participants.
Market in the last 24hrs
The market has been consolidating over the past 24 hours. BTC is currently above the local support level of $40,000.
Today’s Trend analysis
With the US Federal Reserve hiking the rate, and the narrative around BTC tackling inflation could seem too lucrative to jump into the markets right now. However, it would be a good idea to watch out for fake breakouts. The retail participant has been trapped multiple times in such cases.
The technicals suggest that weakness still prevails in the price action. BTC would be in a comfortable position if the price manages to move above the $42,000 mark.
On the weekly timeframe, the present candle is having a large upside wick. Although there is a sign of forming higher lows, there is no confirmation being observed yet. The key resistance lies over the $41,500 mark and a massive support lies at $28,000. The only silver lining to the current volatility is for an investor. On a long term basis, there is only a marginal reduction in the price.
However, for several traders, this has been nothing short of a nightmare. In the coming week, we can expect the volatility to continue.
In such cases, it is always prudent to hedge the positions.
Key levels to watch out for:
- Major resistance level: $41,800
- Key support level: $38,000
----------------------------------------------------------------------------------------
Price volatility remained very high at approximately 8.38%, with the day's range between $40,496 — $41497.2
Price at the time of publishing: $41,000.80
BTC’s market cap: $778.35 Billion
On a daily time-frame:
Out of 11 Oscillator indicators, 9 are neutral, 0 are bearish and 2 are bullish .
Out of 15 Moving average indicators, 1 is 'NEUTRAL', 4 are bearish and 10 are bullish .
Indicator summary is giving a ‘BUY’ signal on BTCUSD.
Volumes suddenly shot up and settled low over the past few days.
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
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.