BTCUSD to see a continued downtrend(4Hr) | Lower highs observed

Market in last 24hrs

• BTCUSD saw a downtrend with price riding the lower band
  
• Price volatility was very high. The market moved ~8.51%, between $17579k and $16200k
  

Today’s Trend analysis

• BTCUSD expected to see a continued downtrend as lower highs were observed with a local resistance observed
  
• Price at time of publishing: $16,809.09
  
• BTC’s market cap: $311 Billion
  
• Oscillator indicators are mostly neutral. RSI at 34
  
• Moving average indicators are indicating a downtrend Ichimoku Cloud is neutral
  
• Volume indicators observed an increase with the price decline while a decrease in volume was observed with an increase in price
  

Price expected to see a continued downtrend as lower highs were observed with a local resistance observed. Most of the Oscillator indicators are neutral. MACD line moving below the signal line, with the histogram size decreasing in the negative region suggesting bearish bias. RSI at 34, in the neutral region below the midline. CCI at around -94, in the neutral region with an up move from oversold. Another interesting point to notice here is that the volume observed an increase with the price decline while a decrease in volume was observed with an increase in price indicating strong selling pressure.
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The analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.

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

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- Mudrex