BTC clocks record high in months, what next? Pullback likely
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Quick glance: BTC is currently inching closer to $46,000 level quite steadily. Although this is the moment several investors were patiently waiting for, technicals indicate that it might not be a dash towards the all-time high. Most retail traders and BTC enthusiasts are highly bullish. However, markets have risen almost linearly, and that cannot be sustainable for long. BTC is definitely bullish at the moment. However, there is not enough evidence to state that BTC can make a move towards the all-time high.
Market in the last 24hrs
The past 24 hours were quite volatile. It appeared as though markets had lost their steam. Just then, the top 2 cryptos by market cap, made an altogether massive jump.
Today’s Trend analysis
BTC blazing past $45,000 was, indeed, a great move. However, there are certain factors that one needs to consider.
$45,000 is a psychological level. Moreover, it was a crucial resistance for a long time. Several analysts had earlier predicted that once BTC crosses the $45k mark, it will begin a bull run. Convinced by this analogy, several retail traders might buy in BTC just now.
However, it would be the perfect time for the whale to dump their holdings in the mark. Moreover, all rapid upswings are followed soon after by a pullback. We haven’t yet seen the pullback in either BTC or ETH. The 4HR time-frame analysis below highlights the exact scenario.
Price volatility remained high at approximately 7.15%, with the day's range between $42,811.26 — $46,082.90.
Price at the time of publishing: $45,786.04
BTC's market cap: $859.36 Billion
Volumes have 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 24-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Keep supporting:)
-Mudrex
Quick glance: BTC is currently inching closer to $46,000 level quite steadily. Although this is the moment several investors were patiently waiting for, technicals indicate that it might not be a dash towards the all-time high. Most retail traders and BTC enthusiasts are highly bullish. However, markets have risen almost linearly, and that cannot be sustainable for long. BTC is definitely bullish at the moment. However, there is not enough evidence to state that BTC can make a move towards the all-time high.
Market in the last 24hrs
The past 24 hours were quite volatile. It appeared as though markets had lost their steam. Just then, the top 2 cryptos by market cap, made an altogether massive jump.
Today’s Trend analysis
BTC blazing past $45,000 was, indeed, a great move. However, there are certain factors that one needs to consider.
$45,000 is a psychological level. Moreover, it was a crucial resistance for a long time. Several analysts had earlier predicted that once BTC crosses the $45k mark, it will begin a bull run. Convinced by this analogy, several retail traders might buy in BTC just now.
However, it would be the perfect time for the whale to dump their holdings in the mark. Moreover, all rapid upswings are followed soon after by a pullback. We haven’t yet seen the pullback in either BTC or ETH. The 4HR time-frame analysis below highlights the exact scenario.
Price volatility remained high at approximately 7.15%, with the day's range between $42,811.26 — $46,082.90.
Price at the time of publishing: $45,786.04
BTC's market cap: $859.36 Billion
- Out of 11 Oscillator indicators, 8 are neutral, 1 is bearish and 2 are bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', none are bearish and 14 are bullish.
- Indicator summary is giving a ‘ STRONG BUY ’ signal on BTCUSD .
Volumes have increased over 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 .
----------------------------------------------------------------------------------------
Keep supporting:)
-Mudrex
