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Bitcoin’s woes not yet over|Markets just confirmed the panic for BITSTAMP:BTCUSD by Mudrex

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Quick glance: We witnessed a hugely choppy session prevailing across the crypto markets. BTC has so far managed to hold the $31,000 level. However, it is pretty evident that the markets are gripped by extreme fear. The volumes have tremendously shot up that confirm that the panic selling is underway.

In our previous analysis on BTCUSD , we had presented a 4hour timeframe analysis on BTCUSD . Bitcoin price followed the analysis to the exact point shown in the analysis.

Market in the last 24hrs
BTC tanked heavily over the past 24 hours. The fall was even harder across the Altcoins.

Today’s Trend analysis

Traded volumes increased over the 50-period Moving Average. We firmly believe that price action is the best form of analysis. We are witnessing lower highs and lower lows which affirm that the momentum in BTC is still pretty bearish .

Price volatility remained high at approximately 6.61%, with the day’s range between $31,121.57 — $33,179.00.

Price at the time of publishing: $31,269.18

BTC’s market cap: $586.24 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’, 14 are bearish and none are bullish .
  • Indicator summary is giving a ‘Strong sell’ signal’ on BTCUSD .

Volumes have increased in 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 4Hr 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

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