Inverted cup and handle formation in BTC | El Salvador impact?

9 thg 6, 2021

Quick glance: It has been a crazy past 24 hours for BTC. At one prices crashed more than 10% across the spectrum. Then it rebounded again. Then came the historical decision by El Salvador to accept Bitcoin as a legal tender.

Our previous analysis on BTCUSD covered the dip yesterday.

Market in the last 24hrs
BTCUSD witnessed a major dip and then a quick rally. Trading volume has however reduced consistently during the past 24 hours.

Today’s Trend analysis
BTCUSD seems to be forming an inverted cup and handle pattern. It is a Bearish reversal pattern. BTCUSD could retrace its support zone at 33k again shortly. However, the indicators still point to a neutral consolidated move.

Price volatility remained high at approximately 4.8%, with the day's range between $32423.72 — $35450.00.

Price at the time of publishing: $35006.39
BTC's market cap: $656.04 Billion

• Out of 11 Oscillator indicators, 9 are neutral, and 2 point to 'BUY' signals, and none of them point to a 'SELL' signal.
  
  
• Out of 15 Moving average indicators, 7 are giving a 'SELL' signal, and 7 are giving a 'BUY' signal.
  
  
• Indicator summary is giving a 'NEUTRAL' signal on BTCUSD .

Volumes have remained low 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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