What to expect from Bitcoin?|A multi-timeframe analysis approach

9 thg 7, 2021

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Quick glance: BTCUSD is going through roller coaster ride currently. After a fierce selloff in the past 24 hours, it has recovered some of the losses. It is currently hovering around the 33k mark. At this point there is a constant tussle between the bears and the bulls.

In our previous analysis on BTCUSD, we discussed the dead cat bounce and the overall bearish momentum gripping the markets. We saw a deeper fall in ETH and most other major alt coins yesterday.

Market in the last 24hrs
The last 24 hours saw BTC rushing towards the $32,285 mark and then coming back up above the 33k mark.

Today’s Trend analysis

In order to discuss the trend analysis and the possible expectations in the near term, we have attempted to cover different timeframes for this analysis.

• The first chart is the 4-hour timeframe which shows the descending triangle pattern, which is a bearish pattern. We will consider BTC turning bullish if it manages to cross the $35,200 mark decisively. The momentum will be bearish if the price breaks down below the $31,125 mark.
  
  
• The next chart is the 1-hour timeframe.
  
  This 1-hour chart talks about the different short term support and resistance levels. The near term support level is at $32,280 and the near-term resistance is at $33,320.
  
  
• The next chart is on the daily timeframe.
  
  The 1-day timeframe clearly shows that the 200-day Moving Average line is much higher than the current price. point of Bitcoin. It establishes the point that the overall momentum in BTC is still pretty bearish.
  One interesting thing on the daily timeframe is the low traded volume. The volume traded is much lower than the 50-day Moving Average volume. It indicates low supply which in turn hints towards possible accumulation. Over the longer term, we might see Bitcoin prices shoot up as a result of this accumulation.
  

Today's technicals

Price volatility remained low at approximately 3.2%, with the day's range between $32285. 75 — $33319.32.

Price at the time of publishing: $33163.12
BTC's market cap: $613.24 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', 11 are bearish and 3 are bullish .
  
  
• Indicator summary is giving a ‘Sell' signal on BTCUSD .
  

Volumes have remained constant 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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-Mudrex