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Quick glance: As of now, Bitcoin is on a massive downward trend. On a , BTC has dropped below the 50-week MA. It is considered a strong , which will now act as a resistance. Traded volumes are steadily decreasing through the week.
In our previous analysis on BTCUSD , we had mentioned the different support channels. Bitcoin bears have managed to take down the $30k support so far. One interesting observation is that the number of long positions on Bitfinex has not dropped much.
Today’s Trend analysis
In the , we can witness that the price declined on a week-on-week basis. However, the traded volumes declined linearly during the same time. It shows that wallets containing a large number of coins are not yet selling. The histogram is slowly attempting to come back up into the green zone. $28.6k is the next critical . If the price respects this , we would likely see some consolidation shaping up.
Price at the time of publishing: $29,685.00
BTC’s market cap: $556.67 Billion
- Out of 11 Oscillator indicators, 8 are neutral, 2 are and 1 is .
- Out of 15 Moving average indicators, 1 is ‘NEUTRAL’, 7 are and 7 are .
- Indicator summary is giving a ‘NEUTRAL’’ signal on BTCUSD .
Volumes have decreased over the past week.
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 weekly candles.