BTC dropped below the 50-week MA|next critical support at $28.6k

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Quick glance: As of now, Bitcoin is on a massive downward trend. On a weekly timeframe , BTC has dropped below the 50-week MA. It is considered a strong support level , 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.

Market in the last 24hrs
The last 24 hours have been a bearish decline so far. Following Bitcoin’s broken support level , most of the altcoins clocked double-digit declines. ETH fell below the $1800 mark.

Today’s Trend analysis
In the weekly timeframe , 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 MACD histogram is slowly attempting to come back up into the green zone. $28.6k is the next critical support level . If the price respects this support level , we would likely see some consolidation shaping up.

Price volatility remained high at approximately 6.04%, with the day’s range between $29,300.00 — $31,068.62.

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 bearish and 1 is bullish .
  • Out of 15 Moving average indicators, 1 is ‘NEUTRAL’, 7 are bearish and 7 are bullish .
  • Indicator summary is giving a ‘NEUTRAL’’ signal on BTCUSD .

Volumes have decreased over the past week.
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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 weekly 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