BTC saw strong uptrend | MACD indicates consolidation!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Market in last 24hrs
-BTCUSD saw string uptrend, price got rejected from 11k
-Price volatility was very high. Market moved ~10.6%, between $11.4k and $10.31k

Today’s Trend analysis
-Chances of consolidation with an uptrend bias
-Price at time of publishing: $10,886
-BTC’s market cap: $200 Billion
-Oscillator indicators are mostly neutral. RSI at 74
-Moving average indicators are biased towards uptrend. Ichimoku Cloud is neutral
-Volume indicators are indicating a strong uptrend. Very high volumes observed in recent candles suggesting that buying pressure is still intact.

Price expected to consolidate with an uptrend bias as very high volumes were observed . Most of the Oscillator indicators are neutral. MACD is positive around 356, histogram size decrease in last few candles suggesting a consolidation. RSI at 74 ,it is above the overbought region since the last few candles. CCI is above 103, and trending down which is a bearish sign. Another interesting point to notice here is that price bounced from 10500 with a low made there indicating strong buying pressure in that region.

The analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and remaining 11 are oscillators. These indicator values are calculated using 4 hr candles.

DM to get details of the above analysis and list of indicator & their values used to arrive at the above conclusion.

Note: Above analysis would hold true if we do not encounter sudden jump in trade volume .


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