BTCUSD to continue downtrend after rebound | RSI trends down!Market in last 24hrs
-BTCUSD saw strong downtrend
-Price volatility was high. Market moved ~2.5%, between $9k and $9.23k
Today’s Trend analysis
-Downtrend to continue after rebound, RSI moving down is a bearish sign
-Price at time of publishing: $9,080
-BTC’s market cap: $167 Billion
-Oscillator indicators are mostly neutral. RSI at 33
-Moving average indicators are biased towards downtrend. Ichimoku Cloud is neutral
-Volume indicators are indicating continuation in downtrend as red candle see high volumes
Price expected to continue downtrend after a rebound as RSI trends down and bollinger band width expands indicating increased volatility. Most of the Oscillator indicators are neutral. MACD crossed below 0, increasing histogram is a bearish sign. RSI trends down and is around 33, which is a bearish sign. CCI is very negative -220 , in oversold region indicates a rebound. Another interesting point to notice here is that previous candle closed below bollinger band, indicating downtrend might continue.
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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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