BTC-USD
BTC continues to be trapped in the ongoing tussle between bulls and bears. Even after its recent breakdown to make a recent low of 28.8K, bulls showed an impressive buying strength from that level to close the last weekly candle at 34.7K, it recovered ~20% from this low. It formed an indecisive candle with a long lower wick that shows strong accumulation in the market. The CMP of BTC is sustaining above 34.5K
On the weekly TF, BTC s still holding its 50-WEMA placed at 33.7K from the last 6 weeks, it has tried to breach this range multiple times but none of the weekly candles has closed below this range until now, which depicts that accumulation is going on at the lower levels. Below this support, the next potential support is present at 30K, followed by the next support at 28K.
The sideways trend is currently lying in the range of 32K-36K. The immediate resistance is presented by its 20-DEMA, placed at 35.2K.If we get a decisive breakout from this level, the next significant hurdle is placed at 38K, followed by the next major resistance at 40K.
On-Chain indicators are also depicting mixed signals. BTC’s mining hash rate hits its 13-month low whereas, in the last 30 days, long term hodlers have accumulated almost 579,940 BTC to their holdings while short-term have reduced their holdings by 521,983 BTC.
Therefore, it is evident that the current market structure is clearly in rangebound trend and breakout from the above-mentioned levels will confirm the move ahead.
On the weekly TF, BTC s still holding its 50-WEMA placed at 33.7K from the last 6 weeks, it has tried to breach this range multiple times but none of the weekly candles has closed below this range until now, which depicts that accumulation is going on at the lower levels. Below this support, the next potential support is present at 30K, followed by the next support at 28K.
The sideways trend is currently lying in the range of 32K-36K. The immediate resistance is presented by its 20-DEMA, placed at 35.2K.If we get a decisive breakout from this level, the next significant hurdle is placed at 38K, followed by the next major resistance at 40K.
On-Chain indicators are also depicting mixed signals. BTC’s mining hash rate hits its 13-month low whereas, in the last 30 days, long term hodlers have accumulated almost 579,940 BTC to their holdings while short-term have reduced their holdings by 521,983 BTC.
Therefore, it is evident that the current market structure is clearly in rangebound trend and breakout from the above-mentioned levels will confirm the move ahead.
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