BTCUSD to see a downtrend(4Hr)! | Potential H&S Pattern

2020년 8월 27일

Market in last 24hrs
-BTCUSD saw an uptrend and decreased thereafter
-Price volatility was high. The market moved ~2.53%, between 11.54k and 11.25k

Today’s Trend analysis
-BTCUSD expected to see a downtrend as potential head and shoulder pattern expected
-Price at time of publishing: $11,351
-BTC’s market cap: $210 Billion
-Oscillator indicators are mostly neutral. RSI at 38
-Moving average indicators are indicating a downtrend. Ichimoku Cloud is neutral
-Volume indicators observed decreased for red candles suggesting weak selling pressure

Price expected to see a downtrend as potential head and shoulder patterns expected with left shoulder and head formation completed. Most of the Oscillator indicators are neutral. MACD below the signal line, with histogram size decreasing in negative direction. RSI at 38, below the midline still in the neutral region. CCI at around -70, in the neutral region with a down move. Another interesting point to notice here is that the volume in the recent red candles was decreasing suggesting weak selling pressure.
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The analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 1 D 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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- Mudrex