Today's market outlook seems to be recovering from the dip, at least showing signs of efforts to rise. I should believe traders are getting more confident to enter the market as I begin to notice appreciating volume while trying to analyze today's BTC market data. As usual before we discuss the current market behavior, price actions and what could possibly build investors confident, we will first of all review Bitcoin behavior in the last 24 hours so we can further get a grip of how the market is going and what to expect.
BITCOIN REVIEW
Let us look at bitcoin 24hrs trading volume data and it price behavior.
BTC 24hr volume=$28.52b
24hr highs = $85,176.85
24hr low = $82,709.2
24hr open = $82,919.91
MARKET BEHAVIOR AND PRICE ACTION:
Let us take a look at the market behavior and the price action; as we can see, bitcoin price Moved from $82, 700, to about $85,176 from where we saw another sales coming into the market that pushed the price down to $83,400, and we slowly moved to $83,900 currently as at the time of writing.
looks like price build support at $83,400 and $83,600 price level resulting from the volume increase from buys that pushed the price impulsively from $82,700 price level breaking structure at $83,600 up to a new territory from where we found support, by means of retracement.
If we break that support lower, we will be moving down to $82,200 price level which will act as the next support area, but if not, we hope to see further increase in price.
GENERAL CRYPTO MARKET BEHAVIOR:
Currently we are experiencing a strong resistance in the market even as we have noticed a slow inflow. However, we see about $106,100,000 dropping from ETFs net flow according to CMC.
The general crypto market still struggles with S&R levels amid altcoins trying to reclaim lost values. Traders/ investors sentiments and fear and greed index still remains at about 22% as the market is being influenced greatly by microeconomic and geopolitical factors.
I perceive that we might be having accumulation going on hiddenly from the whales as the data I have found displays hidden appreciating volume. well if we see the price of bitcoin break the major resistance at $86,100, we will see good price increment also in altcoins.
What am I currently doing?: well currently, I and My team are buying up every dip at key price levels, and our holdings include;
Bitcoin, Etherium, ADA, Hive, OX {ZRX}, TRX, XRP, Doge, Dash, Bitcoin cash and Zcash. We saw the need to long ETH at the price of $1,886 and till the time of writing, we are still holding. Probably to sales out at the price of $2,300. My team and I are making research consistently to keep our professional approach to the market potentially smart and to update our followers what might likely be the future market outcome, leading them to winner at all time by making good investment decisions.
CONCLUSION:
Having said much, it is important to note that you can never build confidence by relying on these analysis or any other you may come across online from any social media space. You can only build confidence by taking responsibility thus do your own research, It is most import. This piece does not indicate any financial advice. My holdings are completely my choices based on the data I have gathered. However, there are no guaranty for profitable outcome.
Thanks for stopping by.
RESOURCE: tradingview.com
RESOURCE: coinmarketcap.com
