In Wrapped Bitcoin (WBTC) Technical Analysis 2021, we use past statistics, price analysis, RVOL, MA, and much other information about WBTC to analyze the future trend of the cryptocurrency.
Wrapped Bitcoin is an ERC20 token representing Bitcoin on the Ethereum blockchain. There is a 1:1 ratio of Bitcoin behind every WBTC. Wrapping Bitcoin can transfer Bitcoin faster on the Ethereum blockchain and opens up the possibility of using BTC on Ethereum. ecosystem.
Wrapped Bitcoin (WBTC) Current Market Status
According to CoinGecko, the WBTC price is trading at $29940 with a 24-hour trading volume of $306,365,821, at the time of writing. However, WBTC has decreased by 2.7% in the last 24 hours.
In addition, WBTC has a circulating supply of 195,375 WBTC. Currently, WBTC trades in Binance, OKEx, Huobi Global, FTX, and HitBTC.
Wrapped Bitcoin (WBTC) Technical Analysis 2021
Wrapped Bitcoin (WBTC) holds the 16th position on CoinGecko right now. The recent development and upgrades might push WBTC to reach new heights. Now, let’s deep dive into the WBTC technical analysis 2021. The daily time frame chart of Wrapped Bitcoin (WBTC) as shown below.
Wyckoff developed a market theory of price action, which is still widely used in trading today. According to Wyckoff’s theory, the price cycle of trading instruments includes four stages, they are accumulation, markup, distribution, and markdown.
Accumulation Phase: The accumulation process is displayed in the chart in the form of a price range. In addition, the bulls are gradually expanding, but they can still push up prices. The price pattern on the chart of WBTC is flat.
Markup Phase: The bulls have enough power to push prices above the high end of the range. This indicates that the price is in the second phase and a bullish price pattern is being created on the chart.
Distribution Phase: This is the third level of theory. The bear plan is now to regain control of the market. The price is currently flat on the chart, as in the accumulation process.
The formation of higher and lower points in the chart indicates that the market is in the Distribution stage. The lower profit margin is caused by price changes, which indicates that the market is currently in selloff.
Markdown Phase: After the Distribution phase, a price reduction process begins, just like a downward trend, which means that the bears have enough financial strength to pull the market down. When the price breaks through the lower level of the flat range of the horizontal distribution channel on the chart, a markdown will be confirmed.
In addition, WBTC is currently in the accumulation phase, which indicates that they have more bearish days.
Wrapped Bitcoin (WBTC) RSI
The below chart shows the relative strength index (RSI) of WBTC.
As shown in the below chart, RSI remains at 33.36. This shows that WBTC’s price is in a nearly oversold state. However, this means a major price reversal may occur in the upcoming days. So, traders need to trade carefully.
Wrapped Bitcoin (WBTC) RVOL
The below chart shows the Relative Volume of WBTC. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume.
Notably, from the last week of June to the first week of July, it is found that the RVOL observed in weaker participants. Currently, the RVOL stays above the cutoff line which represents the stronger volume in the current trend.
Wrapped Bitcoin (WBTC) Moving Average
WBTC’s Moving Average (MA) is shown in the chart below. MA supports traders to find trends.
WBTC price fell at 50 MA (short-term), but it has not broken through 200 MA. Once it breaks the 200 MA level of WBTC, it completely goes to a bearish state.
WBTC prices are currently trading around 200MA, so we can expect some reversals at these points.
Wrapped Bitcoin (WBTC) Price Comparison With Bitcoin
The below chart shows the price comparison between WBTC and BTC.
From the chart, we can identify the trend of the BTC and WBTC is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of WBTC also increases or decreases respectively.
With the ongoing developments and upgrades that are taking place within the WBTC platform. Wrapped Bitcoin has a great future ahead in this crypto market. However, WBTC can reach new heights.
Bullish WBTC price prediction 2021 is $42000. As mentioned above, it may reach great heights, however reaching $60000, if investors have decided that WBTC is a good investment in 2021.
WBTC is a tokenized version of Bitcoin that runs on the Ethereum blockchain. Its native coin is Wrapped Bitcoin.
WBTC is listed on many cryptocurrency exchanges that include Binance, OKEx, Huobi Global, FTX, and HitBTC. It is available for trading against crypto fiat coins, stablecoins, and other cryptocurrencies.
With the ongoing developments and upgrades within the WBTC platform, it has the high possibility of reaching its ATH soon.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.