Bitcoin [BTC] Technical Analysis: Bear market tries its best to maintain price below $4,000

The cryptocurrency market’s struggle to get out of the bear’s trap has been a tedious one, with major coins all being trapped within price brackets. At a time when market analysts and experts are predicting an extended bear run, cryptocurrencies are trying their best to sustain double-digit growths that were witnessed last week. Bitcoin [BTC] has been hit again, with the world’s largest cryptocurrency falling back below the $4,000 mark.

1-hour

Bitcoin [BTC]’s one-hour chart shows a rise and dip that has been consistent with the market’s behavior. The initial uptrend lifted the price from $4,054.3 to $4,349.1 while the following downtrend brought the price down to $3,888. The support has been holding at $3,827.6, while the resistance is at $4,359.9.

The Parabolic SAR has been showing a mix of bearish and bullish signals throughout the last week. At the moment, the markers were staying above the candles, a bearish sign.

The Awesome Oscillator has fallen into a lull after a spike in the market momentum recently.

The Relative Strength Index has stayed in the middle of the graph, which is indicative of an equilibrium between the selling pressure and buying pressure.

1-day

The one-day graph for Bitcoin paints the picture of a cryptocurrency recovering from a bear attack. The long-term downtrend saw the price fall from $6,469.4 to $3,276. Bitcoin has tried to raise its stocks a bit, with the price climbing to $3,820.4.

The MACD indicator shows the signal line and MACD line climbing up after a bullish crossover. The MACD histogram, at the same time, has stayed relatively flat.

The Chaikin Money Flow indicator has been staying below the zero line, a sign of the money flowing out of the market being more than the inflow.

Conclusion

The year saw a lot of experts calling a massive Bitcoin price hike, which was cut short due to the bear attack. The above-mentioned indicators all show a cryptocurrency slowly on the rise, with the bear looming large.

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