Bitcoin [BTC] Technical Analysis: Bear weathers the coin down

The cryptocurrency market is seen to have a sideways movement, with the major coins seeing the vermillion side of the market mostly. Bitcoin [BTC], the largest-cryptocurrency in the market, is also seen to have a similar trend.

At the time of press, the coin was valued at $3,563.14, with a market cap of $62 billion. The coin registered a 24-hour trade volume of $4.8 billion, with a dip of 0.75% over the past day. The coin has registered a fall of 3.69% over the seven days and is still falling by 0.09% in the past hour.

1-hour

Source: Trading View

The one-hour chart of Bitcoin indicates that the coin had been falling from $3,599.12 to $3,514.04, the coin noted another significant downtrend from $3,690 to $3, 529.55. The coin failed to register any significant uptrend in the one-hour chart. The coin marked a resistance at $3,549.21 while strong support was provided at $3,519.52.

Bollinger Bands appear to have formed a tube-like formation, indicating lesser volatility in the market. The moving average line is above the candlesticks marking a bearish market.

Awesome Oscillator also marks a bearish market, but as per the recent trends, this might also be short-lived.

Chaikin Money Flow, on the other hand, points towards a bullish trend as the marker is above zero.

1-day 

Source: Trading view

Source: Trading View

The one-day chart of BTC also shows a massive downtrend from $6,146.01 to $3,380.01, with another downtrend marked from $6,293.38 to $3,703.39. Even the one-day chart could not trace a viable uptrend. The resistance is marked for the coin at $4,075.34 and the support is noted at $3,183.

Parabolic SAR indicates a bearish market as the markers have aligned above the candlesticks.

MACD line is under the signal line, pointing towards the bear’s stronghold on the market.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion 

The indicators Parabolic SAR, MACD, Bollinger Bands, and Awesome Oscillator point towards a bearish trend for the BTC market. However, Chaikin Money Flow predicts a bullish market. The coin has to fight the bear to take up any bullish trend.

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