After a long bullish run, the cryptocurrency market seems to be having a tough time keeping the bear out of the market. At the time of writing, Bitcoin [BTC] was trading at a price of $3890 with a market cap of $67.8 billion. The total trade volume in the past 24 hours was recorded to be $5.8 billion.
In the 1-hour chart of the Bitcoin candlesticks, there is a steep uptrend ranging from $3238 to $3830, whereas the downtrend is extending from $4038 to $3926. Furthermore, the strongest resistance level is currently set at $4137 to curb the price hike. There is no possibility of a trend breakout, as of now, as no concentration in the price trend has been spotted.
The Parabolic SAR is currently bullish on the cryptocurrency. This is evident by the position of the dots that are aligned below the price candles.
The Aroon indicator is showing more strength in the uptrend, therefore giving a bullish prediction.
The Awesome Oscillator is denying the presence of a bull wherein the bars have turned red to speculate a negative fate for the coin.
In the 1-day analysis of the BTC chart, the candlesticks are experiencing a downtrend running from $6259 to $4079. Here, a support level is set at $3183. Same as above, there is no price-concentration observed, hence, a trend breakout does not seem visible.
The Bollinger Bands are closing in on each other to constrict the volatility of the price trend. Hence, a lower volatility is to be expected in the future market of Bitcoin.
The RSI is traveling in the bullish zone as of now, almost turning to a neutral stance. Therefore, a prediction by the RSI cannot be confirmed.
The MACD has made a bullish crossover by the signal to predict a positive future for the token. Furthermore, it is moving upward to confirm its prediction.
In this technical analysis, a majority of the indicators are passing a green signal for the Bitcoin price trend. A lower volatility or a sideways trend can also be expected.
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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.