In the current volatile run of the cryptocurrency market, the coins are currently painted in red. At the time of writing, Bitcoin [BTC] was trading at a price of $3791 with a market cap equivalent to $66.1 billion. The 24-hour trade volume of the cryptocurrency was recorded at $5.5 billion.
In the 1-hour scenario of the BTC candlesticks, the uptrend is stretching from $3238 to $3704 while the downtrend is ranging from $4205 to $3837. There might occur the possibility of a trend breakout since price-concentration is reaching its peak.
The Parabolic SAR is currently bullish on the cryptocurrency. This is evident by the alignment of dots below the candlesticks.
The Aroon Indicator is showing more strength in the green trend than the red trend. Therefore, the indicator is bullish on the coin.
The Awesome Oscillator is on the bull’s side since the bars have turned green, waving a safety pass for Bitcoin price trend.
In the longer time frame, the downward trend line is extending from $6259 to $4034 whereas the support is suspended at the $3183 level. A trend breakout may not take place since the prices are not packed tightly to create congestion.
The Bollinger Bands are following a broad tunnel pattern to give way to price fluctuation. The volatility in the price trend is expected to stay high in the foreseeable future.
The RSI is neutral on the price trend as the indicator is moving in a straight path after staying in the bullish zone previously. The buying pressure has taken a hit when compared to the past activity.
The MACD is also bullish on the token as the reading line has made a positive crossover by the signal. The indicator is still moving in the upward direction, confirming its stance.
In this technical analysis, the majority of the indicators are bullish on Bitcoin and are waving a green flag at the BTC price trend.
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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.