Bitcoin’s short-term rally came to a halt and the prices are once again moving in a sideways trend and the price candles are arranged to form a pattern that might break out soon.
The current price of Bitcoin at the time of writing was at $3,556, with a market cap of $63 billion. The 24-hour trade volume of BTC was at $6.1 billion. Most of the trade volume comes from Bitcoin perpetual contracts from BitMEX exchange via trade pair BTC/USD.
The one-hour chart for BTC shows an uptrend that extends from $3,366 to $3,577 while there is no clear downtrend seen for now. The support at $3,366 is holding fine, while the resistance points at $3,564 and $3,577 were being tested at press time.
The Parabolic SAR markers are signifying a bearish trend for BTC prices at the moment. There are no reversal signals being indicated as of now.
The MACD indicator shows a collapsed position, as the MACD and the signal lines are both below the zero lines. The aforementioned lines show the possibility of a crossover soon.
The Relative Strength Index shows a recovering RSI line. The momentum is favoring the sellers and not the buyers.
The one-day chart shows a clear and dominant downtrend that ranges from $9,800 to $3,613 while there are no signs of an uptrend. BTC prices, in the longer time frames, are bouncing between supports $3,189 and $4,111. The long-term resistance can be seen holding at $7,641.
The Aroon indicator shows exhaustion of the uptrend in play as the green line is falling down. This indicates a change in trend.
The Stochastic indicator shows an ongoing bearish crossover i..e, a bearish pressure on BTC prices.
The Chaikin Money Flow indicator has attained equilibrium as it is seen at the 50-line, at the time of writing. This signifies equal money flowing into and out of the market.
The SAR, MACD, and RSI all indicate a bearish momentum in play for BTC prices. The one-day chart for BTC shows a rather neutral to bearish pressure as indicated by Aroon, Stochastic, and CMF indicators.
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