Cryptocurrency

Bitcoin [BTC/USD] Price Analysis: King coin fails to escape bear as prices stagnate


Bitcoin’s [BTC] hold below the $4,000-mark was a major cause for concern among cryptocurrency users, as many anticipated the bear run to end soon. Other than some sporadic bullish rises in the market, most coins witnessed continued sideways movement. According to the charts, Bitcoin failed to go through any significant bullish price breakout.

1-hour

Source: Trading View

The one-hour chart for Bitcoin showed a downtrend that lowered the price from $3,910.01 to $3,856.95. The support was at $3806.85, while the resistance was at $3929.90.

The Bollinger bands moved parallelly as sideways price movement took hold of the market.

The Chaikin Money Flow indicator was above the zero-line, indicating that the capital coming into the market was more than the capital leaving the market.

The Awesome Oscillator was in a lull, suggesting reduced market momentum for Bitcoin.

1-day

Source: TradingView

Bitcoin’s one-day downtrend was more significant than the one-hour spectrum, as the price drop ranged from $6,270.24 to $3,893.53. The long-term support was holding at $3,188.72.

The Parabolic SAR was above the price candles, suggesting that Bitcoin was going through a bearish trudge.

The Relative Strength Index flattened out in the middle of the graph, an indication of the equilibrium between the selling and buying pressures.

The MACD indicator moved as a conjoined pair above the histogram after a bearish crossover. The MACD histogram was a mix of bearish and bullish signals.

Conclusion

The above-mentioned indicators projected that Bitcoin’s price variation would be constrained by the tussle between the bull and the bear, with a lack of major movement in market cap.


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Akash Anand

Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.





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