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Bitcoin [BTC/USD] Price Analysis: Bears take over coin as bulls lose momentum

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Bitcoin [BTC/USD] Price Analysis: Bears take over coin as bulls lose momentum
Source: Pixabay


Bitcoin [BTC] resumed its sideways movement after a pump on March 15, 2019. The price was oscillating constantly between its support and resistance points.

At press time, the price of Bitcoin was $3,977, while the market cap was $70 billion. The 24-hour trading volume for Bitcoin was $10 billion. Most of the trading volume was contributed by BitMEX, which offers Bitcoin perpetual contracts.

1 Hour

Source: TradingView

The one-hour chart showed converging uptrends and downtrends. The uptrend extended from $3,689 to $3,933, while the downtrend was seen from $4,163 to $4,039. The price was bouncing between the support at $3,953 and resistance at $4,043. The price had previously breached its lower supports at $3,848 and $3,696.

The Volume for Bitcoin was diminishing, indicating more sideways movement for the coin and a lack of trading interest.

The MACD indicator showed a bullish crossover, as the MACD and the signal line were intertwined.

The Relative Strength Index for Bitcoin showed a collapsed momentum for buyers as the RSI line was near the 40-line.

1 Day

Source: TradingView

The one-day chart for Bitcoin showed the exhaustion of the bull rally. The downtrend remained dominant as it extended from $9,800 to $4,000. The price was nearing resistance at $4,000. Subsequent resistance was seen at $7,641.

The Aroon indicator showed the uptrend hitting the top, following the bull rally. However, the downtrend found enough room to gain dominance.

The Stochastic RSI indicator showed that it had hit the oversold zone, and was undergoing a bearish crossover.

The Chaikin Money Flow indicated that the money inflow into the BTC market was high. This suggested a bullish market.

Conclusion

The one-hour chart and its indicators unanimously projected bearish pressure on BTC prices. In the one-day chart, the Aroon and Stochastic RSI sided with the bear as well.





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