Connect with us

Analysis

Bitcoin [BTC/USD] Price Analysis: Cryptocurrency continues to fumbles as bear holds strong

Akash Anand

Published

on

Bitcoin [BTC/USD] Price Analysis: Cryptocurrency continues to fumbles as bear holds strong
Source: Unsplash


The cryptocurrency market’s rollercoaster movement has done nothing to alleviate the concerns raised by users and investors alike. Popular cryptocurrencies like Bitcoin [BTC], XRP and Ethereum [ETH] have all felt the brunt of the bear, with several updates and developments still not doing enough to pull it out of the bear pit.

1 hour:

The one hour chart shows a declining sideways movement which has not changed much over the course of the last 10 days. The recent downtrend brought the prices down from $3513.3 to $3462.1. The support has been holding at $3435.7 while the immediate resistance is at $3565.2.

The Relative Strength Index has just spiked up on the chart, indicating an increase in buying pressure over the selling pressure.

The Awesome Oscillator shows a gradual lull on the chart, a sign of the decreasing market momentum.

1 day:

Bitcoin’s one-day graph shows a steep decline in its price as the bear lowered it to $3531 from $6463. The support has been holding at $3245.7.

The Chaikin Money Flow indicator is right at the zero line. This is an indication of the capital entering the market and the capital leaving the market to be almost similar.

The MACD indicator, on the other hand, displays the signal line and the MACD line to move as conjoined pairs. The sideways movement of both the lines comes right after a bearish crossover.

Conclusion:

Bitcoin’s fluctuating movement does not seem likely to go anywhere as the above-mentioned indicators all point to non-sustainable bullish trends. As the tide slowly rises and falls investors are still rallying behind the coin for it to shoot up to its glory prices.





Subscribe to AMBCrypto’s Newsletter


Ads

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement