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Bitcoin [BTC/USD] Price Analysis: Token tries to escape the red zone as prices stagnate

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency tries to escape the red zone as price stagnates
Source: Pixabay


The cryptocurrency market’s roller-coaster movement seems to have come to a standstill as several coins are now seeing only minor changes in prices and market cap. Bitcoin [BTC], Ethereum [ETH] and XRP, which experienced bullish spikes over the weekend have settled for a gradual sideways movement, affecting investor sentiments.

1-hour:

The one-hour chart for Bitcoin shows a significant downtrend from $4,136.34 to $3,817.61. The support is holding at $3,728.81 while the resistance is at $4,163.92.

The Chaikin Money Flow indicator is above the zero-line, positively impacting the capital influx. The hold above the zero-line is an indication of the capital coming into the market being more than the capital leaving the market.

The Awesome Oscillator points to just one market momentum spike over the course of two days, after which it fell significantly.

The Bollinger bands are also reflecting the market atmosphere as the upper band and the lower band are moving in a pipe-like formation. The size of the Bollinger cloud is also small, showcasing low price volatility.

1-day:

Bitcoin’s one-day graph paints a similar picture with the bear taking the driver’s seat. The price crash saw BTC fall from a high of $6,276.25 to $3,943.23 with a long-term support at $3,165.55.

The Parabolic SAR indicates a mix of bearish and bullish trends. At the moment, the markers are above the candles, indicating a bearish environment for the coin.

The Relative Strength Index is currently in the middle of the graph after reaching a high near the overbought zone. The hold in the middle shows that the buying pressure is slightly more than the selling pressure.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. The MACD histogram is also a mix of bearish and bullish signals.

Conclusion:

The above-mentioned indicators point to the continued reign of the bear with sporadic bullish rises being the only reprieve for the cryptocurrency market.





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