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Bitcoin [BTC/USD] Technical Analysis: Bulls show no signs of leaving

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Bitcoin [BTC/USD] Technical Analysis: Bulls show no signs of leaving
Source: Unsplash

The world’s first cryptocurrency, Bitcoin has been holding strong above the $4,000 range with a market cap of $70 billion. Bitcoin rose by 20.55% over 30-days and the seven-day price movement shows an increase of ~5%.

1-hour

Source: TradingView

The one-hour chart of Bitcoin shows prices in an uptrend bullish movement which extends from $3,238 to $3,891. However, the downtrend extends from $4,205 to $4,062. The prices are holding steadily above the support at $3,578, while the resistance band range from $3,919 to $3,944 has been successfully breached and holding. The next resistance band range is from $4,203 to $4,239.

The Bollinger Bands shows that the prices are undergoing a squeeze and the prices are above the simple moving average, which indicates that the prices for Bitcoin are holding steady.

The Aroon indicator shows that the Aroon-green line, aka the uptrend for Bitcoin, has gained prominence, while the Aroon downline aka the downtrend has lost its dominance.

The Stochastic indicators are undergoing a bearish crossover as they failed to breach the overbought bands.

1-day

Source: TradingView

The uptrend for Bitcoin in the longer time-frame has formed but it is far away from being the dominant trend. The downtrend, however, can be seen hanging at $9,800 to $4,035. The prices are supported at $3,183, with resistance lines present at $7,359, $8,385

The Chaikin Money Flow shows that the Bitcoin market in the longer time frame has fallen below the zero-line and this indicates that the money is flowing out of the market i.e., sellers are dominating.

The Awesome Oscillator shows that the green bars are steadily rising above the zero-line which indicates that the longterm momentum is rising faster.

The Relative Strength Index shows that the momentum of the market is slightly above the neutral line i.e., very minuscule.

Conclusion

Bitcoin’s one-hour scenario shows a slightly bullish trend as confirmed by indicators, Aroon, Stochastic and Bollinger Bands.  The one-day time frame also shows a slightly bullish to a neutral trend for Bitcoin indicated by the AO, RSI and CMF.



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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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