The cryptocurrency market’s bearish woes continue as the prices have started dropping again. Popular cryptocurrencies like Bitcoin [BTC] and XRP have raised their support after the ordeal with the bear but have still not been able to escape it. With the final month of the year setting in, analysts and experts of the cryptocurrency are still struggling to call the bottom on the largest cryptocurrency in the world.
The one-hour chart shows the support holding at $3,597.21 with the resistance being maintained at $4,580.75. The initial uptrend lifted the price from $3,785.29 to $4,235.92. The following downtrend brought the prices down to $3,981.22.
The Bollinger band, after the massive bearish outbreak, has settled into a small pipelike formation, an indication of the sideways price movement.
The MACD indicator has started moving in a conjoined manner, following the setting in of the sideways price movement. The bearish histogram has almost flattened after multiple bearish lows.
The one-day graph shows an even more bleak picture with the downtrend resulting in a sustained sideways price movement. The downtrend resulted in the price falling from $6,266.23 to $4,275.73. The support has been holding steady at $3,707.01.
The Relative Strength Index indicates that Bitcoin has just climbed back into the RSI graph after falling below the oversold zone. This is a sign of the selling pressure being much greater than the buying pressure.
The Chaikin Money Flow has been staying below the zero line, a clear bearish signal. This also means that the money flowing out of the market is more than the inflow.
The so-called crypto winter has had its clear impact on the cryptocurrency market with the price drop becoming more and more apparent. The above-mentioned indicators point to another sideways price run with the chances of a massive bullish spike in the short term looking very slim.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC] Price Analysis: Coin reunites with the bull after escaping the bear trap
Bitcoin [BTC]: John McAfee predicts Bitcoin to breach the $1 million mark on 31 December, 2020
Bitcoin Cash [BCH] Price Analysis: Coin breaks resistance as bulls look to settle down
Bitcoin SV [BSV] Price Analysis: Coin ready for a bull run as markets move steadily
Litecoin [LTC] Price Analysis: Bulls set to take charge as coin recovers from earlier losses
Bitcoin [BTC] developer Jimmy Song lists 3 reasons why Bitcoin SV [BSV] is a “scam”
Bitcoin [BTC] among cryptocurrencies enabled by new debit card launched by Australian Crypto exchange
Bitcoin [BTC]: Mt Gox redemption plan demonstrates the power of open source network, says Brock Pierce
Nouriel Roubini says JP Morgan’s cryptocurrency JPM Coin is a joke; compares it to XRP
A New Generation of Crypto-Exchange: ALL IN ONE Crypto-Exchange
Ethereum [ETH] dApp users drop as EOS and Tron dominate the market
Bitcoin [BTC] Futures by the Chicago Mercantile Exchange Group reaches an all-time high in Q1 of 2019
- Bitcoin Cash
Bitcoin Cash [BCH] support rolled out by Coinbase custodial wallet app
EOS and Litecoin [LTC] lead the charge as the cryptocurrency market continues to rise