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Bitcoin [BTC/USD] Technical Analysis: Market to maintain volatility before bull tightens grip

Priyamvada Singh

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Bitcoin [BTC/USD] Technical Analysis: Market to maintain volatility before bull tightens grip
Source: Pixabay


As the cryptocurrency market is amidst a bull-run, Bitcoin is leading the change by being up by 6.37%. At the time of writing, the coin was trading at a relatively appreciated price of $3,496 with a market cap of $60.9 billion. The 24-hour trading volume was $6 billion.

1-hour:

BTCUSD 1-hour candlesticks | Source: tradingview

BTCUSD 1-hour candlesticks | Source: tradingview

In the one-hour time frame, the BTC candlesticks witnessed an uptrend extending from $3,238 to $3,484, whereas the resistance is set at $3,583. In the current bull-run, the coin attempted to contact the resistance point, but could only reach the $3,547 level. However, the ascending triangle formed by the uptrend with the resistance line is showing a clear uprise in the BTC market.

The Parabolic SAR is bearish on the cryptocurrency. This is indicated by the dots that are aligned above the price candles to side with the bear.

The Awesome Oscillator is also extremely bearish on Bitcoin. The bars are glowing hot red to project warning of the bear lurking around the corner.

The Aroon indicator is on the bear’s side as well. The red trend has hiked and the uptrend has become weaker in strength. This is indicative of suggesting a bearish-run for BTC.

1-day

In the longer timeline, the downtrend is extending from $6,259 to $3,496 whereas the support is set at $3,183. The downtrend is forming a descending triangle with the support, depicting a decline in the market trend.

The Bollinger Bands are showing lower volatility than before in the Bitcoin market as the bands converged slightly a while ago.

The RSI has found its way out of the oversold zone to work for a trend reversal. However, the indicator is stuck in the bearish zone, struggling to climb up.

The Relative Vigor Index is extremely bullish on the token as the reading line made a positive crossover by the signal. The line is moving upwards to confirm its stance.

Conclusion

In the technical analysis, the indicators used in the shorter timeline suggest a brutal bear-run in the BTC market. However, in the longer run, the indicators are shooting a mixed response, leaning towards a bullish prediction for the coin.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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