Bitcoin goes under $10,000 as coins reaches an impasse between bulls and the bears - AMBCrypto
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Bitcoin goes under $10,000 as coins reaches an impasse between bulls and the bears

Biraajmaan Tamuly

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Source: Pixabay

Bitcoin recently slumped below the $10,000 mark as at press time the coin was priced ad $9960.65 and the recorded market cap remained under $180 billion. The trade volume was recorded to be pretty significant with a garnered volume of over $14 billion and BTC was traded most on Digifinex exchange.

1-hour chart

Source: Trading View

Resistance 1: $10931.18

Resistance 2: $10454.19

Resistance 3: $10184.02

Support 1: $9795.88

The short term chart of BTC was bearish and it pictured an uptrend which stretched its valuation from $10,480.48 to $10,921.07, followed by a downtrend of $10,785.48 to $10137.09.

The Parabolic SAR remained bearish as the dotted markers remained above the candles.

The MACD line and the signal line remained at close proximity and failed to indicate a particular trend.

The Relative Strength Index or RSIĀ was close to the over-sold section after the RSI line hovered under the 40-line marker.

1-day chart

Source: Trading View

Resistance 1: $13002.58

Support 1: $7287.80

Support 2: $5180.37

The long term chart was bullish for BTC. An uptrend was exhibited from $8067.85 to $12785.91.

The Bollinger Bands appeared to be diverging which suggested a volatile period for the coin.

The Awesome Oscillator or AO had green bars appear at press time however, the bullish momentum was fairly weak.

The Chaikin Money Flow or CMF line remained under the zero-line suggesting capital flowing out was slightly more than capital flowing in.

Conclusion

Bitcoin remained in its stagnation phase following the breach, as a lack of price action was evident in the long term and short terms charts at press time.

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.