Analysis

Bitcoin’s price remains bullish in short-term but bears have taken over long-term

Published

5 years ago

on

Source: Unsplash

The king coin witnessed a massive price fall during the recent market crash as the coin recorded a fall of 19.06% over the past seven days. At the time of writing Bitcoin was priced at $8,055 and, according to CoinMarketCap, it had a market cap of $144 billion. The 24-hour volume for the coin was recorded at $15.38 billion and most of the volume was recorded on BKEX exchange for BTC/USDT trading pair. 

Source: Coinstats

1 Hour Price Chart

Bitcoin confronted resistance at $8248.45 and witnessed support at $7952.81 and $7748.82. The digital gold recorded a downtrend at $8331.22 which extended till $8198.19. 

Source: Trading View

Bollinger Band was seen diverging further revealing an increase in the volatility of BTC market. 

 MACD was witnessing a bullish crossover as MACD line is rising above the signal line.

The RSI indicator revealed that Bitcoin was headed towards the overbought zone further implying a bull market.  

1 Day Price Chart

Source: Trading View

BTC found resistance at $10,909.70 and $9318 along with support at $7975.42. BTC formed two downtrends from $12,265.13 to $10,300.38 and $10,0092 which extended to $8,188.96.

The Parabolic SAR was bearish in the charts as the dotted markers appeared above the candlesticks.

Chaikin Money Flow showed that the marker was above the zero line, suggesting that money flowing in was higher than the money flowing out of the market.

Awesome Oscillator

was below the zero line which indicated that the fall of short-term momentum was falling faster than the long-term momentum revealing a bearish selling opportunity. 

Conclusion

The indicators in the short-term chart for Bitcoin revealed the presence of bulls in the BTC market. However, the one-day chart for Bitcoin indicated the existence of bears in the market. 

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