Bitcoin [BTC/USD] Technical Analysis: Bears take over the coin’s future – AMBCrypto News


Bitcoin has been moving in a sideways trend and the price has been stuck trying to get above $3,400 for almost a week now. The current price of Bitcoin, at the time of writing, was $3,418 with $60 billion.

The 24-hour trade volume is at $5.1 billion and most of the trade volume comes from BitMEX exchange, which supports the trade of Bitcoin contracts.

1-hour

The one-hour chart shows a downtrend that extends from $3,690 to $3,441 while there is no dominant uptrend as of yet. The support at $3,358 is holding steady while the resistance points at $3,577 and $3,498 are being constantly tested.

The Parabolic SAR markers show a downtrend that’s looming over Bitcoin prices as markers have spawned above the price candles.

The MACD indicator shows a bearish crossover as well since the MACD line has crossed over the signal line to the bottom.

The Awesome Oscillators show a bearish trend as the green bars have transitioned into red bars that are slowly decreasing in strength, denoting a decrease in upward momentum.

1-day

The one-day chart shows a downtrend that ranges from $9,800 to $3,531, while there’s no clear uptrend for the chart. The support at $3,178 is holding the prices currently upside, while the support at $4,090 has become a resistance after the prices breached below the said line on November 24, 2018.

The Bollinger Bands are in a squeezed position while the prices have dipped below the simple moving average, indicating a bear trend.

The Aroon indicator shows a downtrend that has reached the 100-line, indicating that the downtrend has become dominant.

The Chaikin Money Flow indicates that the money is flowing out of the market i.e., the sellers are dominating the buyers.

Conclusion

The one-hour chart shows a bearish trend just around the corner waiting to take a jump on the bulls which is clearly indicated by the SAR, MACD, AO indicators. The one-day i..e the longer time frame chart shows a bearish trend as well as indicated by the Bollinger Bands, Aroon, CMF indicators.

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