Bitcoin [BTC/USD] Technical Analysis: Bear struggles to pull the market further down to break sideways movement

The cryptocurrency market seems to be bored with the trend going consistently horizontal without fluctuating much. However, most of the top-10 coins are in a red-zone at present.

At the time of writing, Bitcoin was down by 0.35%, trading at $6,486 with a market cap of $112.4 billion. Its 24-hour trading volume was recorded at $3.5 billion.

1-hour:

BTCUSD 1-hour candlesticks | Source: tradingview

BTCUSD 1-hour candlesticks | Source: tradingview

Over the past two weeks, the price trend for Bitcoin has become exponentially stable as demonstrated by the two trend lines from $6,658 to $6,457 [downward] and $6,182 to $6,388 [upward]. However, there is still no severe possibility of a trend breakout as the lines do not seem likely to converge soon.

The Parabolic SAR does not look optimistic on the BTC as of now. The dots are evidently against a bullish market trend and have displayed the same by aligning themselves above the candlesticks.

The Awesome Oscillator has a clear bearish stance on the Bitcoin price trend. The indicator is flashing a red sign, warning the community of a slowing market trend.

Meanwhile, the Chaikin Money Flow indicator has prepared a bullish case for the king-coin. After crashing hard on the ground, Chaikin Money Flow is shooting up, crossing the 0-mark to take the bull’s side.

1-day:

BTCUSD 1-day candlesticks | Source: tradingview

BTCUSD 1-day candlesticks | Source: tradingview

In a longer time-period, the Bitcoin price candles are showing a similar sideways approach on the charts. The downward trend line from $8392 to $6417 and the upward trend line from $5846 to $6155.

The Bollinger Bands are forming a tunnel-like pattern after following a narrow path. The indicator is indicative of a stable price trend as there are no signs of volatility in the market.

The MACD has a neutral approach to the market and is predicting a sideways trend for BTC. However, the indicator just a made a minor bullish crossover to lean more on the side of the bull.

The RSI is pointing straight, refusing to pay a prediction to the cryptocurrency. The indicator is more into the bearish zone at present.

Conclusion:

Most of the indicators used in the technical analysis have predicted a bearish-sideways trend with mixed opinion on a bullish or a bearish market.

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