Bitcoin [BTC/USD] Technical Analysis: More sideways movement to be seen as buying pressure dies down

Bitcoin [BTC]’s sideways movement seems to be scaring off swing traders, leading to a general sense of slow and sluggish movement reflected across the board for all cryptocurrencies. The outlook for the short term also denotes that the price is trading in a very tightly defined limit.

1-hour:

The short-term outlook for Bitcoin is showing a sharp uptrend from $6210 – $6390. However, this is contested by the downtrend from $6660 – $6425. The support levels can be found at  $6370 and $6185, with resistance at $6660 and $6480.

The RSI is tending towards the oversold zone, generally a bullish sign. Buying pressure seems to be fading on the coin.

The Relative Vigor Index recently experienced a bullish crossover but seems to be headed into the bear’s territory.

1-day:

The 1-day graph for Bitcoin’s price is demonstrating a short support uptrend from $6185 – $6395, with the dominant downtrend presenting itself from $9800 – $6405. The support levels can be found at $6155, with resistance levels at $7360 and $8390.

The MACD is demonstrating a bullish crossover, as seen by the MA line moving over the signal.

The Chaikin Money Flow indicator is in the negative zone, flashing a bearish signal. However, a slight uptrend in recent times shows that the outlook might be changing.

The Parabolic SAR indicator is showing a bullish outlook, as evidenced by the presence of the dots below the candlesticks.

Conclusion

The consensus for the price of Bitcoin seems to be more sideways movement. If it breaks above or below the resistances detailed in the short term, the price might see a strong breakout occur to test the resistance at $6660.

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