As the market continues its sideways movement, investors continue to lose interest in the cryptocurrency market. Even as bullish news continues to emerge regarding the evolution of the space, the price does not seem to reflect the positive sentiment. Bitcoin [BTC], in particular, has been seeing its lowest volatility since an extended period of time and seems to continue with the trend.
The 1-hour outlook for Bitcoin shows that there is a downtrend from $6,660 – $6,420, with a contrasting uptrend from $6,410 – $6,390. The resistance level is set at $6,480, with a support at $6,365.
The RSI is tending towards the overbought zone, denoting buying pressure in the market.
The Klinger Volume Oscillator is demonstrating a bullish crossover, with a potential price movement in the near future.
The Parabolic SAR is bearish, as seen by the presence of the dots below the candlesticks.
The downtrend from May, and by extension January, is still in power, shown by the price movement from $9,800 – $6,426. A short support uptrend is seen from $6,185 – $6,405, with resistance levels set at $7,360 and $8,385. Similarly, the price finds support at $6,130 and $5,850.
The MACD is demonstrating a bullish crossover recently.
The Awesome Oscillator is also bullish, as seen by the presence of green lines.
The price of Bitcoin seems to be constrained between a very tightly define space. A hike can be seen only when investor sentiment overflows and buying pressure enters the market.