Bitcoin [BTC/USD] Technical Analysis: Bears continue to hold cryptocurrency captive as prices stagnate

The cryptocurrency market’s rise and fall have been quite sporadic, with several coins shifting between the green and the red spectrum over the past couple of days. Major cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP have all been trying to get out of the bear zone, but to no avail.

1-hour:

The Bitcoin [BTC] one-hour graph shows a mix of uptrends and downtrends that have skewed towards the bear’s domain. The uptrend indicates the price being lifted from $6,435.79 to $6,531.12. The succeeding downtrend brought the price down from $6,486.70 to $6,306.78. The support has been holding at $6,287.38, while the immediate resistance is set at $6,528.95.

The Awesome Oscillator [AO] shows the Bitcoin market momentum picking up after a lull. Over the past couple of days, Bitcoin’s momentum has been relatively greater than before.

The Relative Strength Indicator [RSI] puts the graph near the oversold zone. This is a sign of the selling pressure being more than the buying pressure. The graph also shows that Bitcoin had fallen towards the oversold zone from the fringes of the overbought zone.

1-day:

The one-day graph shows an acute downtrend, which has brought the price down from $8,396.83 to $6,500.88. The support for the daily graph has been holding at $5,827.11.

The Chaikin Money Flow [CMF] indicates the graph spiking just above the axis, which is a bullish sign. The CMF uptrend also points to money flowing into the market because of a change in the investor sentiments.

The Bollinger bands are in the midst of a sideways movement with the upper and lower band diverging ever so slightly. The divergence can result in an outbreak that, at the moment, is venturing into bearish territory.

Conclusion

Bitcoin [BTC] does not seem to be heading into any major bullish spike, as shown by the indicators. Although the CMF and AO point to a slight bullish run, a bear run looks to continue, coupled with sideways price movements.

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