Bitcoin [BTC], the biggest cryptocurrency in the market, has recently been facing a slump in the strength of its market movements. While good news seems unlikely to move the market with significant force, the bearish pressure is indicative of the state of the market currently.
The one-hour candlesticks show a downtrend that is prevalent from $6,660 – $6,380 – $6,340, testing support levels at $6,220 and $6,290. An uptrend is also visible, providing support from $6,185 – $6,220 – $6,340. Resistances are visible at the $6,410, $6,480 and $6,660 marks.
The MACD is denoting a bearish crossover downwards.
The Awesome Oscillator is also showing a sustained downwards signal, pointing to further downward movement of the coin.
The Parabolic SAR is flashing a bearish sign.
The long-term outlook for Bitcoin shows an uptrend from $6,185 – $6,270 – $6,340, providing respite from bearish pressure denoted by the downtrend from $9,800 – $8,390 – $6,340. Support levels are present at $5,850 and $6,145, with resistances at $6,525, $6,750 and $7,360.
The RSI denotes that buying and selling pressure have stabilized, with the indicator resting squarely in the middle.
The Relative Vigor Index is demonstrating a sharp bullish crossover, with the RVGI line moving across the signal.
While the short-term outlook shows a bearish outlook without doubt, the long-term outlook may have more for HODLers. The price is set to test resistances at the $6,410 and $6,480 mark before moving upwards.
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