Bitcoin [BTC/USD] Technical Analysis: Will the cryptocurrency submit to the red capes?

The cryptocurrency market has gone beyond the control of the bull and the bear as the volatility takes charge of the price trends. At the time of writing, Bitcoin [BTC] was down by 1.29%, trading at $4,511 with a market cap of $78.4 billion. Simultaneously, the 24-hour volume is recorded to be $7.2 billion.

1-hour:

BTCUSD 1-hour candlesticks | Source: tradingview

BTCUSD 1-hour candlesticks | Source: tradingview

In the 1-hour timeframe of the Bitcoin candlesticks, the downtrend is ranging from $5,495 to $4,546 whereas the support level is fixed at $4,244. A descending trend can be noticed in this scenario of the BTC market.

The Aroon Indicator is projecting more strength in the uptrend whereas the downtrend has begun to up its game simultaneously. However, it can be concluded that the indicator is more bullish than bearish on Bitcoin.

The Relative Vigor Index was bullish on the subject but has taken a downward approach after making a bearish crossover by the signal.

1-day:

BTCUSD 1-day candlesticks | Source: tradingview

BTCUSD 1-day candlesticks | Source: tradingview

In this time frame of BTC candlesticks, the downtrend is stretching from $8,223 to $6,507. However, the coin saw many dips in its price, hence, the support is now set at $4,354. Furthermore, the trendline is forming a descending triangle with the support point.

The Bollinger Bands have diverged to depict a massive opening at the end of the tunnel-pattern. Therefore, the indicator is predictive of extreme volatility during this time.

The Chaikin Money Flow is extremely bearish on Bitcoin as of now. The reading line has slumped much below the 0-line and is residing at the bottom.

The Awesome Oscillator is in tune with the above indicator to side with the bear. The bars are starkly glowing red to project negativity in the market trend.

Conclusion:

In this technical analysis, the indicators have a mixed response on the future of Bitcoin. However, the 1-hour indicators are approaching the bear’s den whereas the indicators used in the longer run have already submitted to the red capes.

The post Bitcoin [BTC/USD] Technical Analysis: Will the cryptocurrency submit to the red capes? appeared first on AMBCrypto.