Bitcoin [BTC] Technical Analysis: Bears to have a tenacious grip on the market

The volatility in the cryptocurrency market continues as most of the coins are experiencing unexpected rise and fall in their prices. The case remains the same for the market king, Bitcoin as well. At the time of writing, BTC is trading at $3614 with a market cap of $62.9 billion. The daily statistics on CoinMarketCap is currently showing a growth rate of 4.86%. However, the weekly chart is still sinking downwards with a decline rate of 12.3%.

1-hour:

BTC 1-hour chart | Source: TradingView

BTC 1-hour chart | Source: TradingView

The 1 hour chart of Bitcoin [BTC] shows a downtrend extending from $4091 – $3696 and the uptrend is ranging between $3346 – $3487 – $3645. The cryptocurrency also saw resistance points set at $4080 and $3888. The recent support point is at $3318.

The Aroon indicator is demonstrating the beginning of a downtrend wherein, the Aroon Up line has touched the maximum point and reversed. This clearly indicates that the strength of bullish rally is fading for BTC.

The Awesome Oscillator is currently undergoing a transition from a bullish trend to bearish trend. The lines on the histogram is gradually moving downwards.

The Chaikin Money Flow is comfortably moving below the zero line depicting that the inflow of money has reduced in the BTC market during the past 1 hour.

1-day:

BTC 1-day chart | Source: TradingView

BTC 1-day chart | Source: TradingView

The daily chart of BTC has a downtrend ranging between $8242 – $6481 – $3637 with the resistance points set at $7396 and $5676.

The MACD has made a bearish crossover, wherein, the moving average line went below the signal line. Currently, both the lines are moving together below the histogram, depicting that the bear trend will continue for a longer period of time.

The Parabolic SAR is demonstrating a bearish trend as the dots are forming above the candlesticks. The indicators formed are pushing the price further downwards.

The Relative Strength Index is trying to recover from the oversold section and gradually moving to the RSI region. This indicates that there is a small amount of money flowing in the BTC market in this time frame.

Conclusion:

The Technical Analysis clearly indicates a bearish trend for Bitcoin in both the time frames as most of the indicators are moving downwards.

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