A major bear-attack befell the cryptocurrency market yesterday when all the big coins crashed following Bitcoin [BTC]’s lead. Currently, the bull has neutralized the situation wherein BTC is up by 0.47% in the 24-hour cycle.
At press time, the coin was trading at $3,434 with a market cap of $59.8 billion. The 24-hour trading volume was recorded to be $5.96 billion.
In the one-hour candlesticks, BTC saw a downtrend that extends from $3,820 to $3,433 whereas the uptrend is ranging from $3,235 to $3,371. A possible trend breakout could be witnessed in the foreseeable future as the prices are packed tightly at present.
The Parabolic SAR is on BTC’s side as it continues to hold the price above the dots. The indicator looks extremely supportive of a positive prediction for the price trend.
The Aroon indicator is showing the dominance of uptrend at present as the downtrend continues to lose grip in the Bitcoin market.
The Chaikin Money Flow had slumped a while ago but has picked itself up to cross over to the bullish territory. Currently, the indicator is shadowing the 0-line, projecting a neutral stance.
In the 1-day timeline, a strong support is set at $6148 level whereas the corresponding downtrend stretches from $8,177 to $6,507. However, this trend was broken when the bear stampede the market. Since then, multiple supports have been breached by the BTC candlesticks.
The Bollinger Bands diverged to provide space for price fluctuation, but is closing like bottle-neck to tighten volatility flow across the market.
The RSI is currently in the oversold zone vouching for the bear’s presence. However, a trend reversal could be the silver lining in this case.
The Relative Vigor Index just made a bearish crossover by the signal. The RVGI is heading downwards to sink deeper into the bear’s territory to give a negative outlook on the matter.
The short-term speculation provided by the indicators is pointing towards a bullish victory. Unfortunately, the long-term indicators do not look pleased by the analysis, henceforth predicting bear to be the winner in a bigger picture.
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