Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency succumbs to sideways movement as bear looms large

The cryptocurrency market’s bearish woes continue as the prices have started dropping again. Popular cryptocurrencies like Bitcoin [BTC] and XRP have raised their support after the ordeal with the bear but have still not been able to escape it. With the final month of the year setting in, analysts and experts of the cryptocurrency are still struggling to call the bottom on the largest cryptocurrency in the world.

1-hour

The one-hour chart shows the support holding at $3,597.21 with the resistance being maintained at $4,580.75. The initial uptrend lifted the price from $3,785.29 to $4,235.92. The following downtrend brought the prices down to $3,981.22.

The Bollinger band, after the massive bearish outbreak, has settled into a small pipelike formation, an indication of the sideways price movement.

The MACD indicator has started moving in a conjoined manner, following the setting in of the sideways price movement. The bearish histogram has almost flattened after multiple bearish lows.

1-day

The one-day graph shows an even more bleak picture with the downtrend resulting in a sustained sideways price movement. The downtrend resulted in the price falling from $6,266.23 to $4,275.73. The support has been holding steady at $3,707.01.

The Relative Strength Index indicates that Bitcoin has just climbed back into the  RSI graph after falling below the oversold zone. This is a sign of the selling pressure being much greater than the buying pressure.

The Chaikin Money Flow has been staying below the zero line, a clear bearish signal. This also means that the money flowing out of the market is more than the inflow.

Conclusion

The so-called crypto winter has had its clear impact on the cryptocurrency market with the price drop becoming more and more apparent. The above-mentioned indicators point to another sideways price run with the chances of a massive bullish spike in the short term looking very slim.

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