Bitcoin [BTC/USD] Technical Analysis: Investor sentiment drops as market bleeds red

The volatility in the cryptocurrency market prevails with most of the control remaining with the bear as of now. BTC is currently down by a mere 0.21%. At press time, the token was trading at $3,996 with a market cap of $69.5 billion. The total 24-hour volume was recorded at $5.4 billion.

1-hour

BTCUSD 1-hour candlesticks | Source: tradingview

BTCUSD 1-hour candlesticks | Source: tradingview

The one-hour timeline of BTC shows a steep downtrend from $4,158 to $3,975. Moreover, there are two supports that have kept the price from hitting rock bottom, i.e., $3,933 and $3,777. At present, a trend breakout is not expected as the prices are yet to reach concentration.

The Bollinger Bands are not depicting an increased volatility in the market but are still predicting a continued high volatility for BTC.

The RSI is bullish on the cryptocurrency as the reading line tends to travel north. However, this stance cannot be confirmed as the indicator has turned its head to follow a downward path.

The MACD made a bullish crossover as well and is fairly positive on Bitcoin. Unlike RSI, MACD is confident with its bullish prediction as the reading line approaches upward.

1-day

BTCUSD 1-day candlesticks | Source: tradingview

BTCUSD 1-day candlesticks | Source: tradingview

In the one-day scenario of the Bitcoin candlesticks, there are two major downtrends since July, one from $8,388 to $6,494 and the other from $6,251 to $4,106. Meanwhile, the support is set at $3,716. Furthermore, the latter downtrend is forming a descending triangle with the support line to depict a strong bearish market for the cryptocurrency. A trend breakout may be upcoming as the concentration in the price increases.

The Aroon Indicator is showing a weakened uptrend, although the downtrend is also weakening after showing much strength in an earlier scenario. The indicator is currently bearish on the BTC market.

The Awesome Oscillator is also bearish on the coins as the bar is red.

The Chaikin Money Flow is in the bear-zone but plans to move up and ahead as indicated by the reading line. The indicator has not confirmed its bearish stance as it has taken an upward approach.

Conclusion

In the technical analysis, while the short-term indicators are bullish on the token, the one-day indicators seem to disapprove. The Bollinger Bands are also indicative of some volatility in the market. Hence, it is concluded that BTC might not be out of the bear-zone yet, but might see glimpses of green every now and then.

The post Bitcoin [BTC/USD] Technical Analysis: Investor sentiment drops as market bleeds red appeared first on AMBCrypto.