Bitcoin [BTC] Technical Analysis: Bear still in the driving seat as cryptocurrency struggles to climb

Bitcoin [BTC] has been caught between the bull and the bear over the course of the New Year as the prices show an up-down movement. The world’s largest cryptocurrency’s pattern on the charts has also been reflected by the other cryptocurrencies, with the market bleeding red at the moment. Even though 2019 opened to a green spread, the situation right now is nothing short of tumultuous.

1-hour

The one-hour chart shows the cryptocurrency taking a dive in terms of prices as the downtrend remains prevalent. The price drop brought the prices down from $4,030.81 to $3,660.97. The immediate short term support is at $3,501.11 while the resistance is holding at $4,068.99.

The MACD indicator has taken the pattern of a low amplitude sinusoidal graph as the signal line and the MACD line moves in a conjoined manner. The MACD histogram shows a predominantly bearish pattern.

The Relative Strength Index has fallen to the brink of the oversold zone after staying up near the overbought zone. The hold near the bottom of the graph shows that the selling pressure is much higher than the buying pressure due to a change in investor sentiments.

1-day

Bitcoin’s one-day graph shows a similar pattern to that of the one-hour graph, a dominant downtrend followed by a slight bullish spike. The downtrend was responsible for the prices to fall from $6,266.51 to  $4,020.38 while the uptrend lifted the price from $3,184.61 to $3,689.55. The immediate support on the one-day graph is at $3,167.20.

The Chaikin Money Flow indicator is still below the zero line as the cryptocurrency struggles hard to punch above it. Being below the zero line is a sign of the capital leaving the market being more than the capital coming into the market.

The Awesome Oscillator points at an almost negligible movement after a massive movement back in December. The lull in the AO is also representative of the reduced market momentum.

Conclusion

The above-mentioned indicators point to a continued sideways movement, with sporadic bullish rises in between. As January crosses the mid-month mark, investors and users hope that the bull takes over the steering wheel from the bear.

The post Bitcoin [BTC] Technical Analysis: Bear still in the driving seat as cryptocurrency struggles to climb appeared first on AMBCrypto.