Bitcoin [BTC] Technical Analysis: Coin bleeds as vultures lurk around

The cryptocurrency market battled the bear for a long time before observing growth on January 13. The market has witnessed new normalcy as the coin is rising and falling almost in a rhythmic pattern. Bitcoin [BTC] has been observing a bearish market ever since Ethereum [ETH] started to soar. The biggest coin in the major coin list, BTC has still not attained stability.

At the time of press, BTC was valued at $3,654.90 with a market cap of $6.3 billion. The 24-hour trade volume of the coin was registered to be $5.5 billion, with a dip of 1.31% over the past day. The coin was reported a growth of 0.09%, which is minuscule as compared to the dip is faced in the past seven days by 9.84%.

1-hour

Source: Trading view

Source: Trading view

The one-hour chart of the coin reports a downtrend of the coin from $3,779.88 to $3,622, after which it saw a sudden spike from $3,520 to $3,669.65. The coin immediately met with resistance at this point and started falling from $3,656.89 to $3,604.28 and is still seen falling and walking on a thread as strong support is offered at $3,498.73. The coin sees an immediate resistance at $3,635, and another resistance is noted at $3,658.77.

Bollinger Bands appear to be at a diverging point, increasing the volatility in the market. The moving average line is above the candlesticks pointing towards a bearish market.

Awesome Oscillator, on the other hand, indicates a bullish market losing momentum.

Chaikin Money Flow is above zero marking a bullish market. However, the marker might fall under zero soon.

1-day

Source: Trading View

Source: Trading View

As per the one-day chart of the coin, it registered a downtrend from $6,188 to $3,774.99, after which it registered an uptrend from $3,184.28 to $3,514.24. the coin marked resistance at $3,184.28 to $3,514.24

Parabolic SAR indicates a bearish market as the markers have aligned above the candlesticks.

MACD line is above the signal line, indicating a bearish market.

Relative Strength Index indicates that the buying and selling pressures are evening each other out.

Conclusion 

As per the indicators, Bollinger Bands, Parabolic SAR, and MACD predict a bearish market. Whereas, Awesome Oscillator and Chaikin Money Flow forecast a bullish run, which seems like a long shot at this point.

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