Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency stumbles haphazardly on the bearish line

The cryptocurrency market has not received any bullish reprieve over the past few weeks, with downtrends being the main cause for concern. This price crash has been reflected by multiple cryptocurrencies on the charts, some even showing similar movements. Bitcoin [BTC], the largest cryptocurrency on the planet, has had a disappointing January, with the instances of the price being over $4,000 being very rare.

1-hour:

The one-hour chart for Bitcoin shows a predominant sideways movement, with the last major trend change being the downtrend. The downtrend brought the prices down from $3,827.9 to $3,652 while the support has been holding at $3,563.6. The immediate resistance for Bitcoin is at $3,827.9.

The Chaikin Money Flow indicator is right at the zero-line after a massive surge to the top of the graph. This is an indication of the capital coming into the market rising and falling after a time period.

The Awesome Oscillator shows a slight spike on the graph, which points to an increase in market momentum after a lull.

1-day:

Bitcoin’s one-day graph shows an even steeper downtrend, coinciding with the significant drop in value. The downtrend resulted in the price falling to $3,809 while the support is at $3,270.

The Relative Strength Index is near the oversold zone, a sign of the selling pressure being more than the buying pressure.

The Bollinger bands do not indicate any massive outbreaks as the upper band and the lower band are both moving in a parallel fashion.

Conclusion:

The above-mentioned indicators do not paint a good picture for Bitcoin as the bear’s reign seems likely to continue. The CMF, AO, RSI and the Bollinger bands state that the current sideways movement will continue sprinkled with bearish drops.

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