Bitcoin [BTC/USD] Technical Analysis: Market stagnates with arrival of first block’s 10-year anniversary

Bitcoin is celebrating its 10-year anniversary of the generation of its first block, called the Genesis Block today i.e., January 3, 2019, with prices trading at $3,888 and a 24-hour price change at 1.31%.

Proof-of-Keys is an event that is to take place today, and the community speculates that this could introduce liquidity into the market and propel prices upwards.

The 24-hour trading volume for Bitcoin shows $5 billion, of which, ~16% is contributed mainly by BitMex via the trading pair BTC/USD.

1-hour

Source: TradingView

Prices for Bitcoin have started their sideways consolidation trend between the $3,200 to $4,000 range yet again. The one-hour chart shows an uptrend that extends from $3,238 to $3,846, while the downtrend ranges from $4,200 to $3,894.

Bitcoin is being supported at immediate support point, $3,578 and the first immediate resistance point is seen in the range, $3,919 to $3,944, while the subsequent resistance is seen in the range $4,203 to $4,239.

Bollinger Bands show that the prices for Bitcoin are undergoing a squeeze and the prices are falling down, below the simple moving average indicating a sell-off.

The MACD indicator is undergoing a massive bearish crossover to the bottom, while the histogram also shows the same but more accurate depiction.

The Awesome Oscillator shows a decrease in the height of red bars over the zero-line and a possible entry below the line, indicating a bearish crossover for Bitcoin.

1-day

Source: TradingView

The uptrend for Bitcoin in the one-day chart has finally extended enough to be seen in the longer time frames and it extends from $3,184 to $3,691. The downtrend extends from $9,800 to $3,890. The support in this time frame can be seen hanging at $3,183 while resistance points are seen at $7,359 and $8,385.

The Relative Strength Index has struck the 50-line, indicating that the prices are neither over-sold nor over-bought.

The Aroon indicator shows a steady decrease of the uptrend and also a failure of an increase in the strength of the downtrend.

The Chaikin Money Flow paints the same picture as the RSI as the CMF line is at the center indicating that the money influx into the Bitcoin market and the outflux are the same.

Conclusion

The one-hour chart for Bitcoin is showing a negative outlook in the first few days of the new year as indicated by Bollinger Bands, MACD, and AO indicators. The one-day chart shows a rather neutral stance for Bitcoin which is indicated by RSI, Aroon, and the CMF indicators.

The post Bitcoin [BTC/USD] Technical Analysis: Market stagnates with arrival of first block’s 10-year anniversary appeared first on AMBCrypto.