Bitcoin [BTC/USD] Technical Analysis: Market trend remains unchanged as bear takes the throne

Bitcoin [BTC]’s sideways movement has been an event branded by a lot of officials and professionals as a prequel to a raise to the top. The cryptocurrency market has reflected this behavior too, with the prices staying in the green sometimes and red during others.

1-hour:

Bitcoin 1-hour chart | Source: Tradingview

Bitcoin 1-hour chart | Source: Tradingview

Bitcoin’s one-hour graph has seen more significant downtrends than uptrends. The latest downtrend brought the price down from $3,767.7 to $3,584.8. The support has been holding at $3,563.6 while the immediate resistance is at $3,826.1.

The Chaikin Money Flow indicator has just spiked to the zero-line after staying below it. This is indicative of an increase in the capital coming into the market compared to the capital leaving the market.

The Awesome Oscillator shows an increase in the graph. The increase also points to the fact that the market momentum has increased significantly.

1-day:

Bitcoin 1-day chart | Source: Tradingview

Bitcoin 1-day chart | Source: Tradingview

The one-day graph for Bitcoin does not paint a better picture for the cryptocurrency, with the ongoing downtrend gaining predominance. The support has been holding at $3,263 while the downtrend resulted in the price falling from $6,467 to $3,777.7.

The Relative Strength Index shows the cryptocurrency falling to the depths of the oversold zone, a trend that has lasted for more than two months. The hold near the oversold zone is a sign of the selling pressure being more than the buying pressure.

The MACD indicator has moved as a conjoined pair after the signal line and the MACD line underwent a bearish crossover. The MACD histogram has majorly shown a bearish trend.

Conclusion

Bitcoin’s bearish woes continue as the above-mentioned indicators all take the side of the bear. As January runs into its last week, the cryptocurrency market has seen more significant downtrends than uptrends. With the indicators pointing to a continued sideways movement facilitated by the bear, investors may still need to wait for more time for their fortunes to reverse.

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