Bitcoin has been moving in a sideways trend and the price has been stuck trying to get above $3,400 for almost a week now. The current price of Bitcoin, at the time of writing, was $3,418 with $60 billion.
The 24-hour trade volume is at $5.1 billion and most of the trade volume comes from BitMEX exchange, which supports the trade of Bitcoin contracts.
The one-hour chart shows a downtrend that extends from $3,690 to $3,441 while there is no dominant uptrend as of yet. The support at $3,358 is holding steady while the resistance points at $3,577 and $3,498 are being constantly tested.
The Parabolic SAR markers show a downtrend that’s looming over Bitcoin prices as markers have spawned above the price candles.
The MACD indicator shows a bearish crossover as well since the MACD line has crossed over the signal line to the bottom.
The Awesome Oscillators show a bearish trend as the green bars have transitioned into red bars that are slowly decreasing in strength, denoting a decrease in upward momentum.
The one-day chart shows a downtrend that ranges from $9,800 to $3,531, while there’s no clear uptrend for the chart. The support at $3,178 is holding the prices currently upside, while the support at $4,090 has become a resistance after the prices breached below the said line on November 24, 2018.
The Bollinger Bands are in a squeezed position while the prices have dipped below the simple moving average, indicating a bear trend.
The Aroon indicator shows a downtrend that has reached the 100-line, indicating that the downtrend has become dominant.
The Chaikin Money Flow indicates that the money is flowing out of the market i.e., the sellers are dominating the buyers.
The one-hour chart shows a bearish trend just around the corner waiting to take a jump on the bulls which is clearly indicated by the SAR, MACD, AO indicators. The one-day i..e the longer time frame chart shows a bearish trend as well as indicated by the Bollinger Bands, Aroon, CMF indicators.
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