Bitcoin [BTC/USD] Technical Analysis: Token wary of bear attack as sideways movement begins

The cryptocurrency market’s sudden bullish trend has certainly had a positive impact on investor sentiment as the prices have started climbing. Popular cryptocurrencies like Bitcoin [BTC], Ethereum and XRP have all seen a green spread while at the same time, the trend has had a drip down effect on the rest of the market. Looking at the charts, it becomes apparent that Bitcoin is trying to break its current resistance and go back to its glory days.

1-hour:

Source: TradingView

Source: TradingView

The one-hour graph for Bitcoin shows a significant uptrend that has boosted investor sentiments. The uptrend lifted the price from $3,355.47 to $3,575.81. The support has been holding at $3,354.25 while the immediate resistance has been lifted to $3,667.11.

The Chaikin Money Flow indicator is just below the zero-line after being above it for more than two days. The hold below the zero-line is an indication of the capital coming into the market being lesser than the capital leaving the market.

The Parabolic SAR has been predominantly bearish with a majority of the markers staying above the price candles.

1-day:

Source: TradingView

Source: TradingView

Bitcoin’s one-day graph paints a different picture to that of the one-hour graph, with massive downtrend playing the lead role. The downtrend resulted in the prices dropping from $6,304.59 to $3,616.87. The support at the moment is holding at $3,159.39.

The Relative Strength Index has risen a little to be nearer to the overbought zone after which it has settled. This is a sign of the buying pressure being more than the selling pressure.

The Awesome Oscillator shows a lack of any movement which is indicative of a severe lack in the Bitcoin market’s momentum.

Conclusion:

The above-mentioned indicators have all taken the side of the bear with the bull’s run being hampered from going any further. Users and investors of Bitcoin are still rallying behind the cryptocurrency in hopes of a continued bullish ascend in the future.

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