Bitcoin’s [BTC] efforts to breach the $4000 threshold have been a struggle, as evidenced by the coin’s continued sideways movement. Other cryptocurrencies like Ethereum [ETH] and XRP were not immune to the price crunch either, with these coins witnessing a drop in market cap and market volume as well.
The one-hour chart for Bitcoin showed positive growth for the largest cryptocurrency, as shown by the uptrend that lifted the price from $3693.82 to $3867.31. The support was holding at $3686.92, while the resistance held at $3930.50.
The Parabolic SAR stayed below the price candles, suggesting bullish signs for the coin. In an overall spectrum, the markers switched between the top and bottom of the candles.
The Relative Strength Index was closer to the overbought zone than the oversold zone, indicating an increase in the buying pressure over selling pressure.
The MACD indicator moved as a conjoined pair due to sideways price movement. The MACD indicator was a mix of both bearish and bullish signals.
Bitcoin’s one day chart painted a picture opposite to that of the one-hour chart. The downtrend lowered the price from $6258.11 to $3895.96, while the long term support for the coin was found at $3125.15.
The Bollinger bands diverged slightly, indicating a bearish price breakout in the long term. The size of the Bollinger clouds in 2019 did not suggest any major price changes.
The Chaikin Money Flow indicator was above the zero line, indicating that the capital coming into the market was more than the capital leaving the market.
The Awesome Oscillator was in a lull owing to the heavily decreased market momentum in the Bitcoin ecosystem.
The above-mentioned indicators suggested that Bitcoin’s short-term bullishness won’t be enough to overcome the bearish market in the long run.
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