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Bitcoin [BTC] Price Analysis: Bears lying in wait as bulls march on


Bitcoin, the largest cryptocurrency in the world, was affected by the recent tussle between the bull and the bear. However, BTC did not see any major changes in its price.

At press time, BTC was valued at $3,925.10 with a market cap of $68.9 billion. The coin noted a 24-hour trading volume of $9.4 billion as it registered a minimal growth of 0.18% within the past hour. BTC soared by 1.62% over the past seven days.

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1-hour

Source: Trading view

Source: TradingView

The one-hour chart for the coin traced a downtrend from $3,806.17 to $3,694.44, followed by an uptrend from $3,693.64 to $3,856.57. The coin drew resistance at $3,884.49 and support at $3,844.32.

Bollinger Bands were converging, indicating reduced market volatility. The moving average line was under the candlesticks and marked a bullish market.

Awesome Oscillator pointed towards a weakened bullish trend.

Chaikin Money Flow also indicated a bull’s market as the marker line was above zero.

1-day

Source: Trading view

Source: TradingView

The one-day chart for the coin noted a massive downtrend from $6,511.88 to $3,891. The uptrend recorded was minimal from $3,184.28 to $3,700.02. BTC noted resistance at $4,110 and support at $3,700.02.

Parabolic SAR marked a bearish market as the markers were aligned above the candles.

MACD line was under the signal line, pointing to a bearish market for the coin.

Relative Strength Index indicated that the buying and selling pressures were evened out in the market.

Conclusion

According to a majority of the indicators, including Bollinger Bands, Awesome Oscillator, and Chaikin Money Flow, a bullish reign was forecasted for Bitcoin. However, the other two indicators pointed towards an imminent bear market.


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