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Bitcoin [BTC/USD] Price Analysis: War between bulls and bears rages on


Bitcoin [BTC] is trying to catch up with the pump that is pushing the altcoins up the cryptocurrency ladder. The 24-hour change for Bitcoin at press time was a bare 0.67%.

The price of Bitcoin was $3,925 and the market cap was at $68 billion. The 24-hour trading volume had fallen to $9.2 billion, which was a reduction of $800 million compared to yesterday’s statistics.

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1-hour

Source: TradingView

The one-hour chart showed a strong downtrend that extended from $4,163 to $3,886, while a small uptrend ranged from $3,745 to $3,848. Bitcoin bounced off the support at $3,696 and breached the resistance at $3,848 recently.

The Parabolic SAR markers indicated a possible reversal as the markers were formed above the price candles. This pointed towards a bearish market.

The MACD indicator showed the MACD and the signal line were getting closer to each other, indicating a possible bullish crossover in the near future.

The Relative Strength Indicator showed a recuperating RSI line heading to breach the 60-line, towards the overbought zone. This indicated a momentum shift in the buyers’ favour.

1-day

Source: TradingView

The BTC price candles on the one-day chart showed a downtrend extending from $9,800 to $3,857, with no uptrend in sight. The prices were supported at $3,189, and the immediate resistance was at $4,111. The subsequent resistance was found at $7,641.

The Aroon indicator showed a collapsing Aroon green line, indicating an exhaustion of the uptrend. The Aroon red line tried to head towards the 100-line, but exhausted midway.

The Stochastic RSI indicated a bullish crossover, as it was recovering from the oversold zone.

The Chaikin Money Flow was just above the zero-line and indicated that money was flowing into the BTC market. However, the inflow of money was quite low to be significant.

Conclusion

The one-hour chart showed fairly bullish pressure for the coin, and was confirmed by the RSI, MACD, and SAR indicators. The one-day chart showed a slightly bullish trend for BTC as indicated by Aroon, Stochastic RSI, and CMF.


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