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Bitcoin [BTC/USD] Technical Analysis: Bears crash the Bitcoin bus into their pits

Bitcoin, the world’s largest cryptocurrency by market cap, has been suffering the grizzly attacks ever since the start of 2018. The prices have taken a massive hit as the year comes to an end.

The price of BTC at the time of writing was $3,896 with a market cap of $67.83 Billion and the 24-hour trading volume at $4.8 billion.

1-hour

Source: Trading View

Bitcoin has been suffering through a bear massacre ever since it fell down the $6,500 support. The uptrend for Bitcoin fades with each coming day and it currently extends from $3,676 to $3,832, while the downtrend is gaining more prominence as it ranges from $5,111 to $3,906. The prices for Bitcoin in the shorter time frame is being supported by at the $3,605 which was tested two to five times in the last week of November. The resistance points are seen hanging at $3,605, $4,345 and $4,750.

The Aroon indicator shows a fully strengthened downtrend as the Aroon downline has hit the 100 line. The uptrend as indicated by the Aroon green line is at the bottom, meaning the uptrend for Bitcoin has waned.

The Chaikin Money Flow indicator shows that the CMF line has bounced off the zero line and is heading down, which means that the money flowing out of the Bitcoin market is more than the money inflow.

The Relative Strenght Index as indicated in the chart is hanging between the 50 and 25 line, which is the slightly overbought zone for Bitcoin.

1-day

Source: Trading View

The downtrend of Bitcoin in the one-day time frame ranges from $9,799 to $4,102, with a non-existent uptrend. The long-term important support point for Bitcoin is at  $3,731 and resistance points at $7,359, $9,390, and $9,799.

The Bollinger Bands for Bitcoin are in an expanded state and the prices have decided to fall below the simple moving average and into the oversold zone, even in the one-day time frame.

The MACD indicator shows the MACD line crossing over the signal line to the top which is a bullish crossover.

The Stochastic indicator is showing the same results as the MACD indicator and is undergoing a bullish crossover.

Conclusion

The CMF, RSI and the Aroon indicators all show a bearish presence in the market for Bitcoin, especially in the shorter time frame. With the exception of Bollinger Bands, all the other indicators in the one-day time-frame show a bullish presence.

The post Bitcoin [BTC/USD] Technical Analysis: Bears crash the Bitcoin bus into their pits appeared first on AMBCrypto.



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