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Bitcoin [BTC/USD] Technical Analysis: Bears infest the world’s largest cryptocurrency again

Bitcoin has been stuck at $3,600 level ever since the drop in prices that occurred on January 10, 2019, 6:00 UTC. The prices may be in a consolidation stage. Bitcoin’s market cap is currently at $63 billion with 24-hour trade volume at $4.38 billion.

Majority of the trade volume, as usual, is being contributed by BitMEX via the trading pair BTC/USD. BitMEX contributes a total of $500 million of the total trade volume i.e., 9.28%.

1-hour

Source: TradingView

The one-hour chart shows an uptrend that extends from $3,238 to $3,611, while the downtrend extends from $4,205 to $3,623. The prices are holding just above the support at $3,578, while resistance range at $3,919-$3,944 and $4,203-$4,239 is to be tested yet again when and if Bitcoin prices decide to move up.

The Parabolic SAR markers show a bearish trend for Bitcoin in the one-hour time frame as they have spawned above the price candles.

The MACD indicator lines are eerily close to each other are trying to get above the zero-line.

The Awesome Oscillator shows that the bars are hanging below the zero-line, indicating a pressure of the bears. However, the green bars are transitioning into red, which indicates that the short-term momentum is trending faster than the long-term momentum.

1-day

Source: TradingView

The one-day chart shows a small uptrend that extends from $3,184 to $3,626, while the downtrend extends from $9,800 to $4,004. The long-term support can be seen hanging at $3,183 while the resistance points are seen at $7,359 subsequent resistance can be seen at $9,113.

The Bollinger Bands are in a squeeze, indicating that the volatility for Bitcoin markets has reduced. The prices have extended below the simple moving average, which indicates a bearish outlook.

The Aroon indicator shows that the downtrend has risen to the top indicating dominance of the downtrend as compared to the uptrend.

The RSI is heading down, which indicates that the momentum of the markets has tipped towards the sellers.

Conclusion

The one-hour chart is not looking good, as the indicators [Awesome Oscillator, MACD, and Parabolic SAR] indicate the infestation of bears. The one-day chart confirms the same trend as the one-day chart. The indicators, Bollinger Bands, Aroon, and the RSI all indicate a negative bearish trend for Bitcoin even in the larger time frame.

The post Bitcoin [BTC/USD] Technical Analysis: Bears infest the world’s largest cryptocurrency again appeared first on AMBCrypto.



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