Bitcoin [BTC/USD] Price Analysis: Coin maintains solidarity with the bull

Bitcoin [BTC], the largest coin on the CoinMarketcap list has been suffering through the longest bear market in its history. The coin that once made people rich, has now turned many against it.

At the time of press, BTC was valued at $3,459.64 with the market cap of $60.6 billion. The coin registered 24-hour trade volume of $5.4 billion while registering a fall of 0.24% over the past day. The coin marked the growth of 0.79% over the past seven days while noting the growth of 0.03% over the past hour.

1-hour

Source: Trading view

The one hour chart of BTC marked an uptrend from $3,407.84 to $3,463. The coin noted another significant uptrend from $3,379.56 to $3,402.02 while falling from $3,468.43 to $3,416.89. The coin marked drew resistance at $3,418.71 and support at $3,402.01. The coin also marked another support at $3399.12.

Awesome Oscillator indicates a weakened bullish run.

Bollinger Bands appear to be converging, reducing the market volatility. The moving average line is under the candlesticks, marking a bullish trend.

Chaikin Money Flow indicates a bullish trend for the coin, as the marker is above zero.

1-day

Bitcoin [BTC/USD] Price Analysis: Coin maintains solidarity with the bull

Source: Trading view

The one day chart of the coin marks steep downtrend from $6,146.01 to $3,380.01, another downtrend was marked from $5,560 to $3,468.43. The chart did not mark any significant uptrend. The resistance was marked at $4,035.21 and support at $3,184.28.

MACD line is under the signal line marking a bear market.

Parabolic SAR also points towards a bearish market as the markers have aligned above the candlesticks.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion

As per the majority of the indicators, Awesome Oscillator, Bollinger Bands, and Chaikin Money Flow predict a bullish market. However, MACD and Parabolic SAR forecast a bear’s reign.

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