Bitcoin [BTC/USD] Technical Analysis: Bear continues to wreak havoc as cryptocurrency pushes through

The cryptocurrency market’s volatile behavior has been sporadic, to say the least with a majority of the top cryptocurrencies feeling the brunt of the bear right now. Bitcoin [BTC], which was expected to show up in 2019 remains below the $3500 mark after rampant bear attacks tore down supports and lowered resistance.

1 hour:

The one-hour chart for Bitcoin shows the sideways movement in full flow as the prices remain majorly unchanged. The support has been holding at $3358.65 while the immediate resistance is at $3619.67. The recent downtrend dropped the price from $3470.51 to $3418.57.

The Relative Strength Index is right in the middle of the graph which is a sign of the selling pressure and buying pressure being almost equal.

The Awesome Oscillator shows a gradual lull after a couple of days of a moderate change. This points to the fact that the market momentum of the cryptocurrency market has reduced.

1 day:

Bitcoin [BTC/USD] Technical Analysis: Bear continues to wreak havoc as cryptocurrency pushes through

Bitcoin’s one day graph shows a clear fall in prices as the value dropped from $6272.10 to $3470.26. The support has been holding at $318.42.

The Chaikin Money Flow indicator is right above the zero line which states that the capital coming into the market is higher than the capital leaving the market.

The MACD indicator shows a bearish indicator as the MACD line and the signal line have both started moving as a conjoined pair. The MACD histogram which had taken a bullish turn recently is almost negligible now.

Conclusion:

The longest bear run in the history of Bitcoin has certainly taken some shine off the largest cryptocurrency on the planet as the price has crumbled more than expected. The above-mentioned indicators all take the side of the bear which means that the bull run that investors and users expect to arrive soon will be delayed some more.

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