Bitcoin [BTC] Price Analysis: Bulls claim back territory in a long, dreaded bear market
The cryptocurrency market had been in the bear’s reign for long enough to make the market vermillion, however, the end of the week got great joy as the coins soared and rode a bullish high. Bitcoin [BTC], which had been falling for the longest time, also noted a significant growth.
At the time of press, the Bitcoin was valued at $3,647.67, with a market cap of $63.9 billion. The coin registered a 24-hour trade volume of $6.4 billion while registering a growth of 5.28% over the week. The coin has been falling by 0.48% over the past day and continued to fall by 0.19% over the past hour.
Source: Trading view
According to BTC’s one-hour chart, the coin reported a downtrend from $3,428.41 to $3,366.96, followed by an uptrend from $3,356.22 to $3,586.67. The coin drew resistance at $3,648.85 and a support at $3,585.60.
Bollinger Bands appear to be converging, decreasing market volatility. The moving average line is over the candles, indicating a bearish trend.
Awesome Oscillator also indicated a weakened bearish momentum.
Chaikin Money Flow, on the other hand, indicates a bullish market as the marker line is above the zero-mark.
Source: Trading view
According to the one-day chart of the coin, a downtrend is traced from $6,188 to $3,195.71, after which an uptrend was noted from $3,194.99 to $3,358.99. The coin marked an immediate resistance at $4,040.98 and another resistance at $4,075.33. The coin observed strong support at $3,358.99 and another resistance at $3,184.28.
Parabolic SAR points towards a bullish trend as the markers have aligned themselves under the candles.
MACD line is over the signal line, marking a bullish trend.
Relative Strength Index indicates that the buying and the selling pressures are evening each other out.
As per a majority of the indicators, Chaikin Money Flow, Parabolic SAR, and MACD, a bullish market is forecast. However, Bollinger Bands and Awesome Oscillator are predicting a bearish market taking over.
Source: Read Full Article