Bitcoin [BTC] Technical Analysis: Bear drags the coin through mud

Bitcoin [BTC] Technical Analysis: Bear drags the coin through mud

The cryptocurrency market has been bleeding for the past few days and many coins which reigned the market during the bullish phase have fallen prey to the bear. Bitcoin [BTC], the kingpin, is one of the coins which has suffered the burn of the bearish market.

At the time of press, BTC was valued at $3,662.5, with a market cap of $64 billion. The coin registered a 24-hour trade volume of $5 billion, with a miniscual growth of 0.01% over the past day. The coin shows an overall dip of 5.48% over the past week. The coin has been falling and the 24-hour fall of the coin is 0.87%.

1-hour

Source: Trading View

Source: Trading View

According to the one-hour chart of the coin, an uptrend was noted $3,787 to $3,990.01. The downward slope was observed from $4,025.69 to $3,621.55. The coin registered resistance at $3,656.23 and support was noted at $3,608.99.

Awesome Oscillator marks a bearish trend losing the momentum.

Bollinger Bands appear to be at a converging point, indicating reduced volatility in the market. The moving average line is over the candlesticks, marking a bearish reign in the market.

Chaikin Money Flow also points toward a bearish trend in the market as the marker is below zero.

1-day

Source: Trading View

Source: Trading View

The one-day chart of the coin reports a massive downtrend in the value of the coin from $6,258.74 to $3,380.01. The coin registered only a miniscual rise from $3,184.28 to $3,799.99. The coin noted an immediate resistance at $4,075.33, whereas coin was offered strong support at $3,183.01.

Parabolic SAR points towards a bearish market as the markers align above the candlesticks.

MACD line is under the signal line, pointing towards the awakening of the bear.

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

Conclusion

As per the indicators, Awesome Oscillator, Chaikin Money Flow, Bollinger Bands, MACD, and PArabolic SAR, a bearish reign seems to be the future for the coin.

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