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Bitcoin [BTC] Technical Analysis: Bitcoin falls under the bear’s spell


The cryptocurrency market looks to be recovering as of January 18, at the time of press. Most major coins were under the bear’s attack for the past few days, and have been performing poorly. Bitcoin [BTC], the largest cryptocurrency, was under the bear’s attack, but is slowly recovering.

At the time of press, the coin was valued at $3,664.57, with a market cap of $64 billion. The coin registered a 24-hour trade volume of $5 billion and made a recovery of 0.79% over the past 24 hours. The coin’s performance over the past week has taken a dip by 0.46%, while it is still trying to make a stable comeback by 0.03% in the past hour.

Source: Trading View

Source: Trading View

1-hour

According to the one-hour chart of the coin, BTC noted a downtrend from $3,620.14 to $3,505.91, followed by an uptrend from $3,498.73 to $3,571.01. The uptrend further continued from $3,584.05 to $3,565.16. The coin marked a resistance at $3,640.64 whereas an immediate support was visible at $3,584.05 and at $3,565.16.

MACD line appears to be under the signal line while undergoing a crossover, hinting towards a bearish market. However, there are chances for a trend reversal as the lines still appear to be tangled.

Parabolic SAR points towards a bullish market as the markers have aligned under the candlesticks.

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

1-day 

Source: Trading View

Source: Trading View

The one-day chart of the coin indicates a massive downtrend from $6,195.01 to $3,227.96, which was followed by an uptrend. The uptrend observed on the chart was from $3,194.99 to $3,626.12. The immediate resistance marked by the coin was at $4,004.13, and another resistance was marked at $5,560. There was a support at $3,514.24, followed by another support at $3,184.28.

Bollinger Bands appear to be converging, reducing the volatility in the market. The moving average line is above the candlesticks, marking a bearish market.

Awesome Oscillator indicates a bullish market gaining momentum.

Chaikin Money Flow also indicates a bearish market, however, the marker points towards zero and might mark a trend reversal.

Conclusion

As per the indicators Awesome Oscillators, Parabolic SAR a bullish trend is underway, however, other indicators, Bollinger Bands, Chaikin Money Flow and MACD forecast the coin is tangled in the bear’s trap.

Source. ambcrypto

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