Bitcoin [BTC] Price Analysis: Coin rescued by the bull as market fall stalls

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The cryptocurrency market took most major coins on a rough ride over the past few days. Bitcoin, the largest cryptocurrency in the market also suffered. However, the coin managed to maintain its bullish trend even in the overwhelming bear’s market.

At press time, the coin was valued at $3,858.56 with a market cap of $67.7 billion. The coin noted a 24-hour trading volume of $7.7 billion while noting a minimal growth of 0.21% over the past 24 hours. The coin reported a fall of 2.42% in the last seven days while noting a meager growth by 0.06% over the past hour.

1-hour

Source: TradingView

The one hour chart for BTC noted an uptrend from $3,931.38 to $4,162.51, followed by a steeper downtrend from $4,163.08 to $3,807.50. The coin drew resistance at $3,860 and support at $3,734.23.

The mouth of the Bollinger Bands appears to have converged, indicating reduced market volatility.

Awesome Oscillator marked a weakened bullish momentum.

Chaikin Money Flow, on the other hand, reported a bearish trend as the marker was under the zero line.

1-day

Source: Trading view

Source: TradingView

According to the one day chart for the coin, a downtrend was marked from $7,359.99 to $4,110. The coin noted a minimal uptrend from $3,184.28 to $3,734.23 while noting resistance at $4,110 and support at $3,358.99.

Parabolic SAR pointed towards a bullish market as the markers were aligned under the candlesticks.

MACD line was over the signal line, marking a bullish market. However, a crossover is imminent, suggesting that the bears may soon take over.

Relative Strength Index indicated that the buying and the selling pressures evened each other out.

Conclusion

According to most indicators from the one hour and one day chart such as the Bollinger Bands, Awesome Oscillator, Parabolic SAR and MACD, a bullish trend was forecasted. However, an imminent crossover suggested by the MACD could provide some respite for the bear.


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Namrata Shukla

Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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