Bitcoin, the largest cryptocurrency saw a significant crash of approximately 15% over the past few days. The prices have since consolidated and are moving sideways. At press time, Bitcoin was trading at $3,797, while the market cap was $67 billion.
The 24-hour trading volume of BTC was at $8.7 billion and most of the trading volume for BTC comes from BitMEX from trading the BTC/USD trading pair.
The downtrend for BTC in the one-hour time frame extended from $3,773 to $3,572 with no uptrend in sight. Bitcoin long crossed the support lines at $3,577 and was below the resistance line at $4,043.
The Parabolic SAR markers for BTC were aligned above the price candles, indicating bearish pressure to the prices.
The MACD indicator showed that the MACD line and the Signal line were intertwined. They also indicated an imminent bearish crossover.
The Relative Strength Index indicated an RSI line that was just below the 50-line. This indicated that the momentum for BTC prices was in control of the sellers.
The downtrend for Bitcoin in the one-day chart extended from $9,800 to $4,212 while there was a clear uptrend yet to be formed. The prices were rebounding between the support at $3,189 and resistance at $4,212. The subsequent resistance point was found at $7,641.
The Aroon indicator showed a slowly declining Aroon green line which indicated the uptrend for Bitcoin.
The Stochastic indicator showed a bearish crossover to the bottom as both the Stochastic line and the signal line were heading to the bottom.
The Chaikin Money Flow indicated that the circulation of money both into and out of the market was equal, showing that the buying pressure was equal to the selling pressure.
The one-hour chart indicated a bearish pressure for Bitcoin in the short-term, as confirmed by the SAR, MACD, and the RSI. The Aroon, Stochastic and the Chaikin Money Flow indicators showed a rather neutral trend for Bitcoin prices in the one-day/longer time frame scenarios.
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.