Bitcoin [BTC/USD] Price Analysis: Coin’s short-term gains fail to dent long-term scenario

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The sideways price movement of the market changed slightly with some cryptocurrencies witnessing sporadic bullish gains. The big-league cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP only saw slight gains, while several altcoins witnessed double-digit gains and increases in market caps and market volumes.

1-hour:

Source: Trading View

The one-hour chart of Bitcoin showed a significant uptrend that lifted the price from $3,852.92 to $3,972.16. The long-term support held at $3,807, while the resistance was at $4,039.83.

The Bollinger Bands started flattening after the upper band and the lower band diverged earlier due to the price jump. There was also a notable increase in the size of the Bollinger clouds.

The Parabolic SAR was below the price candles, which was a bullish sign. Over the past few days, the markers predominantly showed a bullish sign.

The Chaikin Money Flow indicator was just above the zero-line, which meant that the capital coming into the market was more than the capital leaving the market.

1-day:

Source: Trading View

Source: Trading View

Bitcoin’s one-day chart painted a different picture as the downtrend resulted in the price falling from $6,286.80 to $4,029.62. The long-term support was at $3,169.73.

The MACD indicator showed the signal line and the MACD line moving together after undergoing a bearish crossover. The MACD histogram was almost negligible.

The Relative Strength Index was close to the overbought zone, which meant that the buying pressure was significantly higher than the selling pressure.

The Awesome Oscillator displayed a slight lull due to the fall in the Bitcoin’s market momentum. The last major increase in momentum was in December.

Conclusion:

The above-mentioned indicators clearly stated that Bitcoin’s slight bullish run in the short-term had almost no impact on the long term.


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Akash Anand

Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

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