Bitcoin [BTC/USD] Price Analysis: Cryptocurrency fails to capitalize $4,000 breach as prices fluctuate negatively

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Bitcoin [BTC]’s resurgence above the $4,000-mark made headlines across the cryptosphere, with many proponents of the space speculating its escape from the bear’s territory. Bitcoin’s rise has not resulted in an equal increase among other cryptocurrencies though as Ethereum [ETH], XRP and Tron [TRX] are still struggling to increase their prices as well as market cap.

1-hour:

Source: Trading View

The one-hour chart of Bitcoin displayed an uptrend which was the main reason for the price increase from $3,853.42 to $3,971.36. The short-term support was at $3,832.4, while the resistance held at $4,012.91.

The Relative Strength Index fell from the overbought zone, which meant that the buying pressure was losing the race to the selling pressure.

The amplitude of the Awesome Oscillator was comparatively lower than the earlier time period, a sign of the reduced market momentum in the Bitcoin market.

The MACD indicator showed the signal line and the MACD line meeting at the same point after a bearish crossover. The MACD histogram was almost negligible.

1-day:

Source: Trading View

Source: Trading View

Bitcoin’s one-day graph painted a picture opposite to that of the one-hour graph as the downtrend lowered the price from $6,309.50 to $4,022. The long-term support was at $3,166.52.

The Parabolic SAR was above the price candles at the time of writing, which meant that Bitcoin was still stuck in the bear’s territory.

The Chaikin Money Flow indicator was above the zero-line as the capital coming into the market was more than the capital leaving the market.

Conclusion:

The above-mentioned indicators stated that Bitcoin has not enjoyed any bullish gains after breaching the $4,000-mark. The charts also pointed at the fact that the bear’s hold on the market would continue.


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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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