News

Bitcoin Price and Technical Analysis

Bitcoin prices have been suffering massive price drops ever since it fell down the $6500 range and it seems like the prices have been stuck ranging between $3500 to $4500.

Current price: $3750.86

Market Cap: $65.248 billion

Trade Volume: $6.49 billion

1 Day Bitcoin Price Analysis

1 day bitcoin price analysis

  • Uptrend

The uptrend is not to be seen since the prices for Bitcoin is dipping continuously and shows no signs of upward momentum.

  • Downtrend

The downtrend for Bitcoin in the one-day timeframe for Bitcoin ranges from $8390 to $3936.

  • Support

The support in the longer time frame, i.e.,  one-day timeframe seems to have disappeared.

  • Resistance

Two resistance points can be seen that ranges from $7359 to $6750. The rest of the chart shows nothing but brutal dips by Bitcoin.

Indicators

  • Bollinger Band

The Bollinger Bands experienced a squeeze and have since been on an expansion, which shows induction of volatility in the market. The prices have hit the lower band indicating an oversold market.

  • Awesome Oscillator

The Awesome Oscillator shows a bearish momentum increasing as the red spikes are increasing without stop.

1 Hour Bitcoin Price Analysis

  • Uptrend

The uptrend for Bitcoin has vanished from the horizon as the downtrend progresses and the prices dip further down.

  • Downtrend

The downtrend for Bitcoin ranges from $5495to $3725, which is further down than it was on November 26.

  • Support

The support for Bitcoin is holding steady at $3603, even though the prices bounced off of this point twice in the last two days.

  • Resistance

Initial resistance can be seen set up at $4047, a post which the resistance point can be seen at $4583.

Indicators

  • Parabolic SAR

The SAR dots can be seen supporting the price of candles from below which indicate a clear bullish trend or presence in the market for Bitcoin.

  • Relative Strength Index

The RSI has recovered from wandering in the oversold zone and hanging in between the 50 and the 40 line.

What do you think about the price fluctuations bitcoin is imitating? Share your thoughts with us via Twitter and Telegram

Tags
Show More

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close