Bitcoin Technical Analysis- Are You Looking To Bet On Bitcoin?

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.

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Current price: $4171

Market Cap: $72.57 billion

Trade Volume: $6.97 billion

Bitcoin Price Analysis Report For 1 Day

• Uptrend

The uptrend is a thing of the past as the prices have dipped for a very long time. The uptrend is still unavailable even though Bitcoin rallied above 10%.

• Downtrend

The downtrend for Bitcoin in the one-day timeframe for Bitcoin ranges from $9799 to $4225.

• Support

The support in the longer time frame, i.e., the one-day time frame can be seen at $3731.

• Resistance
  

Resistance points can be seen at $9799, $7359 to $6750. The rest of the chart shows nothing but brutal dips by Bitcoin.

Indicators That Results In Bitcoin Fluctuations

• Bollinger Band

The Bollinger Bands experienced a short squeeze and have since been on an expansion, which shows massive induction of volatility in the market. The prices are trying to get to the middle of the simple moving average.

• Awesome Oscillator

The Awesome Oscillator shows that the price of Bitcoin is increasing as the red bands have transformed into green bands.

Bitcoin Price Analysis Report For 1 Hour

• Uptrend

Yesterday’s rally caused the uptrend for Bitcoin ranges from $3847 to $4120.

• Downtrend

The downtrend for Bitcoin ranges from $5495 to $4220. The downtrend in the one-hour chart seems to have been decreasing in strength.

• 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 $4345, which was breached by yesterday’s candle’s wicks. But the resistance point can at $4583 is safe.

Indicators That Results In Bitcoin Fluctuations

• Parabolic SAR

the SAR dots can be seen pushing the price candles from above which indicates a clear bearish trend or presence in the market for Bitcoin.

• Chaikin Money Flow

The CMF indicator is well above the zero line which indicates that the money incoming is far greater than the money outflow in the Bitcoin market.

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