The current Bitcoin price of at the time of writing was $6,435.22, with a market cap of $111 billion. The 24-hour volume was at $4 billion and a rather bearish 24-hour change at -0.39%
1 Day Chart – Technical Analysis of Bitcoin Price
The last high was seen in May at $9799.99, it was a very steep ride for Bitcoin price from that point to the current price $6,435.22. There is a clear downtrend visible in the above-mentioned ranges.
There is an initial support is formed at $6146.01 due to the recent slippage formed on October 11. If Bitcoin ever falls below the first support, there is still hope as there is another support formed at $5850.
Bitcoin price will face an initial resistance if it ever decides to go on a massive bull run at $6750, a post which there is an interim resistance formed at $7360. Another long-term resistance at $8390.04 is formed due to the spike in prices formed on July 25
Indicators Used To Analyze
1. Bollinger Band:
The squeeze is already underway, which means that an expansion is imminent. Although the squeeze indicates that the volatility in the market has reduced. There are red candles forming above the moving averages indicating that the bullish move is continuing, but slowly receding.
The Relative Strength Index, as seen in the chart is exactly at the 50 line indicating a rather neutral market with a balance of buying and selling pressure.
1 Hour Chart
The one-hour chart shows quite a bullish move happening. The trend is seen to span within the range of $6221.37 to $6373.49. There is a small downtrend in the range of $6439.9 to $6407.13, indicating a slightly bearish move happening in the short time-frame.
Initially, there is a support form at $6373.49, if the price ever breaks this line there is another support at $6324.01.
A new resistance forms at $6439.99 which broke the old support forms at $6434.86.
The MACD line is very close to the signal line trying to cross over it, if that happens it will be a bullish run. But at the moment, the MACD line is still below the signal line indicating a bearish presence.
The MACD histogram also shows red bars forming below the zero line indicating yet again a bearish pressure.
The Stochastic as seen in the chart indicates a bearish pressure happening. As the Stochastic line has clearly crossed over the signal line and is heading towards the bottom.