Bitcoin was trading a previous low of $4100, it didn’t stop there when it decided to dip to the further down to the $3000 range yesterday (November 25). However, Bitcoin has been on a downtrend ever since its peak in December 2017.
Meanwhile, on a 24-hour time frame Bitcoin seems to have gained by a massive 6.89% while on the 7-day, which is a much larger time-frame, Bitcoin has declined by 27.04%.
Current price: $3993.51
Market Cap: $69.462 billion
Trade Volume: $6.49 billion
1 Day Bitcoin Price Analysis
The uptrend is not to be seen since the prices for Bitcoin is dipping continuously and shows no signs of upward momentum.
The downtrend for Bitcoin in the one-day timeframe ranges from $8390 to $3936.
A support at $3775 is formed due to the recent dip on November 25.
Two resistance points can be seen that ranges from $8390 to $6750. The rest of the chart shows nothing but brutal dips by Bitcoin.
- Parabolic SAR
With no surprise, the SAR dots can be seen hanging above the price candles which indicate a clear bearish trend or presence in the market for Bitcoin.
- Relative Strength Index
The RSI has breached the 30 line, which means that the market is oversold and Bitcoin has decided to make the oversold zone its new home.
1 Hour Bitcoin Price Analysis
The uptrend for Bitcoin has come to form as the price of Bitcoin is rising since its low at $3400 range. Moreover, the uptrend ranges from $3696 to $3495.
The downtrend for Bitcoin ranges from $5495to $3982.
Support form Bitcoin is the lowest point it dipped this week, i.e., $3603.
Initial resistance can be seen set up at $4047, a post which the resistance point is at $4583.
- Bollinger Band
The Bollinger Bands experienced a squeeze on November 25, and have since been on an expansion, which shows induction of volatility in the market. Moreover, the prices have hit the top band indicating an oversold market.
- Awesome Oscillator
The Awesome Oscillator shows a bullish crossover to the top of the zero-line which shows that a short-term momentum is rising faster than the long-term momentum.
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