Bitcoin Technical Analysis

The price of Bitcoin has slouched and is starting to go into a sideways market like before. The current price of Bitcoin is $6407.36 and the market cap is at $111.71 billion with 24-hour trading volume reaching $4.02 billion.

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1 Day Chart – Bitcoin Technical Analysis

Bitcoin price analysis

1. Trendline

The last high was seen in July at $8390.04, it was a very steep ride for Bitcoin from that point to the current price $6503. Meanwhile, there is a clear downtrend visible in the above-mentioned ranges.

2. Support

There is an initial support is formed at $6146.01 due to the recent slippage formed on October 11.

3. Resistance

Bitcoin price will face an initial resistance if it ever decides to go on a massive bull run at $6755.93, a post which there is an interim resistance formed at $7359.99.

4. Bollinger Band

The Bollinger Bands are is state of squeeze indicating that the volatility in the market is reduced. The bands are traversing an almost parallel line. The prices trying to climb back up to the top indicating a bullish move by Bitcoin prices.

5. Awesome Oscillator

The spikes have gone from green to red indicating that the prices have slumped since then and that the momentum has shifted. However, the prices are bullish since the crossover of the spikes occurred to the top of the zero line. The overall momentum is considerably less due to the sideways market and can be seen in the chart.

1 Hour- Bitcoin Technical Analysis

1 hour bitcoin price analysis

1. Resistance

The prices have broken the previous resistance set at $6369.99 and have risen above. The new resistance can be seen at $6427.02 is the interim resistance, a post which the prices have to break the resistance at $6528.44 to start a bull run.

2. Support

The support is holding steady at $6308.99. Moreover, the prices have bounced off of it twice in a short period of time.

3. Parabolic SAR

The Parabolic Indicator is showing clear bullish signs as the markers are forming below the prices. This means that the prices are showing a change in trend, a Stop and Reverse hence indicating an uptrend transition from the downtrend.

4. RSI

The RSI line has crossed the 60 line and is indicating a good strength of buyers. The prices haven’t quite moved into the overbought zone. However, this indicates a bullish presence in the market.

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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.

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