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The cryptocurrency market has fought the bear for a long time before looking at growth on January 13th. The market has witnessed a new normalcy as the currency is rising and falling almost rhythmically. Bitcoin [BTC] has observed a bear market since Ethereum [ETH] he started to go up. The largest currency in the main list of coins, BTC has not yet reached stability.
At the time of printing, BTC had a value of $ 3,654.90 with a market capitalization of $ 6.3 billion. The 24-hour trade volume of the currency was $ 5.5 billion, down 1.31% from the previous day. The currency has been reported a growth of 0.09%, which is minuscule compared to the decline is tackled in the last seven days by 9.84%.
1 hour
Source: view of trading
The chart at one hour of the currency shows a downward trend of the $ 3,779.88 to $ 3.672 currency, after which it has seen a sudden surge of $ 3.520 to $ 3,669.65. The currency suffered a resistance at this point and started to fall from $ 3,656.89 to $ 3,604.28 and is still seen falling and walking on a thread as strong support is offered at $ 3 – 498, 73. The currency sees immediate resistance at $ 3.655, and another resistance stands at $ 3.688.77.
Bollinger bands seems to be at a divergent point, increasing market volatility. The moving average line is above the candelabras that point towards a bear market.
Impressive oscillator, on the other hand, indicates a bullish market that loses momentum.
Chaikin cash flow it is above zero marking a bull market. However, the marker could soon fall below zero.
1 day
Source: trading view
According to the one-day currency chart, it showed a downtrend from $ 6,188 to $ 3,774.99, after which it posted an uptrend from $ 3,184.28 to $ 3,514.24. the currency marked resistance of $ 3,184.28 to $ 3,514.24
Parabolic SAR indicates a bearish market as the markers lined up above the candlesticks.
MACD the line is above the signal line, indicating a bearish market.
Relative strength index indicates that buying and selling pressures give each other night.
Conclusion
According to the indicators, Bollinger Bands, Parabolic SAR and MACD provide for a bearish market. Whereas, Awesome Oscillator and Chaikin Money Flow expect a bullish run, which seems like a long shot at this point.
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