Bitcoin [BTC/USD] Technical analysis: Bull to be able to overcome the occasional threats of the bear

After a long uptrend, the cryptocurrency market seems to have difficulty keeping the bear out of the market. At the time of writing, Bitcoin [BTC] it was traded at a price of $ 3890 with a market capitalization of $ 67.8 billion. The total volume of trade in the last 24 hours was recorded at $ 5.8 billion.

1 hour:

Chart of prices of a bitcoin now | Source: trading view

In the 1-hour chart of the Bitcoin candelabra, there is a strong upward trend going from $ 3238 to $ 3830, while the downtrend extends from $ 4038 to $ 3926. In addition, the strength level is stronger is currently set at $ 4137 to curb price increases. There is no possibility of a trend breakout at the moment, since no concentration has been found in the price trend.

The Parabolic SAR is currently bullish on the cryptocurrency. This is evident from the position of the points lined up under the price candles.

The Aroon indicator is showing more strength in the uptrend, thus giving a bullish forecast.

The Awesome Oscillator is denying the presence of a bull in which the bars have turned red to hypothesize a negative fate for the currency.

1 day:

One-day price chart for Bitcoin | Source: trading view

In the 1-day chart analysis of the BTC chart, candelabra are undergoing a downward trend ranging from $ 6259 to $ 4079. Here, a support level is set at $ 3183. As above, the concentration was not observed of the price, so a trendy breakout does not seem visible.

The Bollinger bands they are approaching each other to restrict price volatility. Therefore, less volatility is expected in the future Bitcoin market.

The RSI he's been traveling in the bullish area right now, almost turning to a neutral position. Therefore, a CSR forecast can not be confirmed.

The MACD he made a bullish crossover from the signal to predict a positive future for the token. Furthermore, it is moving upward to confirm its prediction.

Conclusion:

In this technical analysis, most of the indicators are passing a green signal for the Bitcoin price trend. We can also expect less volatility or a lateral tendency.

Follow us on Telegram | chirping | Facebook

Priyamvada is a full-time journalist at AMBCrypto. A graduate in journalism and communication at Manipal University, she believes that blockchain technology is a revolutionary tool for advancing the future. Currently it has no value in cryptocurrencies.