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The roller coaster ride in the cryptocurrency market in 2019 is under way with several currencies that see the highs and lows in the price charts. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP witnessed price stagnation in a scenario where Ethereum outperformed XRP to become the second largest cryptocurrency. Bitcoin currently holds more than $ 4,000.
1 hour
The Bitcoin chart of an hour shows a cryptocurrency that has stabilized in a sideways price movement after increasing its support compared to the previous one. Immediate support reached $ 3795.4 while immediate resistance was $ 4,191.1. The uptrend that affected prices ranges from $ 3,901.7 to $ 4,124.6.
The Parabolic SAR it was a mix of bearish and bullish signals with the markers above the counters. This is a sign of the bear that shows its dominance.
The MACD indicator it remains unchanged in one day as the signal line and the MACD line are both moving as a joint pair. The MACD histogram, just like the Parabolic SAR, shows sporadic bearish and bullish points.
The Awesome Oscillator it is holding a low value now as the sideways price has put off investors. The pause indicates the reduction of the market momentum.
1 day
Bitcoin's one-day chart depicts an image of a cryptocurrency trying to get out of its bearish flogger. The downward trend in November was significant, bringing the price from $ 6,475 to $ 4,166.4. Immediate support on the long-term chart is $ 3,270.
The Relative strength index is holding in the middle of the chart, indicating a balance between selling pressure and buying pressure.
The Chaikin cash flow the indicator is below the zero line, a sign that the money coming out of the market is more than the inflow.
Conclusion
The current situation of Bitcoin reflects the entire cryptocurrency market as the currency lies between the bear and the bull. The indicators mentioned above all point to a continuous sideways movement of prices interspersed with slight increases.
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