Home / Cryptocurrency / Bitcoin [BTC/USD] Technical analysis: will the cryptocurrency submit to the red headlands?

Bitcoin [BTC/USD] Technical analysis: will the cryptocurrency submit to the red headlands?

The cryptocurrency market has gone beyond the control of the bull and the bear, while volatility takes over the price trend. At the time of writing, Bitcoin [BTC] it was down 1.29%, trading at $ 4.511 with a market capitalization of $ 78.4 billion. At the same time, the 24-hour volume was recorded at $ 7.2 billion.

1 hour:

BTCUSD 1 hour candelabras | Source: tradingview

BTCUSD 1 hour candelabras | Source: tradingview

In the time frame of a Bitcoin candelabra, the downtrend is from $ 5.495 to $ 4.546 while the support level is set at $ 4.444. In this scenario of the BTC market a downward trend can be noticed.

The Aroon indicator it is projecting more force into the uptrend, while the downward trend has begun to play simultaneously. However, it can be concluded that the indicator is more bullish than bearish on Bitcoin.

The Relative vigor index he was bullish on the subject, but he took a downward approach after making a bearish crossover from the signal.

1 day:

BTCUSD 1 day candlesticks | Source: tradingview

BTCUSD 1 day candlesticks | Source: tradingview

In this time frame of the BTC candelabra, the downward trend extends from $ 8.223 to $ 6.507. However, the currency has seen many drops in price, so support is now set at $ 4,354. Furthermore, the trend line is forming a descending triangle with the support point.

The Bollinger bands they are divergent to represent a massive opening at the end of the tunnel model. Therefore, the indicator is predictive of extreme volatility during this period.

The Chaikin cash flow He is extremely bearish on Bitcoin right now. The reading line has been reduced far below the 0 line and lies at the bottom.

The Awesome Oscillator is in tune with the indicator above alongside the bear. The bars are bright red to project negativity into the market trend.

Conclusion:

In this technical analysis, the indicators have a mixed response on the future of Bitcoin. However, the 1 hour indicators approach the bear's burrow, while the indicators used in the long run have already been subjected to the red headlands.


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Priyamvada Singh


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.


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