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The downside problems of the cryptocurrency market do not seem to have diminished with various popular currencies that have seen a continuous decline in prices. Bitcoin is currently stable with a market cap of $ 59.49 billion and prices are $ 3.415.
The 24-hour trading volume is growing strongly to $ 4,008 billion.
1 hour
Source: TradingView
The uptrend for Bitcoin seems a distant memory, but the downward trend is strengthened and plunges lower and lower every day when prices fall. The downward trend currently extends from $ 5.518 to $ 3.440. Prices for Bitcoin are higher than support at $ 3.30. The points of resistance for Bitcoin can be seen in points later $ 4,749, $ 4,345 and $ 5,545.
The MACD the indicator shows a general downward trend when the MACD and signal lines are undergoing a crossover downwards.
The Stochastic the indicator also shows a bearish move since the indicator lies in the depths of an oversold market, but the lines are approaching one on another for another crossover.
The Chaikin cash flow shows the money for Bitcoin is coming out of the market.
1 day
Source: TradingView
The downward trend for Bitcoin in the space of a day shows a downward trend ranging from $ 9,800 to $ 3,430. Long-term support seems to keep prices at $ 3.50, while resistance points are seen at $ 7.360, $ 8390 and $ 9.800.
Prices for Bitcoin have moved well below 200 days Exponential moving average [EMA] indicating that the force for BTC has not yet been restored and that an inversion is not close.
The Aroon indicator shows a massive downtrend at the price of BTC, while the Aroon upline has lost all its strength and has stabilized at the bottom.
The Relative strength index shows an extremely oversold market trying to recover.
Conclusion
Bitcoin shows signs of a rather bearish move even in the time frame of an hour, as indicated by the MACD, CMF and Stochastic indicators. The one-day chart shows signs of decline for Bitcoin as prices have moved further away from the 200-day moving average and Aroon and RSI both point to a downward movement for Bitcoin prices.
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