At press time, BTC was valued at $3,925.10 with a market cap of $68.9 billion. The coin noted a 24-hour trading volume of $9.4 billion as it registered a minimal growth of 0.18% within the past hour. BTC soared by 1.62% over the past seven days.
1-hour
The one-hour chart for the coin traced a downtrend from $3,806.17 to $3,694.44, followed by an uptrend from $3,693.64 to $3,856.57. The coin drew resistance at $3,884.49 and support at $3,844.32.
Bollinger Bands were converging, indicating reduced market volatility. The moving average line was under the candlesticks and marked a bullish market.
Awesome Oscillator pointed towards a weakened bullish trend.
Chaikin Money Flow also indicated a bull’s market as the marker line was above zero.
1-day
The one-day chart for the coin noted a massive downtrend from $6,511.88 to $3,891. The uptrend recorded was minimal from $3,184.28 to $3,700.02. BTC noted resistance at $4,110 and support at $3,700.02.
Parabolic SAR marked a bearish market as the markers were aligned above the candles.
MACD line was under the signal line, pointing to a bearish market for the coin.
Relative Strength Index indicated that the buying and selling pressures were evened out in the market.
Conclusion
According to a majority of the indicators, including Bollinger Bands, Awesome Oscillator, and Chaikin Money Flow, a bullish reign was forecasted for Bitcoin. However, the other two indicators pointed towards an imminent bear market.
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