At the time of press, the Bitcoin was valued at $3,647.67, with a market cap of $63.9 billion. The coin registered a 24-hour trade volume of $6.4 billion while registering a growth of 5.28% over the week. The coin has been falling by 0.48% over the past day and continued to fall by 0.19% over the past hour.
1-hour
According to BTC’s one-hour chart, the coin reported a downtrend from $3,428.41 to $3,366.96, followed by an uptrend from $3,356.22 to $3,586.67. The coin drew resistance at $3,648.85 and a support at $3,585.60.
Bollinger Bands appear to be converging, decreasing market volatility. The moving average line is over the candles, indicating a bearish trend.
Awesome Oscillator also indicated a weakened bearish momentum.
Chaikin Money Flow, on the other hand, indicates a bullish market as the marker line is above the zero-mark.
1-day
According to the one-day chart of the coin, a downtrend is traced from $6,188 to $3,195.71, after which an uptrend was noted from $3,194.99 to $3,358.99. The coin marked an immediate resistance at $4,040.98 and another resistance at $4,075.33. The coin observed strong support at $3,358.99 and another resistance at $3,184.28.
Parabolic SAR points towards a bullish trend as the markers have aligned themselves under the candles.
MACD line is over the signal line, marking a bullish trend.
Relative Strength Index indicates that the buying and the selling pressures are evening each other out.
Conclusion
As per a majority of the indicators, Chaikin Money Flow, Parabolic SAR, and MACD, a bullish market is forecast. However, Bollinger Bands and Awesome Oscillator are predicting a bearish market taking over.
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