At the time of press, the coin was valued at $3,434.94, with a market cap of $60 billion. The has been ravaged by the bear as it recorded a fall of 1.91% over the past day. The coin recorded a 24-hour trading volume of $6.4 billion and recorded a fall of 3.81% over the past week. The coin has been recovering, but not enough to change the trend into a bullish one. The coin is seen plunging by 0.37% over the past hour.
1-hour
BTC reported a steep fall in the one-hour chart. The visible downtrend starts at $3,534.68 to $3,412.37. This downtrend extends till $3,432.33. The coin failed to trace any significant uptrend. The coin has marked resistance at $3,432.33 while noting support at $3,389.
Bollinger Bands appear to be at a diverging point, increasing the market volatility. The moving average line is above the candlesticks, marking a bearish market.
Awesome Oscillator points towards a bearish market gaining momentum.
Chaikin Money Flow, on the other hand, points towards a bullish market as the marker points over zero.
1-day
As per the one-day chart of the coin, the coin’s massive downtrend is traced from $6,188 to $3,774.99. Another downtrend was noted from $5,560 to $3,562.90. The coin saw a minimal uptrend from $3,184.28 to $3,531.02. The coin marked resistance at $4,040.99, and support was noted at $3,184.28.
Parabolic SAR marks a bearish market as the markers have aligned above the candlesticks.
MACD line is under the signal line, pointing towards a bearish trend.
Relative Strength Index indicates that the buying and the selling pressures are evening each other out.
Conclusion
While most of the indicators point toward a bearish trend for the coin, Chaikin Money Flow is being overly positive, predicting a bullish run for the coin.
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