Bitcoin [BTC/USD] Technical Analysis: Bear attack prolongs as prices continue to dip

Bitcoin [BTC]’s fluctuations below the $4,000 margin have been the talk of the town for quite some time now, with the world’s largest cryptocurrency suffering one of its worst crunches in over a year. Bitcoin’s rapid fall has also been reflected by the other cryptocurrencies as shown by multiple support breaks and market cap depreciation.

1-hour

The one-hour chart for Bitcoin shows a consistent downtrend which has brought the prices down from $3,874.93 to $3,659.85. The support has been holding at $3,688.74 while the immediate resistance is at $4,353.25.

The Parabolic SAR has been predominantly bearish as indicated by the markers staying above the price candles. At the time of writing, Bitcoin was going through a slight bullish spike indicated by the markers below the candles.

The Relative Strength Index graph has stayed closer to the overbought zone which shows that the buying pressure is more than the selling pressure.

The Chaikin Money Flow indicator has followed an eerily similar pattern to that of the RSI, staying above the zero line. The hold above the axis means that the money coming into the market is more than the outflow.

1-day

The Bitcoin one-day graph shows a price drop too, with the downtrend lowering the price to $3,929.28. The long-term support is still at $3731.89.

The Bollinger band has started a convergence indicating a trend change. The size of the Bollinger cloud has been much greater compared to the previous outbreaks.

The MACD indicator has been flat for a long time period after which it has moved into the bearish territory. The MACD line and the signal line after undergoing a bearish crossover has started moving as a conjoined pair.

The Awesome Oscillator shows a gradual pickup of the market momentum of the after a visible lull.

Conclusion

The above-mentioned indicators show the prowess of the bear with the resistance being lowered from an earlier high around $6,000. The price hikes look to be just sporadic with consistent growth seemingly missing from the charts.