1-hour
The one-hour chart shows the support holding at $3,597.21 with the resistance being maintained at $4,580.75. The initial uptrend lifted the price from $3,785.29 to $4,235.92. The following downtrend brought the prices down to $3,981.22.
The Bollinger band, after the massive bearish outbreak, has settled into a small pipelike formation, an indication of the sideways price movement.
The MACD indicator has started moving in a conjoined manner, following the setting in of the sideways price movement. The bearish histogram has almost flattened after multiple bearish lows.
1-day
The one-day graph shows an even more bleak picture with the downtrend resulting in a sustained sideways price movement. The downtrend resulted in the price falling from $6,266.23 to $4,275.73. The support has been holding steady at $3,707.01.
The Relative Strength Index indicates that Bitcoin has just climbed back into the RSI graph after falling below the oversold zone. This is a sign of the selling pressure being much greater than the buying pressure.
The Chaikin Money Flow has been staying below the zero line, a clear bearish signal. This also means that the money flowing out of the market is more than the inflow.
Conclusion
The so-called crypto winter has had its clear impact on the cryptocurrency market with the price drop becoming more and more apparent. The above-mentioned indicators point to another sideways price run with the chances of a massive bullish spike in the short term looking very slim.
Article comments