Bitcoin [BTC/USD] Technical Analysis: Has the bottom been found? Price at a crucial crossroads

Bitcoin [BTC] has seen an extended sideways movement over the past week, sticking close to the $6600 level that it has held as being crucial for the price. Volume has also seen a short decline along with the decreased volatility.

1 hour: The $6790 – $6640 – $6620 downtrend is in power currently, as demonstrated by the price conforming to it. However, the $6450 – $6620 uptrend is contesting it.

The RSI recently recovered from an overbought position, subsiding currently to median levels. There is a good balance between buying and selling power.

The Awesome Oscillator is flashing green and is demonstrating a bullish sign.

The 20-period Exponential Moving Average is providing a support for the price at the $6600 mark.

4 hour: There is a strong resistance at the $6790 mark, which also exists as a support that the coin broke during its drop in September. There is also a prevalent downtrend in power since the last month, namely the $7370 – $6640 line. A support is provided by the $6240 – $6640 line, with a continuation in the $6470 – $6610 line.

The MACD is presenting a bullish crossover with the MA moving upwards over the signal line.

The Parabolic SAR indicator is also flashing a bullish sign as seen by the movement of the dots to below the candlesticks.

1 day: A downtrend is presenting itself from late July, which is the movement of the price from $8190 – $6660. There is also a strong uptrend from $6250 – $6500.

The Stochastic RSI recovered from an almost oversold position to bounce back to the center. It is presenting a strong uptrend currently.

The Klinger Volume Oscillator is also recovering from the formation of a bearish cross recently.

The 20-period EMA is providing a support at the $6570 mark.

Conclusion:

The short-term outlook for the coin is representing a bullish move. If there is a movement upwards, the resistances presented are at the $7360, $7600, $8180, and $8390 mark. In case of a bearish move, the prominent support levels are at the $6150 and $5850 marks.