The price of Bitcoin has been stuck in a sideways pattern ranging from $3,498 to $3,577 retesting the highs and lows time and again.
The price of Bitcoin, at the time of writing, was at $3,541 with a market cap of $62 billion. The 24-hour trading volume of Bitcoin is $5.1 billion and most of the trading volume is contributed by BitMEX exchange via BTC/USD trading pair.
The one-hour chart shows strong downtrend with a small uptrend that is due to the sideways movement and repeated correction of the price while the downtrend extends from $4,205 to $3,567. The support can be seen at $3,577 and at $3,498, which are the only two supports holding BTC from collapsing into a downward spiral. The resistance point for BTC is seen at $3,654.
The Parabolic SAR markers are seen spawning above the price candles indicating a bearish pressure from the upside for the BTC prices pushing it further down.
The MACD indicator shows bearish crossover in the one-hour chart as the histogram is also indicating the same trend, with red bars that have developed below the zero-line.
The Awesome Oscillator shows a bearish crossover as well with the red lines breaching to the bottom of the zero-line indicating that the momentum of the price has reduced drastically.
The Aroon indicator shows Aroon red-line that has struck the top and is on its way down indicating that the downtrend, although prominent is slowly exhausting.
The Bollinger Bands show a bearish pressure on the prices with decreased volatility as the bands have squeezed and the prices have fallen below the SMA.
The Chaikin Money flow shows a rather negative stance for Bitcoin in the longterm scenario as the CMF line is below the zero-line indicating that money is flowing out of the market for Bitcoin.
The one-hour chart shows a massive bearish scenario for Bitcoin as indicated by SAR, MACD, and AO indicators. The Aroon, CMF and the Bollinger Bands all indicate a bearish stance for Bitcoin in the longer time frame.
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