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Bitcoin [BTC/USD] Price Analysis: The sun shines on Bitcoin once again as markets see green

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Bitcoin has witnessed its first rally of 2019 and it was good while it lasted, as the prices have started correcting themselves and the current price of Bitcoin at the time of writing was at $3,618 with a market cap of $64 billion.

The 24-hour volume of Bitcoin at the time of writing was at $7.65 billion and most of the trade volume comes from trading derivative contracts from BitMEX exchange via trade pair BTC/USD. BitMEX contributes a whopping $1.7 billion in trade volume.

1 Hour

Source: TradingView

The one-hour chart shows no signs of a downtrend, but an uptrend that extends from $3,619 to $3,663. The resistance points at $3,498 and $3,577 have been successfully breached and are currently holding below it. The support at $3,358 was respected as the prices bounced off of it.

The Parabolic SAR markers indicate a bearish trend as the markers have formed above the price candles.

The MACD indicator shows a bearish crossover that’s looming over the prices. The MACD histogram shows the same trend as red bars have formed below the zero-line.

The Relative Strength Index shows an overbought level for BTC in the one-hour chart, indicating the upcoming bear trend.

1 Day

Source: TradingView

While there is no clear formation of an uptrend, the one-day chart shows a downtrend that extends from $9,800 to $3,613. The support at $3,189 has supported fantastically so far, however, the support at $4,111 is being continuously being tested. The resistance point at $7,641 is holding steady.

The MACD indicator shows a bearish crossover as of February 07, 2019. The MACD histogram is starting to light up with green bars above the zero-line, indicating a bullish presence in the market for Bitcoin in the one-day time frame.

The Stochastic indicator is showing the same as well, due to the bullish crossover that has taken place.

The Chaikin Money Flow indicates an influx of money into the BTC markets as the CMF line has risen above the zero-line after briefly dipping its toes below it.

Conclusion

The one-hour chart shows a bearish trend for Bitcoin unlike in the one-day time frame. The indicators, SAR, MACD, and RSI all show a bearish trend. The one-day chart shows bullish signs for BTC as confirmed by the Stochastic, CMF and MACD indicator.

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