Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency’s hold above $4,000 acts as its new cushion
The cryptocurrency market’s roller-coaster ride in 2019 has been ongoing with several coins seeing ups and down on the price charts. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP witnessed stagnated price holds in a scenario where Ethereum overtook XRP to become the second-largest cryptocurrency. Bitcoin, at the moment, is still holding above the $4,000-mark.
The one-hour Bitcoin chart shows a cryptocurrency that has settled into a sideways price movement after increasing its support from its previous hold. The immediate support has been holding at $3795.4 while the immediate resistance is at $4,191.1. The uptrend that lited the prices ranges from $3,901.7 to $4,124.6.
The Parabolic SAR has been a mix of bearish and bullish signals with the markers currently staying above the markers. This is a sign of the bear showing its dominance.
The MACD indicator remains unchanged over a day as the signal line and the MACD line are both moving as a conjoined pair. The MACD histogram just like the Parabolic SAR shows sporadic bearish and bullish points.
The Awesome Oscillator is holding a reduced value now as the sideways price has put off investors. The lull signifies the market momentum reducing.
Bitcoin’s one-day graph paints a picture of a cryptocurrency trying to get out of its bearish drudge. The downtrend that occurred in November was significant, bringing the price down from $6,475 to $4,166.4. The immediate support on the long-term graph is a $3,270.
The Relative Strength Index is holding in the middle of the graph, which indicates an equilibrium between the selling pressure and the buying pressure.
The Chaikin Money Flow indicator is below the zero line, a sign of the money flowing out of the market being more than the inflow.
Bitcoin’s current situation is reflective of the entire cryptocurrency market as the coin finds itself in between the bear and the bull. The above-mentioned indicators all point to a continued sideways price movement interspersed with slight hikes.
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