Bitcoin [BTC] Price Analysis: Bear lures the coin into its trap

Bitcoin [BTC] the largest cryptocurrency in the world was going through its longest bear market until it pumped slightly on February 8. The coin has been performing sideways for the past few days and has now reported a 0.21% fall over the past day.

At the press time, the coin was valued at $3,630.81, with a market cap of $63.6 billion. The coin registered a 24-hour trade volume of $6.4 billion while reporting a seven days growth of 6.25%. The coin registered a growth of 0.16% by the past hour.

1-hour

Source: Trading view

Source: Trading View

The coin has marked an uptrend from $3,360.46 to $3,664.19 followed by a downtrend from $3,664.18 to $3,582. While the coin marked resistance at $3,606, there was no sign of a strong support.

Bollinger Bands appear to be diverging, increasing the volatility in the market. The moving average line is over the candlesticks, pointing towards a bearish market.

Awesome Oscillator marks a weakened bearish momentum.

Chaikin Money Flow indicates a bearish market as the marker is under zero.

1-day

Source: Trading view

Source: Trading view

The one-day chart of the coin marked strong downtrends from $6,188 to $3,774.99 and another one from $6,259.35 to $3,627.99. The coin did not mark any significant uptrend. Two resistances were marked at two points, at $3,652 and $4,075.33. The coin marked support at $3,344 and another strong support at $3,183.

Parabolic SAR marks a bullish momentum as the markers have aligned above the candles.

MACD line is over the signal line, marking a bullish market.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion 

The indicators, Bollinger Bands, Awesome Oscillator, and Chaikin Money Flow, from the one-hour chart, predict the bear’s attack. However, the indicators from the one-day chart, Parabolic SAR and MACD forecast a bullish ride. The bearish reign might return to the Bitcoin market as the majority side by the bear.

The post Bitcoin [BTC] Price Analysis: Bear lures the coin into its trap appeared first on AMBCrypto.

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