Bitcoin has suffered a huge loss and it could be speculated as a collateral to the upcoming hard fork of Bitcoin Cash [BCH]. Bitcoin [BTC] is trading at $5477 with a market cap of $96.78 billion. The trade volume has seen an exponential rise to $7.61 billion which is contributed mostly by BitMex [~39%].
The uptrend for Bitcoin spans from $5205 to $5460, while the downtrend ranges from $6220 to $5417 and ends at $5205. The support, however, is at $5205 and the resistance has formed at $6220. The subsequent resistances are at points, $6320, $6390 and $6520.
The MACD indicator is showing a bullish crossover as the MACD line has crossed above the signal line, while the histogram represents the same.
The Stochastic indicator is showing a bullish crossover, and it is rising higher reaching the overbought zone.
The Chaikin Money Flow is seen above the zero line indicating a shift in momentum to the buying zone. This means that the money is flowing into the market.
The uptrend in the long-term is absent. The downtrend has spawned and ranges starting from $8390 to $6505 and has further extended until the $5605.
The two supports set up previously at $6145 and $5850 have been broken. The new resistance points are at set up at points $6750, $6525, $7360 and $8320.
The Parabolic SAR markers have spawned above the price candles indicating a bearish pressure looming over Bitcoin.
The Relative Strength Index has broken the RSI bands and have collapsed into the deeper end, indicating an oversold market.
The RVGI is undergoing a bearish crossover indicating a bear pressure in the market.
The one-hour chart as indicated by the MACD, Stochastic and CMF show a bullish trend incoming. The one-day chart unlike the one-hour chart shows a bearish presence.
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Author: Akash Girimath