Bitcoin is undergoing a long bloody rung ever since its prices plunged below the $6,500. The total market cap of Bitcoin fell from a whopping $111 billion to $64.89 billion, which is a massive depletion of $37 billion dollars in a month.


1 Hour


Source: Trading View


The one-hour chart for Bitcoin shows a strong downtrend that extends from $5495 to $3708. The small uptrend that existed previously has vanished as the prices continue to plunge. Bitcoin is supported at the price range $3605, while resistance points can be seen hanging above the candles at points, $4345, $4749, and $5544.


The Bollinger Bands are showing periods of low volatility since the bands are getting squeezed.


The Aroon lines are riding parallel to each other indicating periods of consolidation.


The MACD line and the signal lines are convoluted as the volatility keeps reducing.


1 Day


Source: Trading View


The one-day charts show a downtrend that extends from $9799 to $3800 with no uptrend in sight. The resistance points are seen hanging at $7360, $8390, and $9799. Support for Bitcoin cannot be seen on the horizon as the prices have been plunging.


The Bollinger bands for the one-day time-frame shows induction volatility into the Bitcoin markets, and the prices are below the simple moving average which indicate an oversold position for Bitcoin.


The Awesome Oscillator shows increasing red spikes hanging below the zero line which indicates that the short term period is trending lower than the long-term period.


Stochastic indicator shows a bearish outlook even in the one-day trend as they are undergoing multiple crossovers.


Conclusion


The Bollinger Bands, Aroon lines, and the MACD together are showing bearish trend engulfing the markets. The Stochastic, Awesome Oscillator and the Bollinger Bands are all showing bearish trend even in the long term one-day chart.


The post Bitcoin [BTC/USD] Technical Analysis: Bitcoin falls further down the abyss appeared first on AMBCrypto.




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