Bitcoin [BTC] Price Analysis: Coin manages to stay bullish while being weary of bear’s looming presence

Bitcoin [BTC] observed a gradual growth in 2019 as the largest cryptocurrency in the world was yet to win the war against bears.

At press time, BTC was valued at $3,942.25 with a market cap of $69 billion. The token noted a 24-hour trading volume of $10.6 billion and saw a 2.17% price hike over the past seven days.

1-hour

The one-hour chart of Bitcoin noted a downtrend from $3,803.52 to $3,694.44, followed by an uptrend from $3,693.85 to $3,859.99. It marked resistance at $3,989 and support at $3,828.51.

Bollinger Bands were diverging, increasing the volatility of the market. The coin noted a bullish trend as the moving average line was under the candlesticks.

Awesome Oscillator reflected a weakened bullish trend.

Chaikin Money Flow also noted a bull’s ride for the token as the marker was above the zero-line.

1-day

The one-day chart of BTC denoted a massive price slide from $6,511.88 to $3,854.04. The token managed to register a minimal uptrend from $3,184.28 to $3,692.36. The resistance for the token was noted at $4,110 and the support was seen at $3,358.99.

Parabolic SAR marked a bearish ride for BTC as the markers had aligned above the candlesticks.

MACD line was under the signal line after a crossover, which indicated a bearish reign.

Relative Strength Index indicated that the buying and selling pressures evened out.

Conclusion 

According to a majority of the indicators, including Bollinger Bands, Awesome Oscillator, and Chaikin Money Flow, a vermilion market was forecasted for BTC.