Bitcoin [BTC] Technical Analysis: Coin struggling to recover after deadly bear attack

The cryptocurrency market saw a major fall on January 28, and is struggling to recover on January 29. Bitcoin [BTC], the top cryptocurrency in the market, is also struggling with the bear attack.

At the time of press, the coin was valued at $3,434.94, with a market cap of $60 billion. The has been ravaged by the bear as it recorded a fall of 1.91% over the past day. The coin recorded a 24-hour trading volume of $6.4 billion and recorded a fall of 3.81% over the past week. The coin has been recovering, but not enough to change the trend into a bullish one. The coin is seen plunging by 0.37% over the past hour.

1-hour

BTC reported a steep fall in the one-hour chart. The visible downtrend starts at $3,534.68 to $3,412.37. This downtrend extends till $3,432.33. The coin failed to trace any significant uptrend. The coin has marked resistance at $3,432.33 while noting support at $3,389.

Bollinger Bands appear to be at a diverging point, increasing the market volatility. The moving average line is above the candlesticks, marking a bearish market.

Awesome Oscillator points towards a bearish market gaining momentum.

Chaikin Money Flow, on the other hand, points towards a bullish market as the marker points over zero.

1-day

As per the one-day chart of the coin, the coin’s massive downtrend is traced from $6,188 to $3,774.99. Another downtrend was noted from $5,560 to $3,562.90. The coin saw a minimal uptrend from $3,184.28 to $3,531.02. The coin marked resistance at $4,040.99, and support was noted at $3,184.28.

Parabolic SAR marks a bearish market as the markers have aligned above the candlesticks.

MACD line is under the signal line, pointing towards a bearish trend.

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

Conclusion 

While most of the indicators point toward a bearish trend for the coin, Chaikin Money Flow is being overly positive, predicting a bullish run for the coin.