Bitcoin [BTC/USD] Technical Analysis: Bull to remain silent as market deals more damage

Bitcoin [BTC] has taken down its altcoin mates on the chart with it as the bear market hit a few weeks back. At present, as the crypto-board is colored in red, BTC is down by 3.27%. At press time, the token was trading at $3,314 with a market cap of $57.7 billion. The total trading volume in the past 24 hours was recorded at $4.31 billion.

1-hour

In the one-hour candlesticks of Bitcoin, the downward trend is extending from $3,830 to $3,449 whereas a strong support is suspended at $3,235. The possibility of a trend breakout does not seem to be likely as of now.

The Parabolic SAR is extremely bearish on the cryptocurrency. The dots are aligned above the candlesticks, resisting any speculative hike in the price trend.

The Aroon Indicator is showing a stronger downtrend wherein the green trend is crashing, losing all power over the market. Therefore, the indicator is bearish on the BTC market.

The Chaikin Money Flow is also bearish on the cryptocurrency as the reading line is traveling below the 0-mark.

1-day

In the long-run, there is a steep downtrend that is ranging from $8,218 to $6,502 whereas a support set at $5856 was breached by the token to dunk further. Currently, BTC has broken all supports and is heading deeper into the bear’s den.

The Bollinger Bands is gradually diverging from the path of a uniform tunnel. As of now, the bands are predicting a higher volatility in the market.

The RSI has crashed into the oversold zone to depict the deadly clutches of the bear holding the crypto-market. However, a trend reversal could take place as the indicator is traveling inside the zone.

The Relative Vigor Index is also bearish on Bitcoin price trend. This can be seen as the RVGI is in a bearish crossover by the signal, traveling beneath it.

Conclusion

In the technical analysis, the majority of indicators have been observed to side with the bear in times of red figures and despair. However, a trend reversal is being suggested by the RSI and a higher volatility might enter the market soon, to contribute to, or fight against the crypto-winter.