Bitcoin [BTC/USD] Technical Analysis: Bears control the market, bulls nowhere to be seen

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The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin is currently holding steady with a market cap of $59.49 billion and the prices are hanging at $3,415.

The 24-hour trading volume is holding strong at $4.008 billion.

1-hour

Source: TradingView

Uptrend for Bitcoin seems like a distant memory, but the downtrend extends stronger and dips further below every day as the prices collapse. The downtrend currently extends from $5,518 to $3,440. The prices for Bitcoin are holding above the support at $3,320. The resistance points for Bitcoin can be seen at successive points $4,749, $4,345, and $5,545.

The MACD indicator shows an overall bearish trend as the MACD and the signal lines are undergoing a crossover to the bottom.

The Stochastic indicator also shows a bearish move as the indicator is lying in the depths of an oversold market, but the lines are closing in on each other for another crossover.

The Chaikin Money Flow shows money for Bitcoin is flowing out of the market.

1-day

Source: TradingView

The downtrend for Bitcoin in the one-day time frame shows a downtrend that extends from $9,800 to $3,430. The long-term support seems to be holding the prices up at $3,350, while the resistance points are seen hanging at $7,360, $8390, and $9,800.

The prices for Bitcoin have moved well below the 200-day Exponential Moving Average [EMA] indicating that strength for BTC has not replenished yet, and that a reversal is not near.

The Aroon indicator shows a massive downtrend in play for the BTC prices, while the Aroon upline has lost all strength and settled at the bottom.

The Relative Strength Index shows an extremely oversold market trying to recover.

Conclusion

Bitcoin is showing signs of a rather bearish move even in the one-hour time frame, as indicated by the indicators MACD,

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