Bitcoin [BTC/USD] Technical Analysis: Bears infest the world’s largest cryptocurrency again

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Bitcoin has been stuck at $3,600 level ever since the drop in prices that occurred on January 10, 2019, 6:00 UTC. The prices may be in a consolidation stage. Bitcoin’s market cap is currently at $63 billion with 24-hour trade volume at $4.38 billion.

Majority of the trade volume, as usual, is being contributed by BitMEX via the trading pair BTC/USD. BitMEX contributes a total of $500 million of the total trade volume i.e., 9.28%.

1-hour

Source: TradingView

The one-hour chart shows an uptrend that extends from $3,238 to $3,611, while the downtrend extends from $4,205 to $3,623. The prices are holding just above the support at $3,578, while resistance range at $3,919-$3,944 and $4,203-$4,239 is to be tested yet again when and if Bitcoin prices decide to move up.

The Parabolic SAR markers show a bearish trend for Bitcoin in the one-hour time frame as they have spawned above the price candles.

The MACD indicator lines are eerily close to each other are trying to get above the zero-line.

The Awesome Oscillator shows that the bars are hanging below the zero-line, indicating a pressure of the bears. However, the green bars are transitioning into red, which indicates that the short-term momentum is trending faster than the long-term momentum.

1-day

Source: TradingView

The one-day chart shows a small uptrend that extends from $3,184 to $3,626, while the downtrend extends from $9,800 to $4,004. The long-term support can be seen hanging at $3,183 while the resistance points are seen at $7,359 subsequent resistance can be seen at $9,113.

The Bollinger Bands are in a squeeze, indicating that the volatility for Bitcoin markets has reduced. The prices have extended below the simple moving average, which indicates a bearish outlook.

The Aroon indicator shows that the downtrend has risen to the top indicating dominance of the downtrend as compared to

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