Bitcoin [BTC] is in a grim stage as the prices have not stopped bleeding and are collapsing to lows that were last seen in mid-2017. The current market cap of Bitcoin is at $56 billion with the 24-hour trading volume hovering at $4.12 billion.
The 24-hour volume for Bitcoin shows a negative 2.04% change in its price, but the weekly change shows a more shocking decrease of 5%.
Hoping for an uptrend in Bitcoin is a pipe dream in today’s market. The downtrend, however, extends from $5,520 to $3,220. The support at $3,320 for Bitcoin has been successfully breached and new a support is set up at $3,160. The resistance points at $4,345, $4,750, and $5,545 don’t have a care in the world as the prices have been going down instead of up.
The Parabolic SAR indicator is showing a bullish trend for a change in the one-time frame as the markers have formed below the price candles.
The MACD indicator shows a positive outlook, as well as the indicator, is showing a bullish crossover.
The Stochastic indicator shows a negative stance as it shows a bearish crossover.
The downtrend for Bitcoin in the one-day chart spans from $9,800 to $3,440, and the prices have also broken support at $3350. The resistance points in the one-day chart are seen hanging at $7,360, $8,390, and $9,800.
The Vortex indicator shows Bitcoin is in a bearish crossover as the VI+ has collapsed well below the VI- on December 13, and has been trying to come back up ever since, but failed.
The Chaikin Money Flow shows that the influx of money is very less for Bitcoin and is trumped by the money flowing out of the market.
Aroon indicator shows that the downtrend has gained maximum strength as it has struck the 100-line.
The one-day chart for Bitcoin shows a bearish presence for Bitcoin as indicated by the Stochastic indicator, but MACD and SAR are showing bullish in the shorter time frame. The one-day chart, however, shows a clear bearish dominion over the longer time frame as the CMF shows money is flowing out of the market, and the Aroon indicator shows a strong downtrend.
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