Bitcoin, which was holding the $3,600 line has been breached on January 13, 2019, at 15:00 UTC and BTC is currently being traded at $3538. The market cap of BTC has also collapsed and is currently at $62 billion with 24-hour trade volume at $5.15 billion.
BitMEX is the biggest contributor to this trade volume as it contributes a total of $964 million via trade pair BTC/USD in the form of derivatives. CoinBene is the second exchange that has contributed the most i.e., $300 million via trade pairs BTC/USDT, LTC/BTC, QTUM/BTC, and XLM/BTC.
Bitcoin’s prices in the one-hour chart show an uptrend that extends from $3238 to $3498 while the downtrend extends from $4205 to $3538. BTC has broken its support at 3578 and dropped lower, creating new support at $3498. The resistance points are still the same, i.e, $3,919-$3,944 and $4,203-$4,239, which are yet to be tested.
The Aroon indicator shows a bullish trend for Bitcoin as the Aroon green line has hit the 100-line. The Aroon red line has plunged lower indicating that it has lost control of BTC’s trend.
The Stochastic indicator shows a bearish downtrend as the Stochastic line has crossed the signal line to the bottom indicating a bearish crossover.
The Chaikin Money Flow shows a positive outlook for BTC as the money is flowing into the market, which means that the buyers are dominating when compared to sellers.
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 Parabolic SAR markers for Bitcoin in the one-day chart have spawned above the price candles which indicates a bearish pressure for the prices.
The MACD indicator, just like the SAR shows a bearish outlook as the MACD lines are undergoing a bearish crossover.
The Awesome Oscillator shows a bearish crossover that has just begun as the red lines have moved to the bottom of the zero-line.
The one-hour chart paints a positive picture for Bitcoin as indicated by the Aroon, CMF, and Stochastic indicators. The one-day time frame shows a rather negative outlook for Bitcoin as indicated by SAR, MACD and the AO indicators.
Subscribe to AMBCrypto’s Newsletter