RATE Group | Bitcoin [BTC] Technical Analysis: Bears to have a tenacious grip on the market
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Bitcoin [BTC] Technical Analysis: Bears to have a tenacious grip on the market

10 Dec Bitcoin [BTC] Technical Analysis: Bears to have a tenacious grip on the market

Posted at 05:33h in Bitcoin News by

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The volatility in the cryptocurrency market continues as most of the coins are experiencing unexpected rise and fall in their prices. The case remains the same for the market king, Bitcoin as well. At the time of writing, BTC is trading at $3614 with a market cap of $62.9 billion. The daily statistics on CoinMarketCap is currently showing a growth rate of 4.86%. However, the weekly chart is still sinking downwards with a decline rate of 12.3%.

1-hour:

BTC 1-hour chart | Source: TradingView

BTC 1-hour chart | Source: TradingView

The 1 hour chart of Bitcoin [BTC] shows a downtrend extending from $4091 – $3696 and the uptrend is ranging between $3346 – $3487 – $3645. The cryptocurrency also saw resistance points set at $4080 and $3888. The recent support point is at $3318.

The Aroon indicator is demonstrating the beginning of a downtrend wherein, the Aroon Up line has touched the maximum point and reversed. This clearly indicates that the strength of bullish rally is fading for BTC.

The Awesome Oscillator is…

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