Bitcoin’s [BTC] tussle with the bear significantly affected its price and market cap. BTC was not the only cryptocurrency affected by the market crunch however, as several others like Ethereum [ETH] and XRP also witnessed significant drops. Users and proponents of the cryptocurrency however, hope that Bitcoin will escape the bear in the upcoming quarter or Q3.
The one-hour chart for Bitcoin portrayed a market stuck in sideways price movement. The support in the short term was at $3,684.29 while the resistance was at $4,168.61. The visible downtrend resulted in the price dropping from $4,131.25 to $3,802.
The Bollinger bands had inflated earlier due to the sudden bear attack, following which both the bands moved parallel to each other.
The Relative Strength Index spiked upwards after having stayed below the oversold zone. The bounce indicated that the selling pressure was much greater than the buying pressure.
The MACD indicator underwent a bullish crossover, following which the signal line slowly spiked up. The MACD histogram showed a gradual bullish gain.
Source: Trading View
Bitcoin’s one-day graph pointed to a market drastically affected by the price crash. The downtrend caused the price to fall from $6,301.13 to $4,156.43. The long-term support was at $3,188.24.
The Parabolic SAR‘s markers were placed above the price candles, indicating the bear’s control over the market.
The Chaikin Money Flow indicator was on the zero-line and indicated that the capital coming into the market and the capital leaving the market were evening each other out.
The Awesome Oscillator was at its highest peak since the beginning of 2019 and indicated a bullish market.
The above-mentioned indicators pointed to a bearish scenario,