![Bitcoin [btc] price analysis: bulls look to take over as bearish momentum subsides](https://ohiobitcoin.com/wp-content/uploads/2019/02/BTC1h-5.png "Bitcoin [btc] price analysis: bulls look to take over as bearish momentum subsides")
The cryptocurrency market has been noting considerable growth over the past few days. bitcoin [BTC], which has been on a strong bearish market for a record time, has finally caught up with the green market and noted a bullish trend.
At press time, BTC was valued at $3,987.76 with a market cap of $69.9 billion. The coin registered a 24-hour trading volume of $8.6 billion while observing a growth of 1.09% over the past day. BTC had observed a growth of 9.90% over the past seven days, but has registered a dip of 0.23% over the past hour.
1-hour
Source:
The coin reported an uptrend from $3,572.85 to $3,925.50. Due to the recent hike in prices, the coin did not mark any significant downtrend. It traced a resistance at $3,951.12 and a support at $3,925.57.
Bollinger Bands appear to be converging, indicating a reduction in market volatility. The moving average line is under the candles and denotes a bullish trend.
Awesome Oscillator indicates a weakened bullish trend.
Chaikin Money Flow has the marker line above zero, denoting a bullish market.
1-day
Source:
The one-day chart of the coin marks a downtrend from $6,188 to $3,774.99, followed by another downtrend that extends from $5,560 to $3,938.99. The coin failed to report a strong uptrend. BTC marked a strong resistance at $4,075.34 and a support at $3,183.01.
Parabolic SAR projects a bullish market as the markers have aligned under the candles.
MACD line is above the signal line, pointing towards a bullish wave.
Relative Strength Index, on the other hand, notes that the coin has entered the overbought zone.
Conclusion
According to the indicators on the one-hour and the one-day charts, a bullish ride is predicted for the largest cryptocurrency in the world.
The post appeared first on .
Published at Fri, 22 Feb 2019 10:03:50 +0000
