![Bitcoin [btc/usd] technical analysis: the digital gold is barely hanging on](https://ohiobitcoin.com/storage/2019/01/BTCUSD-3525-75-%E2%96%B2-0-33-%E2%80%94-Bitcoin-1-hour-%E2%80%94-TradingView.png "Bitcoin [btc/usd] technical analysis: the digital gold is barely hanging on")
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.
1 Hour
![Bitcoin [btc/usd] technical analysis: the digital gold is barely hanging on](https://i0.wp.com/ambcrypto.sfo2.digitaloceanspaces.com/2019/01/BTCUSD-3525-75-%E2%96%B2-0-33-%E2%80%94-Bitcoin-1-hour-%E2%80%94-TradingView.png?resize=696%2C280&ssl=1 "Bitcoin [btc/usd] technical analysis: the digital gold is barely hanging on")
Source: TradingView
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 $BTC 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.
1 Day
![Bitcoin [btc/usd] technical analysis: the digital gold is barely hanging on](https://i1.wp.com/ambcrypto.sfo2.digitaloceanspaces.com/2019/01/BTCUSD-3525-68-%E2%96%B2-0-33-%E2%80%94-Bitcoin-1-day-%E2%80%94-TradingView.png?resize=696%2C254&ssl=1 "Bitcoin [btc/usd] technical analysis: the digital gold is barely hanging on")
Source: TradingView
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 $BTC 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.
Conclusion:
The one-hour chart paints a positive picture for bitcoin $BTC as indicated by the Aroon, CMF, and Stochastic indicators. The one-day time frame shows a rather negative outlook for bitcoin $BTC as indicated by SAR, MACD and the AO indicators.
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Published at Tue, 15 Jan 2019 00:03:46 +0000
