Bitcoin prices have been seeing a lot of bull rallies right from the start of December since the month holds a lot of sentiments from last year.
At the time of writing, the prices were trading at $4,180 with a market cap of almost $73 billion. The 24-hour trading volume can be seen holding strongly at a massive $7 billion.
Most of the trading volume comes from BitMEX via the trading pair BTC/USD, which contributes a whopping $2 million trading volume.
The uptrend for Bitcoin in the one-hour chart seems very bullish as it spans from $3,240 to $4,120, while the downtrend has diminished in size and length as it extends from $4,350 to $4,185. The support for Bitcoin is holding strong at $3,160, while the resistance points are seen hanging above at $4,240 and $4,345.
The Aroon indicator shows that the uptrend for Bitcoin reached the maximum level and is now slowly fading away as it declines towards the zero-line.
The stochastic indicator shows the same as Aroon, as the Stochastic lines reached the top-most level in a bullish crossover and are now heading down in a bearish crossover.
The Chaikin Money Flow shows an overflow of money into the Bitcoin markets as the CMF has hit the top, and is heading down.
The downtrend for Bitcoin in the one-day chart extends from $9,800 to $4,140 without an uptrend erupting yet. The support for prices can be seen at $3,185 with resistance lines holding the prices from crossing at $8,385 – $7,360.
The Parabolic SAR markers are formed below the price candles which indicates a bullish future for the Bitcoin prices in the larger time frame.
The MACD indicator which had dipped during the sell-off is now recovering in an upward fashion after undergoing a bullish crossover that hasn’t ended yet. The histogram is lit up with green bars above the zero-line.
The Awesome Oscillator shows a bearish crossover as well with the bars that are extending above the zero-line.
The one-day chart shows a decline in Bitcoin’s prices after a brief rally, the same is indicated by the Aroon, Stochastic and the CMF indicators. The one-day chart for Bitcoin shows a positive outlook as indicated by Parabolic SAR, MACD and the Awesome indicators.
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