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The cryptocurrency market ended the week in green. The bull's visit to the market caused almost all major crypto-currencies like Bitcoin [BTC], Litecoin [LTC] and Bitcoin Cash [BCH] climb the charts. Bitcoin, the largest cryptocurrency in the market, has benefited from higher prices and remains above the $ 4,000 mark.
1 hour:
Source: Negotiation View
The hour-long Bitcoin chart shows a recent downtrend that has pushed the price down from USD 4,033.92 to USD 3,998.03. Support was $ 3,891.82, while short-term resistance was $ 4,039.78.
the Bollinger Groups converged a little, which was a sign of stagnation of price movement and lack of significant price spike.
the Parabolic SAR was lower than the price of candles, which indicated that the price of cryptocurrency was inflated and that Bitcoin was in a bullish scenario.
the Chaikin flow The indicator was above the zero line because the capital entering the market was greater than the out-of-market capital.
One day:
Source: Negotiation View
Bitcoin's one-day chart painted a similar picture, as the downward trend had caused the price to fall from $ 6,274.87 to $ 4,071.39. Long-term support was $ 3,127.02.
the relative strength index was close to the overbought area, which meant that the buying pressure was significantly higher than the selling pressure.
the MACD The indicator showed no positive sign for Bitcoin in the long run, as the signal line and the MACD line moved together after a bearish cross. There was also a lack of movement in the MACD histogram.
the Awesome Oscillator due to a slowdown in the market.
Conclusion:
The above-mentioned indicators indicated that in the short run, Bitcoin would benefit from a sporadic upside, but that in the long run, cryptocurrency should do much to reach its former valuation.
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