Bitcoin has witnessed its first rally of 2019 and it was good while it lasted, as the prices have started correcting themselves and the current price of Bitcoin at the time of writing was at $3,618 with a market cap of $64 billion.
The 24-hour volume of Bitcoin at the time of writing was at $7.65 billion and most of the trade volume comes from trading derivative contracts from BitMEX exchange via trade pair BTC/USD. BitMEX contributes a whopping $1.7 billion in trade volume.
The one-hour chart shows no signs of a downtrend, but an uptrend that extends from $3,619 to $3,663. The resistance points at $3,498 and $3,577 have been successfully breached and are currently holding below it. The support at $3,358 was respected as the prices bounced off of it.
The Parabolic SAR markers indicate a bearish trend as the markers have formed above the price candles.
The MACD indicator shows a bearish crossover that’s looming over the prices. The MACD histogram shows the…
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