Bitcoin has been moving in a sideways trend and the price has been stuck trying to get above $3,400 for almost a week now. The current price of Bitcoin, at the time of writing, was $3,418 with $60 billion.
The 24-hour trade volume is at $5.1 billion and most of the trade volume comes from BitMEX exchange, which supports the trade of Bitcoin contracts.
The one-hour chart shows a downtrend that extends from $3,690 to $3,441 while there is no dominant uptrend as of yet. The support at $3,358 is holding steady while the resistance points at $3,577 and $3,498 are being constantly tested.
The Parabolic SAR markers show a downtrend that’s looming over Bitcoin prices as markers have spawned above the price candles.
The MACD indicator shows a bearish crossover as well since the MACD line has crossed over the signal line to the bottom.
The Awesome Oscillators show a bearish trend as the green bars have transitioned into red bars that are slowly decreasing in strength, denoting a…
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