Bitcoin [BTC/USD] Price Analysis: Coin awaits imminent breakout in near future

Bitcoin’s investor sentiment is positive considering the developments in the ecosystem. However, the price of Bitcoin doesn’t seem to be going anywhere as it is consolidating and moving in a sideways trend.

The price of Bitcoin, at press time, was $3,846 and the market cap was at $68 billion. The trading volume was hovering at $8.9 billion in the 24-hour time frame.

The largest contribution to the trading volume was from the exchange, BitMEX, via trade pair BTC/USD.

1-hour

Source: Trading View

The one-hour chart showed a downtrend that extended from $4,163 to $3,859, while the uptrend extended from $3,732 to $3,800. The price was bouncing off the support at $3,848. The subsequent resistance for Bitcoin was at $3,953.

The Parabolic SAR markers indicated a bearish pressure as they had formed above the price candles.

The MACD indicator was nearing the zero-line and indicated a consolidation. The lines, however, indicated a bearish crossover.

The Relative Strength Index showed an equal momentum from both the sellers and the buyers.

1-day

Source: TradingView

The one-day chart of Bitcoin showed a downtrend that extended from $9,800 to $3,875. The support at $3,122 bounced the price towards the immediate resistance at $4,111. The subsequent resistance was seen at $7,641.

The Aroon indicator showed a dominant uptrend that reversed as the downtrend was gaining strength.

The Stochastic RSI came short to hitting the oversold zone and was undergoing a bearish crossover to the bottom.

The Chaikin Money Flow showed the CMF line just above the zero-line and indicated a slight dominance by the buyers.



Conclusion

The one-hour chart showed consolidation and a slight pressure by the bears, which was confirmed by the Parabolic SAR, MACD and the Relative Strength Index indicators. The one-day chart showed a consolidation phase for Bitcoin as well. The Aroon indicator and the CMF showed a bullish trend for Bitcoin, while the Stochastic showed the beginning of a bearish trend.


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