Bitcoin (BTC), the largest cryptocurrency in the world, traded its longest bear market until it pumped slightly on February 8. The currency has had a lateral performance during the last days and now it has reported a fall of 0.29% at the time of writing during the last 24 hours.
According to CoinMarketCap, the leading cryptocurrency of the ecosystem presents a quotation of $ 3,619.44 USD with a stock market led by BitMex with 8.66% share of the little more than $ 63 billion dollars and a commercial volume in the last day of little more than $ 6,242 million dollars.
The most important cryptocurrency in the crypto market has reported a growth of 6.25% in the last week and a profit of 0.16% in the last hour.
According to the 1D chart extended to study in the short and long term, there is no concern here as Bitcoin consolidates after a movement of initial momentum.
In relation to the short term, Bitcoin presents a projected bearish trend (orange lines) towards levels of the range between $ 3485 and $ 3530 (green rectangle in the chart). If there is no firm support in this last point, it could fall to levels of $ 3440.35.
Markets rarely rise in a straight line and while maintaining the level of $ 3485, we consider this as an initial surge.
In the opposite case that Bitcoin pushes to the lowest levels of $ 3400, we remain optimistic in the short and medium term. The next level of resistance is at $ 3825, where we expect a broader consolidation, and until it does not exceed the $ 4200 level, it will not be off the stalkers.
Of course, I could go back and try again the lower area of the $ 3000 (lower green rectangle), but nothing in the current table tells us that this is likely in the near future.
To corroborate the above, we assembled the 1D chart with the most outstanding indicators.
The Parabolic SAR indicator is bullish, drawn below the sails.
The MACD indicator indicates an upward trend, with the signal line making a positive crossover towards higher levels of the zero line and the histogram drawing upwards.
Finally, the RSI shows us that there is a small cross towards the middle line of 50, a sign of a balance of forces between bullish and bearish markets.
In conclusion, Bitcoin denotes the good green moment of the ecosystem and with news from China of a massive activation of hashrate for the coming months, as well as positive decisions regarding investment and retirement funds; the outlook is encouraging for the cryptocurrency in the remainder of Q1 2019.