Holding Bitcoin below $4,000 was a major concern for cryptocurrency traders, as many expected the bearish trend to end soon. According to the charts, Bitcoin could not go through a significant bullish price break.
On the hourly chart, a pair BTC/USD shows sideways movement, outlining the boundaries of the range at $3,900 and $4,000.
The Bollinger Bands lines are moving almost horizontally for the third day, confirming the sideways trend of the BTC/USD pair.
Chaikin’s cash flow indicator, being above the zero line, speaks of capital flow into the market. This may indicate that traders buy Bitcoin in the hope of growing it.
The daily chart also indicates the presence of sideways movement of the BTC/USD pair. Here, levels of support and resistance are located in areas of $3,800 and $4,200, respectively.
Parabolic is drawn above the candles, which indicates the continuation of the downward movement.
Relative Strength Index almost smoothed out, indicating the balance of sale and purchase pressure.
Based on charts, it can be concluded that the price change of the BTC/USD pair will be limited by the struggle between the bull and the bear in the absence of significant movement. That is, Bitcoin will continue to move within the range.