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Analysis

Bitcoin [BTC] Price Analysis: Coin gasps as bear tightens hold

Namrata Shukla

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Bitcoin [BTC] Price Analysis: Coin gasps as bear tightens hold
Source: Pixabay

The cryptocurrency market has been overwhelmed by the bear’s presence, resulting in a poor performance by most major coins. Bitcoin [BTC] has been seeing the longest bear market ever seen and a change in trend is nowhere in site.

At the time of press, the BTC was valued at $3,402.07, with a market cap of $59.6 billion. The coin recorded a 24-hour trading volume of $5 billion, while noting a fall of 0.43% over the past day. The coin has been falling as it registered a fall over seven days of 1.44% and continued its downward spiral by a dip of 0.21% over the past hour.

1-hour

Source: Trading view

Source: Trading view

The one hour chart of BTC marked an uptrend from $3,468.43 to $3,449.14. The coin noted a downtrend from $3,468.43 to $3,367.49. The coin drew resistance at $3,379.33 and support at $3,354.99.

Awesome Oscillator indicates a weakened bearish run.

Bollinger Bands appear to be converging, reducing market volatility. The moving average line is over the candlesticks, marking a bearish trend.

Chaikin Money Flow indicates a bullish trend for the coin, as the marker is above zero.

1-day

Source: Trading view

Source: Trading view

The coin marked a massive downtrend in the one-day chart, ranging from $7,384 to $6,511.88. Another downtrend was observed from $6,327.87 to $3,441. The falling coin drew resistance at three points. Immediate resistance was noticed at $3,531.02, followed by another resistance at $3,683.50 and concluded by another resistance at $4,004.13. The coin, however, marked one strong support at $3,184.28.

Parabolic SAR points towards a bearish market as the markers have aligned above the candlesticks.

MACD line is under the signal line marking a bear market.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.



Conclusion 

As per the majority of indicators in the one-hour chart and the one-day chart of BTC, a bearish hold is seen strong, whereas the possibility of a trend reversal seems to be slim.





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Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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