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Analysis

Bitcoin [BTC] Technical Analysis: Bear drags the coin through mud

Namrata Shukla

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Bitcoin [BTC] Technical Analysis: Bear drags the coin through mud
Source: Pixabay

The cryptocurrency market has been bleeding for the past few days and many coins which reigned the market during the bullish phase have fallen prey to the bear. Bitcoin [BTC], the kingpin, is one of the coins which has suffered the burn of the bearish market.

At the time of press, BTC was valued at $3,662.5, with a market cap of $64 billion. The coin registered a 24-hour trade volume of $5 billion, with a miniscual growth of 0.01% over the past day. The coin shows an overall dip of 5.48% over the past week. The coin has been falling and the 24-hour fall of the coin is 0.87%.

1-hour

Source: Trading View

Source: Trading View

According to the one-hour chart of the coin, an uptrend was noted $3,787 to $3,990.01. The downward slope was observed from $4,025.69 to $3,621.55. The coin registered resistance at $3,656.23 and support was noted at $3,608.99.

Awesome Oscillator marks a bearish trend losing the momentum.

Bollinger Bands appear to be at a converging point, indicating reduced volatility in the market. The moving average line is over the candlesticks, marking a bearish reign in the market.

Chaikin Money Flow also points toward a bearish trend in the market as the marker is below zero.

1-day

Source: Trading View

Source: Trading View

The one-day chart of the coin reports a massive downtrend in the value of the coin from $6,258.74 to $3,380.01. The coin registered only a miniscual rise from $3,184.28 to $3,799.99. The coin noted an immediate resistance at $4,075.33, whereas coin was offered strong support at $3,183.01.

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

MACD line is under the signal line, pointing towards the awakening of the bear.

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



Conclusion

As per the indicators, Awesome Oscillator, Chaikin Money Flow, Bollinger Bands, MACD, and PArabolic SAR, a bearish reign seems to be the future for the coin.



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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

News

76305|IOTA [MIOTA] surges by 7% as retail expansion prospects brighten following Zeux App integration

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IOTA [MIOTA] surges by 7% as retail expansion prospects brighten following Zeux App integration
Source: Pixabay

IOTA [MIOTA], the 14th largest coin in the market was buoyed by its recent integration with the Zeux platform, resulting in the coin surging by 7% against the US Dollar. The coin closed the gap with the privacy-centric Monero [XMR], and trailed the latter by $15 million, at press time.

Zeux announced the MIOTA addition on 21 March via a Medium blog post, and added that this integration will boost the coin’s retail use. Merchants that cater to Apple Pay and Samsung Pay users will now accept MIOTA as well.

The Zeux platform will roll out in Europe by April, and will enter the US in 2020. The application claims to be a “digital banking solution for both fiat and cryptocurrencies,” and plans on tying up with several merchants at the retail level. Zeux already received its license from the UK’s top regulatory body, the Financial Conduct Authority.

Their tweet announcing the integration stated,

Source: Twitter

Frank Zhou, Founder and CEO of Zeux, believes that the partnership will help propel cryptocurrencies into mainstream retail use. Zhou is looking forward to working with IOTA’s Tangle technology, a Distributed Ledger Technology [DLT] facilitating machine-to-machine interactions, seamless micropayments, and data transfers. Referencing Tangle, he said,

“As a distributed ledger with zero transaction fees, The Tangle is a very promising chain for us to build our customer data Dapp.”

Source: Trading View

IOTA was trading at a stagnant price level of $0.291, with a brief surge to $0.302 on 16 March. After dropping to $0.285, the coin later saw a massive increase of 7.97 percent and pushed the price to $0.308.

The rise continued with the coin reaching $0.315 in the next six hours, peaking at $0.323 on 22 March. At press time, the coin was trading at $0.319. This was the coin’s highest price since 24 February.

In terms of market capitalization, the coin was hovering around the $830 million mark, prior to a drop to $806 million. Following this, the coin’s valuation shot up to $876 million, peaking at $899 million. At press time, the market cap had dropped by over $10 million, and was valued at $887 million.



The South Korean exchange, UPbit, took the top spot in terms of IOTA trade volume, accounting for over 27.6 percent of the total volume in the trading pair IOTA/KRW. Other prominent exchanges in the MIOTA market were Binance, Bitfinex, and Huobi Global.

Zeux had previously integrated Qtum [QTUM] on its application, resulting in a whopping 36 percent price hike for the coin.

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Analysis

76284|Ethereum [ETH/USD] Price Analysis: Coin bids adieu to bull market as bears take over

Priya

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Ethereum [ETH/USD] Price Analysis: Coin bids adieu to the bull market as bears take over
Source: Unsplash

Ethereum [ETH], the second largest cryptocurrency by market cap, indicated the presence of both the bull and the bear. According to CoinMarketCap, the cryptocurrency was trading at $136.39 with a market cap of $14.36 billion, at press time. The coin displayed a trading volume of $5.06 billion, and a rise of 1.47 percentage in the past seven days. The coin also dropped by 2.79 percentage in the last 24 hours.

1-hour

Ethereum [ETH] one-hour price chart | Source: Trading View

Ethereum [ETH] one-hour price chart | Source: TradingView

In the one-hour chart, the cryptocurrency demonstrated downtrends from $142.52 to $138.83, and from $138.43 to $134.85. The uptrend for the coin was outlined from $132.91 to $134.49.

The coin’s immediate resistance was pictured at $138.94, and strong resistance was laid at $140.21. The immediate support for the cryptocurrency was found at $132.75, and there was strong support at $130.69.

Parabolic SAR indicated a bullish market for the coin as the dotted lines were below the candlesticks.

Chaikin Money Flow forecast the opposite, as the money flow took the exit route.

Bollinger Bands diverged, suggesting some volatility and price movement for the coin.

1-day

Ethereum [ETH] one-day price chart | Source: Trading View

Ethereum [ETH] one-day price chart | Source: TradingView

In the one-day chart, the downtrends were displayed from $218.66 to $157.56, and further from $157.55 to $138.72. The first uptrend for the currency was drawn from $82.92 to $103.22, while the second extended from $103.22 to $134.41.

The immediate resistance for the cryptocurrency was at $140.53, and strong resistance was at $157.60. The coin’s immediate support was at $125.09, and strong support was seen at $103.13 and $82.79.

Klinger Oscillator showed that the bull was losing out as the reading line was pictured below the signal line after a crossover.

RSI indicated that the buying pressure and selling pressure for the cryptocurrency evened each other out.

MACD forecast the bear’s position to be well ahead of the bull, as the moving average line dipped below the signal line right after a crossover.



Conclusion

The market suggested a strong bearish presence for the cryptocurrency, and a fading bullish presence. This was attributed to the MACD and Klinger Oscillator from the one-day chart, and CMF from one-day chart siding with the bear.

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