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Bitcoin [BTC] Technical Analysis: Bear still in the driving seat as cryptocurrency struggles to climb

Akash Anand

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Bitcoin [BTC] Technical Analysis: Bear still in the driving seat as cryptocurrency struggles to climb
Source: Unsplash

Bitcoin [BTC] has been caught between the bull and the bear over the course of the New Year as the prices show an up-down movement. The world’s largest cryptocurrency’s pattern on the charts has also been reflected by the other cryptocurrencies, with the market bleeding red at the moment. Even though 2019 opened to a green spread, the situation right now is nothing short of tumultuous.

1-hour

The one-hour chart shows the cryptocurrency taking a dive in terms of prices as the downtrend remains prevalent. The price drop brought the prices down from $4,030.81 to $3,660.97. The immediate short term support is at $3,501.11 while the resistance is holding at $4,068.99.

The MACD indicator has taken the pattern of a low amplitude sinusoidal graph as the signal line and the MACD line moves in a conjoined manner. The MACD histogram shows a predominantly bearish pattern.

The Relative Strength Index has fallen to the brink of the oversold zone after staying up near the overbought zone. The hold near the bottom of the graph shows that the selling pressure is much higher than the buying pressure due to a change in investor sentiments.

1-day

Bitcoin’s one-day graph shows a similar pattern to that of the one-hour graph, a dominant downtrend followed by a slight bullish spike. The downtrend was responsible for the prices to fall from $6,266.51 to  $4,020.38 while the uptrend lifted the price from $3,184.61 to $3,689.55. The immediate support on the one-day graph is at $3,167.20.

The Chaikin Money Flow indicator is still below the zero line as the cryptocurrency struggles hard to punch above it. Being below the zero line is a sign of the capital leaving the market being more than the capital coming into the market.

The Awesome Oscillator points at an almost negligible movement after a massive movement back in December. The lull in the AO is also representative of the reduced market momentum.



Conclusion

The above-mentioned indicators point to a continued sideways movement, with sporadic bullish rises in between. As January crosses the mid-month mark, investors and users hope that the bull takes over the steering wheel from the bear.





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Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bears stall coins’ bullish momentum

Yash Rajan

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XRP vs Stellar Lumen [XLM] Price Analysis: XRP and XLM bulls stalwart bears
Source: Pixabay

Ripple’s XRP saw a huge amount of capital being transferred yesterday and was ranked third on CoinMarketCap, with a market cap of $16.258 billion, at press time. According to CoinMarketCap, XRP was priced at $0.386 and had a 24 hour trading volume of $1.664 billion. It surged by 4.07% over 24 hours.

Stellar Lumens [XLM] stood ninth on the top-10 cryptocurrencies with a market cap of $2.438 billion. XLM was priced at $0.126 with a 24 hour trading volume of $474.116 million. XLM rose by 3.96% over the past 24 hours.

1-Day XRP

Resistance lines stood at $0.458 and $0.402 and supports were at $0.311 and $0.285. XRP saw an uptrend over the course of six months from $0.364 to $0.459. XRP also drew a downtrend over the past two weeks from $0.457 to $0.391.

Source: TradingView

Source: TradingView

Parabolic SAR markers were above the candles and indicated a bearish environment for the coin.

Moving Average Convergence/Divergence [MACD] indicator suggested an imminent bearish crossover

Relative Strength Index indicator showed that the buying and selling pressures had evened each other out

1-Day XLM

Stellar Lumens [XLM] saw an uptrend from $0.126 to $0.142. Resistance lines stood at $0.143 and $0.127 and support lines stood at $0.741 and $0.115.

Source: TradingView

Source: TradingView

Bollinger Bands pointed towards increment in volatility.

Awesome Oscillator indicator presented a bullish buying opportunity. However, bearish pressure was seen over the last few histogram bars.

Chaikin Money Flow indicator showed that the money flowing into the market was greater than the money flowing out of the market.



Conclusion

Both XRP and XLM seemed to have stalled in the face of bearish pressure, after posting some bullish gains.





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