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Analysis

Bitcoin [BTC/USD] Price Analysis: Bears take over coin as bulls lose momentum

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Bitcoin [BTC/USD] Price Analysis: Bears take over coin as bulls lose momentum
Source: Pixabay

Bitcoin [BTC] resumed its sideways movement after a pump on March 15, 2019. The price was oscillating constantly between its support and resistance points.

At press time, the price of Bitcoin was $3,977, while the market cap was $70 billion. The 24-hour trading volume for Bitcoin was $10 billion. Most of the trading volume was contributed by BitMEX, which offers Bitcoin perpetual contracts.

1 Hour

Source: TradingView

The one-hour chart showed converging uptrends and downtrends. The uptrend extended from $3,689 to $3,933, while the downtrend was seen from $4,163 to $4,039. The price was bouncing between the support at $3,953 and resistance at $4,043. The price had previously breached its lower supports at $3,848 and $3,696.

The Volume for Bitcoin was diminishing, indicating more sideways movement for the coin and a lack of trading interest.

The MACD indicator showed a bullish crossover, as the MACD and the signal line were intertwined.

The Relative Strength Index for Bitcoin showed a collapsed momentum for buyers as the RSI line was near the 40-line.

1 Day

Source: TradingView

The one-day chart for Bitcoin showed the exhaustion of the bull rally. The downtrend remained dominant as it extended from $9,800 to $4,000. The price was nearing resistance at $4,000. Subsequent resistance was seen at $7,641.

The Aroon indicator showed the uptrend hitting the top, following the bull rally. However, the downtrend found enough room to gain dominance.

The Stochastic RSI indicator showed that it had hit the oversold zone, and was undergoing a bearish crossover.

The Chaikin Money Flow indicated that the money inflow into the BTC market was high. This suggested a bullish market.



Conclusion

The one-hour chart and its indicators unanimously projected bearish pressure on BTC prices. In the one-day chart, the Aroon and Stochastic RSI sided with the bear as well.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Analysis

Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC] & EOS bleed as Bitcoin [BTC] falls below $5,600

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Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC], EOS [EOS] bleed out as Bitcoin [BTC] descends below $5,600
Source: Pixabay

Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.

Source: TradingView

XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.

Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.

Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.



EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.

The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.





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