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Analysis

Bitcoin [BTC/USD] Price Analysis: Coin awaits imminent breakout in near future

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Bitcoin [BTC/USD] Price Analysis: Coin awaits imminent breakout in near future
Source: Pixabay

Bitcoin’s investor sentiment is positive considering the developments in the ecosystem. However, the price of Bitcoin doesn’t seem to be going anywhere as it is consolidating and moving in a sideways trend.

The price of Bitcoin, at press time, was $3,846 and the market cap was at $68 billion. The trading volume was hovering at $8.9 billion in the 24-hour time frame.

The largest contribution to the trading volume was from the exchange, BitMEX, via trade pair BTC/USD.

1-hour

Source: Trading View

The one-hour chart showed a downtrend that extended from $4,163 to $3,859, while the uptrend extended from $3,732 to $3,800. The price was bouncing off the support at $3,848. The subsequent resistance for Bitcoin was at $3,953.

The Parabolic SAR markers indicated a bearish pressure as they had formed above the price candles.

The MACD indicator was nearing the zero-line and indicated a consolidation. The lines, however, indicated a bearish crossover.

The Relative Strength Index showed an equal momentum from both the sellers and the buyers.

1-day

Source: TradingView

The one-day chart of Bitcoin showed a downtrend that extended from $9,800 to $3,875. The support at $3,122 bounced the price towards the immediate resistance at $4,111. The subsequent resistance was seen at $7,641.

The Aroon indicator showed a dominant uptrend that reversed as the downtrend was gaining strength.

The Stochastic RSI came short to hitting the oversold zone and was undergoing a bearish crossover to the bottom.

The Chaikin Money Flow showed the CMF line just above the zero-line and indicated a slight dominance by the buyers.



Conclusion

The one-hour chart showed consolidation and a slight pressure by the bears, which was confirmed by the Parabolic SAR, MACD and the Relative Strength Index indicators. The one-day chart showed a consolidation phase for Bitcoin as well. The Aroon indicator and the CMF showed a bullish trend for Bitcoin, while the Stochastic showed the beginning of a bearish trend.





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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

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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