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Bitcoin [BTC/USD] Price Analysis: Coin breaks from sideways movement as prices rise

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Bitcoin [BTC/USD] Price Analysis: Coin breaks from sideways movement as prices rise
Source: Unsplash

Bitcoin, the king of all cryptocurrencies briefly touched the $4,000 range following which, it tumbled down again to the $3,900 range. The rally that started a few days back has brought back excitement and volatility to the once-stale cryptocurrency market.

The price of Bitcoin at press time was $3,938 and the market cap was at $69.68 billion. The 24-hour trading volume of Bitcoin crossed the $8 billion mark and was at $8.87 billion. BitMEX is the largest contributor to the total trading volume as it contributes 16.80% i.e, $1.81 billion  of it via the trading pair BTC/USD.

Although a lot of the traders expected Bitcoin to make a “Bart move,” Bitcoin followed the contrarian theory and broke to the upside.

1 Hour

The uptrend for Bitcoin in the one-hour time frame extends from $3,356 to $3,887. Since Bitcoin was in a sideways movement which was followed by an uptrend rally, there is no sight of a downtrend yet.

The support lines are seen at $3,358, $3,498, and $3,577 while the next resistance that Bitcoin has to break is at $4,043. However, considering the market sentiment, $4,000 could also act as a strong resistance point for Bitcoin.

The Parabolic SAR markers indicate bullish movement as the markers have begun forming below the price candles.

The MACD indicator for the aforementioned time frame indicates an imminent bullish crossover as the MACD and the Signal line are in close proximity to each other.

The Relative Strength Index shows that the buyers have a slight momentum due to the recent rally.

1 Day

The one-day chart for Bitcoin, which is a longer time frame, shows bullish signs as well due to the recent rally. The downtrend extends from $9,027 to $3,917. The rally needs to be much higher for the formation of a clear uptrend. The support can be seen at $3,198 while the next resistance can be seen at $4,111.

The Aroon indicator shows an Aroon green line that has struck the 100-line, indicating that the uptrend is in full swing.

The Stochastic indicator shows that the lines have crossed the oversold threshold in a bullish crossover.

The Chaikin Money Flow indicator shows that the money flow line has crossed above the zero, indicating a bullish scenario for BTC.



Conclusion

The one-hour time frame, confirmed by the MACD, SAR, and RSI is indicating a bullish outlook for BTC. The indicators, CMF, Stochastic and Aroon of the one-day time frame confirm the same.





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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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