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Analysis

Bitcoin [BTC/USD] Price Analysis: King coin fails to escape bear as prices stagnate

Akash Anand

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Bitcoin [BTC/USD] Price Analysis: Cryptocurrency fails to escape the bear as price stagnatesBitcoin [BTC/USD] Price Analysis: Cryptocurrency fails to escape the bear as price stagnates
Source: Pixabay

Bitcoin’s [BTC] hold below the $4,000-mark was a major cause for concern among cryptocurrency users, as many anticipated the bear run to end soon. Other than some sporadic bullish rises in the market, most coins witnessed continued sideways movement. According to the charts, Bitcoin failed to go through any significant bullish price breakout.

1-hour

Source: Trading View

Source: Trading View

The one-hour chart for Bitcoin showed a downtrend that lowered the price from $3,910.01 to $3,856.95. The support was at $3806.85, while the resistance was at $3929.90.

The Bollinger bands moved parallelly as sideways price movement took hold of the market.

The Chaikin Money Flow indicator was above the zero-line, indicating that the capital coming into the market was more than the capital leaving the market.

The Awesome Oscillator was in a lull, suggesting reduced market momentum for Bitcoin.

1-day

Source: TradingView

Bitcoin’s one-day downtrend was more significant than the one-hour spectrum, as the price drop ranged from $6,270.24 to $3,893.53. The long-term support was holding at $3,188.72.

The Parabolic SAR was above the price candles, suggesting that Bitcoin was going through a bearish trudge.

The Relative Strength Index flattened out in the middle of the graph, an indication of the equilibrium between the selling and buying pressures.

The MACD indicator moved as a conjoined pair above the histogram after a bearish crossover. The MACD histogram was a mix of bearish and bullish signals.



Conclusion

The above-mentioned indicators projected that Bitcoin’s price variation would be constrained by the tussle between the bull and the bear, with a lack of major movement in market cap.





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Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

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Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





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