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Analysis

Bitcoin [BTC/USD] Technical Analysis: Bear to dethrone short-term bull rule?

Priyamvada Singh

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Bitcoin [BTC/USD] Technical Analysis: Bear to dethrone short-term bull rule?
Source: Pixabay

A major bear-attack befell the cryptocurrency market yesterday when all the big coins crashed following Bitcoin [BTC]’s lead. Currently, the bull has neutralized the situation wherein BTC is up by 0.47% in the 24-hour cycle.

At press time, the coin was trading at $3,434 with a market cap of $59.8 billion. The 24-hour trading volume was recorded to be $5.96 billion.

1-hour

BTCUSD 1-hour candlesticks | Source: tradingview

BTCUSD 1-hour candlesticks | Source: tradingview

In the one-hour candlesticks, BTC saw a downtrend that extends from $3,820 to $3,433 whereas the uptrend is ranging from $3,235 to $3,371. A possible trend breakout could be witnessed in the foreseeable future as the prices are packed tightly at present.

The Parabolic SAR is on BTC’s side as it continues to hold the price above the dots. The indicator looks extremely supportive of a positive prediction for the price trend.

The Aroon indicator is showing the dominance of uptrend at present as the downtrend continues to lose grip in the Bitcoin market.

The Chaikin Money Flow had slumped a while ago but has picked itself up to cross over to the bullish territory. Currently, the indicator is shadowing the 0-line, projecting a neutral stance.

1-day:

BTCUSD 1-day candlesticks | Source: tradingview

BTCUSD 1-day candlesticks | Source: tradingview

In the 1-day timeline, a strong support is set at $6148 level whereas the corresponding downtrend stretches from $8,177 to $6,507. However, this trend was broken when the bear stampede the market. Since then, multiple supports have been breached by the BTC candlesticks.

The Bollinger Bands diverged to provide space for price fluctuation, but is closing like bottle-neck to tighten volatility flow across the market.

The RSI is currently in the oversold zone vouching for the bear’s presence. However, a trend reversal could be the silver lining in this case.

The Relative Vigor Index just made a bearish crossover by the signal. The RVGI is heading downwards to sink deeper into the bear’s territory to give a negative outlook on the matter.



Conclusion

The short-term speculation provided by the indicators is pointing towards a bullish victory. Unfortunately, the long-term indicators do not look pleased by the analysis, henceforth predicting bear to be the winner in a bigger picture.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to push market forward

Yash Rajan

Published

on

XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to move forward
Source: Pixabay

XRP, the third largest cryptocurrency, was priced at $0.383 agfter falling 1.87% over the 24 hours, according to CoinMarketCap. XRP held a market cap of $16.121 billion and registered $1.29 billion in 24-hour trading volume for XRP.

At press time, Stellar Lumens [XLM] was priced at $0.125, after falling 1.56% over the past 24 hours. It stood ninth on the top 10 list with a market cap of $19.302 billion and $844.41 million in 24-hour trading volume.

1-Day XRP

XRP saw an uptrend from $0.331 to $0.461 and a downtrend from $0.461 to $0.388. Resistances were at $0.458 and $0.420. Support lines were located at $0.371 and $0.285.

Source: TradingView

Source: TradingView

Parabolic SAR presented a bearish trend as the markers were above the candles.

Moving Average Convergence/Divergence [MACD] indicator was undergoing a bearish crossover.

Relative Strength Index showed a relatively overbought status for the coin.

1-Day XLM

On the one-day XLM chart, the resistance line stood at $0.143 and the support lines stood at $0.115 and $0.091. It saw an uptrend from $0.133 to $0.141. XLM also saw a downtrend from $0.142 to $0.125.

Source: TradingView

Source: TradingView

Bollinger Bands displayed an increase in volatility in the market as the bands were diverging.

Awesome Oscillator presented a bullish buying opportunity.

Chaikin Money Flow indicator was above the zero-line, indicating that money was flowing into the market.



Conclusion

XRP saw a fusion of bullish and bearish trends while XLM sides with the bulls after being stalled by bears for the past one month.





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