Bitcoin has been stuck at $3,600 level ever since the drop in prices that occurred on January 10, 2019, 6:00 UTC. The prices may be in a consolidation stage. Bitcoin’s market cap is currently at $63 billion with 24-hour trade volume at $4.38 billion.
Majority of the trade volume, as usual, is being contributed by BitMEX via the trading pair BTC/USD. BitMEX contributes a total of $500 million of the total trade volume i.e., 9.28%.
The one-hour chart shows an uptrend that extends from $3,238 to $3,611, while the downtrend extends from $4,205 to $3,623. The prices are holding just above the support at $3,578, while resistance range at $3,919-$3,944 and $4,203-$4,239 is to be tested yet again when and if Bitcoin prices decide to move up.
The Parabolic SAR markers show a bearish trend for Bitcoin in the one-hour time frame as they have spawned above the price candles.
The MACD indicator lines are eerily close to each other are trying to get above the zero-line.
The Awesome Oscillator shows that the bars are hanging below the zero-line, indicating a pressure of the bears. However, the green bars are transitioning into red, which indicates that the short-term momentum is trending faster than the long-term momentum.
The one-day chart shows a small uptrend that extends from $3,184 to $3,626, while the downtrend extends from $9,800 to $4,004. The long-term support can be seen hanging at $3,183 while the resistance points are seen at $7,359 subsequent resistance can be seen at $9,113.
The Bollinger Bands are in a squeeze, indicating that the volatility for Bitcoin markets has reduced. The prices have extended below the simple moving average, which indicates a bearish outlook.
The Aroon indicator shows that the downtrend has risen to the top indicating dominance of the downtrend as compared to the uptrend.
The RSI is heading down, which indicates that the momentum of the markets has tipped towards the sellers.
The one-hour chart is not looking good, as the indicators [Awesome Oscillator, MACD, and Parabolic SAR] indicate the infestation of bears. The one-day chart confirms the same trend as the one-day chart. The indicators, Bollinger Bands, Aroon, and the RSI all indicate a negative bearish trend for Bitcoin even in the larger time frame.
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Tron [TRX] surges by over 6% as token storms back into the top 10
Tron’s [TRX] price was surging, even as the cryptocurrency market cooled down following a brief rally anchored by Bitcoin [BTC]. The collective market cap stood at $324 billion. Following the surge, the token was back among the top 10 coins of the cryptocurrency market, a month after CEO Justin Sun promised the same. His tweet had said,
“#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let’s wait and see! #BTT $BTT $TRX #TRX”
However, despite the fact that Tron’s native token was prospering, BitTorrent [BTT] was still down at the 35th position on CoinMarketCap.
Despite low trading volume lately, TRX gradually climbed to break its resistance at $0.035. The latest bullish swing was speculated to lead TRX to breach the much-awaited $0.04 resistance.
Tron’s climb up the charts and into the top 10 is a surprise for some, especially since Tron overtook Cardano. The Charles Hoskinson-led crypto is still on a high after recent updates in its ecosystem, including the Shelly testnet going live.
Tron however, has not being standing idly. Recently, CEO Justin Sun revealed that Tron’s DApp trading volumes has exceeded those of EOS and Ethereum. Further, the Tron Foundation recently released a version of the Odyssey update on its mainnet. Further, Tron’s blockchain saw the release of a USD-backed stablecoin by Carbon recently.
Tron [TRX] 1-hour chart
Tron was up by 6.40% over the past 24 hours, driving its valuation to $0.039. Additionally, the digital asset rose by 3.7% over the last hour, at press time. TRX registered a market cap of $2.58 billion and a 24-hour trading volume of $900 million. The exchange with the highest TRX trading volume was BW.com, contributing 9.52% to the volume via the TRX/USDT trading pair.
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