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Bitcoin [BTC/USD] Technical Analysis: Bears take over the coin’s future

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Bitcoin [BTC/USD] Technical Analysis: Bears take over the coin's future
Source: Unsplash

Bitcoin has been moving in a sideways trend and the price has been stuck trying to get above $3,400 for almost a week now. The current price of Bitcoin, at the time of writing, was $3,418 with $60 billion.

The 24-hour trade volume is at $5.1 billion and most of the trade volume comes from BitMEX exchange, which supports the trade of Bitcoin contracts.

1-hour

The one-hour chart shows a downtrend that extends from $3,690 to $3,441 while there is no dominant uptrend as of yet. The support at $3,358 is holding steady while the resistance points at $3,577 and $3,498 are being constantly tested.

The Parabolic SAR markers show a downtrend that’s looming over Bitcoin prices as markers have spawned above the price candles.

The MACD indicator shows a bearish crossover as well since the MACD line has crossed over the signal line to the bottom.

The Awesome Oscillators show a bearish trend as the green bars have transitioned into red bars that are slowly decreasing in strength, denoting a decrease in upward momentum.

1-day

The one-day chart shows a downtrend that ranges from $9,800 to $3,531, while there’s no clear uptrend for the chart. The support at $3,178 is holding the prices currently upside, while the support at $4,090 has become a resistance after the prices breached below the said line on November 24, 2018.

The Bollinger Bands are in a squeezed position while the prices have dipped below the simple moving average, indicating a bear trend.

The Aroon indicator shows a downtrend that has reached the 100-line, indicating that the downtrend has become dominant.

The Chaikin Money Flow indicates that the money is flowing out of the market i.e., the sellers are dominating the buyers.



Conclusion

The one-hour chart shows a bearish trend just around the corner waiting to take a jump on the bulls which is clearly indicated by the SAR, MACD, AO indicators. The one-day i..e the longer time frame chart shows a bearish trend as well as indicated by the Bollinger Bands, Aroon, CMF indicators.





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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

Litecoin [LTC] smashes $100 valuation for the second time this year

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Litecoin [LTC] smashes $100 valuation; twice in the same year
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Litecoin [LTC] posted massive gains and came out as the biggest winner among altcoins as the week came to an end. The digital coin led the altcoin pack towards another bull run.

The latest pump, however, drove the crypto-asset’s price over $100-mark for the second time this year. Subsequently, the silver coin took over EOS to secure its position as the fifth largest crypto-asset by market cap.

As the crypto market started embracing green, many analysts in the space are of the opinion that the “altseason is upon us”. With the latest upswing, LTC became the fourth coin in the top ten with a three-digit valuation after Bitcoin [BTC], Ethereum [ETH], and Bitcoin Cash [BCH].

Source: TradingView

At press time, the coin was priced at $103.4 after surging by 7.93% over the last 24 hours. LTC registered a market cap of $6.40 billion and a 24-hour trading volume of $6.14 billion. Additionally, the digital coin rallied by 17.52% over the past week.

Litecoin was trading highest on Coineal via the trading pair LTC/BTC, accounting for a volume of 11.98%. The crypto-asset exchange was followed by EXX, which held 8.48% of the trading volume via LTC/USDT.



The upcoming Litecoin second halving event, scheduled for August 2019, and institutional adoption of the crypto were attributed to the series of bull domination this year.

Litecoin crashed soon after June 2018 and hit the lowest point at $30 earlier this year. The coin’s market recovery was resisted by bears as it was juggling within the range of $85-$90 before breaking the much-anticipated $100-mark.





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