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Bitcoin [BTC/USD] Technical Analysis: Bitcoin falls further down the abyss

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Bitcoin [BTC/USD] Technical Analysis: Bitcoin falls further down the abyss
Source: Unsplash

Bitcoin is undergoing a long bloody rung ever since its prices plunged below the $6,500. The total market cap of Bitcoin fell from a whopping $111 billion to $64.89 billion, which is a massive depletion of $37 billion dollars in a month.

1 Hour

Source: Trading View

The one-hour chart for Bitcoin shows a strong downtrend that extends from $5495 to $3708. The small uptrend that existed previously has vanished as the prices continue to plunge. Bitcoin is supported at the price range $3605, while resistance points can be seen hanging above the candles at points, $4345, $4749, and $5544.

The Bollinger Bands are showing periods of low volatility since the bands are getting squeezed.

The Aroon lines are riding parallel to each other indicating periods of consolidation.

The MACD line and the signal lines are convoluted as the volatility keeps reducing.

1 Day

Source: Trading View

The one-day charts show a downtrend that extends from $9799 to $3800 with no uptrend in sight. The resistance points are seen hanging at $7360, $8390, and $9799. Support for Bitcoin cannot be seen on the horizon as the prices have been plunging.

The Bollinger bands for the one-day time-frame shows induction volatility into the Bitcoin markets, and the prices are below the simple moving average which indicate an oversold position for Bitcoin.

The Awesome Oscillator shows increasing red spikes hanging below the zero line which indicates that the short term period is trending lower than the long-term period.

Stochastic indicator shows a bearish outlook even in the one-day trend as they are undergoing multiple crossovers.



Conclusion

The Bollinger Bands, Aroon lines, and the MACD together are showing bearish trend engulfing the markets. The Stochastic, Awesome Oscillator and the Bollinger Bands are all showing bearish trend even in the long term one-day chart.





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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

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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