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Analysis

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency’s hold above $4,000 acts as its new cushion

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency's hold above $4,000 acts as its new cushion
Source: Unsplash

The cryptocurrency market’s roller-coaster ride in 2019 has been ongoing with several coins seeing ups and down on the price charts. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP witnessed stagnated price holds in a scenario where Ethereum overtook XRP to become the second-largest cryptocurrency. Bitcoin, at the moment, is still holding above the $4,000-mark.

1-hour

The one-hour Bitcoin chart shows a cryptocurrency that has settled into a sideways price movement after increasing its support from its previous hold. The immediate support has been holding at $3795.4 while the immediate resistance is at $4,191.1. The uptrend that lited the prices ranges from $3,901.7 to $4,124.6.

The Parabolic SAR has been a mix of bearish and bullish signals with the markers currently staying above the markers. This is a sign of the bear showing its dominance.

The MACD indicator remains unchanged over a day as the signal line and the MACD line are both moving as a conjoined pair. The MACD histogram just like the Parabolic SAR shows sporadic bearish and bullish points.

The Awesome Oscillator is holding a reduced value now as the sideways price has put off investors. The lull signifies the market momentum reducing.

1-day

Bitcoin’s one-day graph paints a picture of a cryptocurrency trying to get out of its bearish drudge. The downtrend that occurred in November was significant, bringing the price down from $6,475 to $4,166.4. The immediate support on the long-term graph is a $3,270.

The Relative Strength Index is holding in the middle of the graph, which indicates an equilibrium between the selling pressure and the buying pressure.

The Chaikin Money Flow indicator is below the zero line, a sign of the money flowing out of the market being more than the inflow.



Conclusion

Bitcoin’s current situation is reflective of the entire cryptocurrency market as the coin finds itself in between the bear and the bull. The above-mentioned indicators all point to a continued sideways price movement interspersed with slight hikes.





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Analysis

XRP and Stellar Lumens [XLM] Price Analysis: Coins struggle to cope with bearish pressure

Rishi Raj

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XRP and Stellar Lumens [XLM] Price Analysis: Coins struggle to cope with bearish pressure
Source: Pixabay

XRP, the third largest cryptocurrency, saw huge amounts of funds being moved earlier today. XRP was priced at $0.3701, with a market cap of $15.5 billion, at press time. The 24-hour trade volume came up to be $1.9 billion out of which, ZBG contributed 6.90% via XRP/USDT pair. XRP had fallen by 7.31% over the last 24 hours, at press time.

XRP’s competitor, Stellar Lumens [XLM] was priced at $0.122, with a market cap of $2.35 billion. The 24 hour trade volume came up to be $416 million, out of which BW.com contributed 10.84% via XLM/USDT pair. XLM fell by 8.61% over the last 24 hours, at press time.

1 day-XRP

Source: TradingView

The 1 day chart for XRP showed a downtrend from $0.5821 to $0.4550. The support point stood at $0.2881. The resistance points were seen at $0.4546 and $0.5247.

The Parabolic SAR showed a bearish trend as the dotted markers were formed on top of the candlesticks.

The MACD indicator hinted at a bearish crossover.

The Relative Strength Index indicated that the buying pressure was falling as the graph was seen to be in a downward move, indicating bearish trend.

1 day- XLM

Source: TradingView

The 1 day chart for XLM showed a downtrend from $0.2775 to $0.1430. The support point stood at $0.0738. The resistance points were seen at $0.1432 and $0.2541.

The Klinger Oscillator showed a bearish trend as the Klinger Oscillator dropped below zero, along with a drop in price

The Chaikin Money Flow crept below zero, indicating a greater outflow of capital, than inflow

The Relative Strength Index showed a decrease in buying pressure, indicating a bearish phase for the coin market.



Conclusion

The 1 day chart for XRP showed an overall bearish trend, as indicated by the aforementioned indicators. The same can be said about XLM.





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