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Analysis

Bitcoin [BTC/USD] Technical Analysis: Bears look to take short-term as bulls look to the future

Anirudh VK

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Bitcoin [BTC/USD] Technical Analysis: Bears look to take short-term as bulls look to the future
Source: Unsplash

Bitcoin [BTC], the biggest cryptocurrency in the market, has recently been facing a slump in the strength of its market movements. While good news seems unlikely to move the market with significant force, the bearish pressure is indicative of the state of the market currently.

1-hour:

The one-hour candlesticks show a downtrend that is prevalent from $6,660 – $6,380 – $6,340, testing support levels at $6,220 and $6,290. An uptrend is also visible, providing support from $6,185 – $6,220 – $6,340. Resistances are visible at the $6,410, $6,480 and $6,660 marks.

The MACD is denoting a bearish crossover downwards.

The Awesome Oscillator is also showing a sustained downwards signal, pointing to further downward movement of the coin.

The Parabolic SAR is flashing a bearish sign.

1-day:

The long-term outlook for Bitcoin shows an uptrend from $6,185 – $6,270 – $6,340, providing respite from bearish pressure denoted by the downtrend from $9,800 – $8,390 – $6,340. Support levels are present at $5,850 and $6,145, with resistances at $6,525, $6,750 and $7,360.

The RSI denotes that buying and selling pressure have stabilized, with the indicator resting squarely in the middle.

The Relative Vigor Index is demonstrating a sharp bullish crossover, with the RVGI line moving across the signal.



Conclusion

While the short-term outlook shows a bearish outlook without doubt, the long-term outlook may have more for HODLers. The price is set to test resistances at the $6,410 and $6,480 mark before moving upwards.





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Analysis

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

Yash Rajan

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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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