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Bitcoin [BTC/USD] Technical Analysis: Prices stuck in a sideways pattern with no way out

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Bitcoin [BTC/USD] Technical Analysis: Prices stuck in a sideways pattern with no way out
Source: Unsplash

Bitcoin prices are steadily bouncing between the immediate resistance and support lines trying to find a way out. The prices are currently trading at $3,824 with a market cap of $67.4 billion. The 24-hour trading volume shows $5.11 billion, of which the most volume is contributed by BitMEX via trading pairs BTC/USD.

1 Hour

Source: TradingView

The one-hour chart for Bitcoin shows prices varying between the imminent supports and resistance points in a sideways fashion. The uptrend extends from $3238 to $3822, while the downtrend spans from $4205 to $3859. The prices are being supported by immediate support at $3577 and the immediate resistance that ranges from $3919 to $3944. The subsequent resistance range for Bitcoin exists between $4203 and $4239.

The Aroon indicator shows a decline in the downtrend of a short-term rally for Bitcoin while the downtrend has exhausted completely.

The Chaikin Money Flow is hanging just above the zero-line indicating that the money flowing into the market is slightly more than the money flowing out of the market for Bitcoin.

The Relative Strength Index for Bitcoin shows a reduction in the buying momentum to an almost neutral position.

1 Day

Source: TradingView

The uptrend for Bitcoin in the longer time-frame cannot be expected to be formed yet. The downtrend, however, can be seen hanging at $9800 to $4035. The prices are supported at $3183, with resistance lines present at $7359, $8385.

The Bollinger Bands in the one-day timeframe indicate that the BTC prices are undergoing a squeeze and the prices are holding steadily above the simple moving average.

The MACD indicator shows a bullish crossover that is underway from the bottom of the zero-line and a possible crossover to the top of the zero-line.

The Awesome Oscillator shows almost nil movement as the green spike is barely visible above the zero-line.



Conclusion

Bitcoin in the one-hour time frame is hanging in the middle, consolidating and moving sideways without any major rally to the upside or a slip to the downside as indicated by the Aroon, CMF and the RSI. The one-day chart shows a slightly bullish presence for Bitcoin as indicated by the MACD indicator, and the Bollinger Bands, but the AO indicates a stagnant motion for Bitcoin.





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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

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

Yash Rajan

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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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