Connect with us

Analysis

Bitcoin [BTC/USD] Technical Analysis: Short-term recovery threatens bear’s position

Anirudh VK

Published

on

Bitcoin [BTC/USD] Technical Analysis: Short-term recovery threatens bear's position
Source: Unsplash

Bitcoin [BTC] has recently bounced back, tracing a recovery from the bearish zone and providing a positive sentiment to the investors. However, even as the coin has orchestrated its temporary escape from the clutches of the bear, the price still has a long way to go before it reaches further bullish momentum.

1-hour:

An uptrend is visible from the $6,220 – $6,325 range, with an accompanying uptrend from $6,380 – $6,530. This is counteracted by the downtrend from $6,530 – $6,355, which is testing supports at $6,320 and $6,220. Resistance levels are set $6,390 and $6,530.

The Awesome Oscillator is bullish and moving upwards as seen by the green bars on the indicator.

The Klinger Volume Oscillator is also demonstrating a bullish crossover after the bearish move, suggesting a possible recovery.

The RSI recently recovered from the oversold zone, demonstrating that the coin has regained its buyers.

1-day:

The uptrend is providing a support from $6,185 – $6,270 – $6,335, with a downtrend from $9,800 – $8,390 – $6,500. The $5,850-mark is set as the last support, with a primary support line at $6,145. Resistances are set at $6,525, $6,750, $7,335 and $8,385.

The Parabolic SAR is bearish, as evidenced by the presence of the dots above the candlesticks.

The MACD is moving closer to the signal line and might indicate a possible bearish crossover in the near future.

The Stochastic RSI is demonstrating a possible entry point, which might indicate a bounce upwards.

Conclusion

Bitcoin might see a short recovery to the upwards direction, and continue to test its short-term resistance. However, if the bear continues to exert its power on top of reducing investor sentiments. Resistance levels are set at $6,390 and $6,530.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



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

EOS rises by over 6%; Ripple’s XRP and Ethereum follow suit prompted by Bitcoin’s rally

Avatar

Published

on

EOS rises by over 6%; Ripple's XRP and Ethereum follows suit prompted by Bitcoin's rally
Source: Pixabay

Bitcoin, the largest cryptocurrency by market cap breached the $9,000-mark anchoring another market spin towards the bulls. The collective market cap stood at $285 billion, at press time.

EOS:

Since the onset of 2019, Block.one, the parent firm of EOS had rolled out several significant technological upgrades on its EOS blockchain. Even as the price movement was underwhelming for the most part of the year, the sixth largest digital asset by market cap, EOS gained strong market support. At press time, EOS climbed by 6.11% and stood at a price of $7.13 with a market cap of $6.5 billion. The trading volume recorded for the past 24 hours was $2.55 billion.

Source: TradingView

Ethereum:

With the much-anticipated Ethereum 2.0 blockchain rollout, the second largest cryptocurrency, on CoinMarketCap, garnered gained bullish momentum against the US Dollar. At press time, ETH rose by 3.67% over the past 24 hours and was priced at $275.1. The digital asset registered a market cap of $29.3 billion and a 24-hour trading volume $8.49 billion. Additionally, 4.2% of the trading volume was recorded at ZBG via the trading pair ETH/USDT.

Source: TradingView

Ripple:

Ripple’s focus has always been disrupting cross-border payment space following which the Brad Garlinghouse-led firm introduced new technologies, features, and network updates. Its native token, XRP, significantly leveraged from the recent developments as well as the market recovery steered by BTC.

At press time, the third largest digital coin was valued at $0.42 after posting 3.41% gains in the past 24-hours. XRP held a market cap of $17.92 billion and registered a 24-hour trading volume of $1.5 billion. 4.4% of XRP was being traded at ZBG via XRP/USDT.

Source: TradingView





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending