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Bitcoin [BTC/USD] Technical Analysis: Support levels hold as last bastion against bear’s attacks

Anirudh VK

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Bitcoin [BTC/USD] Technical Analysis: Support levels hold as last bastion against bear's attacks
Source: Unsplash

Bitcoin [BTC] recently saw an attack of the bear move the price downwards to the $6,400 range, testing crucial support levels. Even now, the coin continues to rest on one of these supports, with bearish pressure threatening the precarious position of Bitcoin’s price.

1-hour:

The short-term outlook for Bitcoin shows that there is an uptrend from $6,220 – $6,395, with an accompanying movement from $6,330 – $6,530. This was the pattern that predicted a bearish movement, which then saw the price move down from $6,530 – $6,485 – $6,405. A crucial support is present at $6,390, with a secondary support line at $6,220. A resistance is present at $6,530 as well.

The RSI is staying around the lower zone and might plunge into oversold to indicate a buying opportunity for the bulls of the market.

The Relative Vigor Index set for a bearish turn, as seen by the movement of the graph towards the downwards direction.

The Bollinger Bands have widened owing to the recent drop in price and might contract with decreasing volatility in the price of the coin.

1-day:

The long-term outlook for Bitcoin shows that a support uptrend has presented itself at the $6,270 – $6,405 marks, with the dominant downtrend still in power since the month of May, as seen by the price movement from $9,800 – $8,390 – $6,505. Supports are present at $6,145 and $5,850, with resistances at $6,525, $6,750, $7,335 and $8,385.

The Aroon indicator shows a reversal in the downtrend seen in the near past, with the uptrend beginning to lose power.

The MACD is demonstrating a bullish crossover movement, as seen by the movement of the MACD line above the signal line.

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

Conclusion

The price of Bitcoin seems to be headed for a short-term retracement before falling back to established support levels, as the bear does not seem eager to reduce the force of its attacks on the coin. Supports are present at $6,390 and $6,220.





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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

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

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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





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