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Bitcoin [BTC/USD] Technical Analysis: The price consolidates after a sudden crash

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Source: Unsplash

Bitcoin recently took a massive hit causing the prices to plummet down to as low as ~$3500. Alt-coins followed Bitcoin’s plunge and tanked faithfully causing the whole of cryptocurrency market to plummet by billions in a matter of few hours.

Bitcoin is currently trading at $3639 with a market cap of $64 billion and 24-hour trading volume at $6 billion.

1 Hour

Source: TradingView

The one-hour chart for Bitcoin shows an uptrend that extends from $3238 to $3608, while the downtrend spans from $4205 to $3639. The prices are finding support at $3578 and Bitcoin has already bounced off this support on January 10, 2019. The resistance point at $3944 was broken on January 6, 2019, and due to the recent slip-up, it has once again become a resistance point. The subsequent resistance can be seen at $4203 to $4239.

The MACD indicator shows a bullish crossover that is in play but below the zero-line. The histogram is lit up with green bars which indicates a bullish trend for Bitcoin.

The Stochastic indicator shows a bullish crossover that has just begun at the 55-line and has room to move upwards.

The Chaikin Money Flow shows that buyers are in control of the Bitcoin market as the money flowing into the market is far greater than the money flowing out of the market.

1 Day

Source: TradingView

The one-day chart shows a small uptrend that extends from $3184 to $3626, while the downtrend extends from $9800 to $4004. The longterm support can be seen hanging at $3183 while the resistance points are seen at $7359 subsequent resistance can be seen at $9113.

The Parabolic SAR markers are formed above the price indicating a bearish pressure on the candles.

The Aroon green and red lines are both hitting the 100-line which indicates that the Bitcoin market is undergoing consolidation.

The Relative Strength Index shows a gradual decrease in buying momentum of Bitcoin and it is now hanging in the middle, which indicates that the buying and the selling momentum is balanced.

Conclusion

The one-day chart shows a bullish trend for Bitcoin as indicated by CMF, MACD and Stochastic indicators. The one-day chart is showing a consolidation phase for Bitcoin as indicated by SAR, Aroon and the RSI indicators.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.

Altcoins

Tron [TRX] surges by over 6% as token storms back into the top 10

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Tron [TRX] price surges by over 6% as token back in top 10 as bulls take control
Source: Pixabay

Tron’s [TRX] price was surging, even as the cryptocurrency market cooled down following a brief rally anchored by Bitcoin [BTC]. The collective market cap stood at $324 billion. Following the surge, the token was back among the top 10 coins of the cryptocurrency market, a month after CEO Justin Sun promised the same. His tweet had said,

“#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let’s wait and see! #BTT $BTT $TRX #TRX”

However, despite the fact that Tron’s native token was prospering, BitTorrent [BTT] was still down at the 35th position on CoinMarketCap.

Despite low trading volume lately, TRX gradually climbed to break its resistance at $0.035. The latest bullish swing was speculated to lead TRX to breach the much-awaited $0.04 resistance.

Tron’s climb up the charts and into the top 10 is a surprise for some, especially since Tron overtook Cardano. The Charles Hoskinson-led crypto is still on a high after recent updates in its ecosystem, including the Shelly testnet going live.

Tron however, has not being standing idly. Recently, CEO Justin Sun revealed that Tron’s DApp trading volumes has exceeded those of EOS and Ethereum. Further, the Tron Foundation recently released a version of the Odyssey update on its mainnet. Further, Tron’s blockchain saw the release of a USD-backed stablecoin by Carbon recently.

Tron [TRX] 1-hour chart

Source: TradingView

Tron was up by 6.40% over the past 24 hours, driving its valuation to $0.039. Additionally, the digital asset rose by 3.7% over the last hour, at press time. TRX registered a market cap of $2.58 billion and a 24-hour trading volume of $900 million. The exchange with the highest TRX trading volume was BW.com, contributing 9.52% to the volume via the TRX/USDT trading pair.





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