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Analysis

Bitcoin [BTC/USD] Technical Analysis: Token wary of bear attack as sideways movement begins

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Token wary of bear attack as sideways movement begins
Source: Unsplash

The cryptocurrency market’s sudden bullish trend has certainly had a positive impact on investor sentiment as the prices have started climbing. Popular cryptocurrencies like Bitcoin [BTC], Ethereum and XRP have all seen a green spread while at the same time, the trend has had a drip down effect on the rest of the market. Looking at the charts, it becomes apparent that Bitcoin is trying to break its current resistance and go back to its glory days.

1-hour:

Source: TradingView

Source: TradingView

The one-hour graph for Bitcoin shows a significant uptrend that has boosted investor sentiments. The uptrend lifted the price from $3,355.47 to $3,575.81. The support has been holding at $3,354.25 while the immediate resistance has been lifted to $3,667.11.

The Chaikin Money Flow indicator is just below the zero-line after being above it for more than two days. The hold below the zero-line is an indication of the capital coming into the market being lesser than the capital leaving the market.

The Parabolic SAR has been predominantly bearish with a majority of the markers staying above the price candles.

1-day:

Source: TradingView

Source: TradingView

Bitcoin’s one-day graph paints a different picture to that of the one-hour graph, with massive downtrend playing the lead role. The downtrend resulted in the prices dropping from $6,304.59 to $3,616.87. The support at the moment is holding at $3,159.39.

The Relative Strength Index has risen a little to be nearer to the overbought zone after which it has settled. This is a sign of the buying pressure being more than the selling pressure.

The Awesome Oscillator shows a lack of any movement which is indicative of a severe lack in the Bitcoin market’s momentum.



Conclusion:

The above-mentioned indicators have all taken the side of the bear with the bull’s run being hampered from going any further. Users and investors of Bitcoin are still rallying behind the cryptocurrency in hopes of a continued bullish ascend in the future.





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Analysis

XRP and Stellar Lumens [XLM] Price Analysis: Coins struggle to cope with bearish pressure

Rishi Raj

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XRP and Stellar Lumens [XLM] Price Analysis: Coins struggle to cope with bearish pressure
Source: Pixabay

XRP, the third largest cryptocurrency, saw huge amounts of funds being moved earlier today. XRP was priced at $0.3701, with a market cap of $15.5 billion, at press time. The 24-hour trade volume came up to be $1.9 billion out of which, ZBG contributed 6.90% via XRP/USDT pair. XRP had fallen by 7.31% over the last 24 hours, at press time.

XRP’s competitor, Stellar Lumens [XLM] was priced at $0.122, with a market cap of $2.35 billion. The 24 hour trade volume came up to be $416 million, out of which BW.com contributed 10.84% via XLM/USDT pair. XLM fell by 8.61% over the last 24 hours, at press time.

1 day-XRP

Source: TradingView

The 1 day chart for XRP showed a downtrend from $0.5821 to $0.4550. The support point stood at $0.2881. The resistance points were seen at $0.4546 and $0.5247.

The Parabolic SAR showed a bearish trend as the dotted markers were formed on top of the candlesticks.

The MACD indicator hinted at a bearish crossover.

The Relative Strength Index indicated that the buying pressure was falling as the graph was seen to be in a downward move, indicating bearish trend.

1 day- XLM

Source: TradingView

The 1 day chart for XLM showed a downtrend from $0.2775 to $0.1430. The support point stood at $0.0738. The resistance points were seen at $0.1432 and $0.2541.

The Klinger Oscillator showed a bearish trend as the Klinger Oscillator dropped below zero, along with a drop in price

The Chaikin Money Flow crept below zero, indicating a greater outflow of capital, than inflow

The Relative Strength Index showed a decrease in buying pressure, indicating a bearish phase for the coin market.



Conclusion

The 1 day chart for XRP showed an overall bearish trend, as indicated by the aforementioned indicators. The same can be said about XLM.





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