The cryptocurrency market has gone beyond the control of the bull and the bear as the volatility takes charge of the price trends. At the time of writing, Bitcoin [BTC] was down by 1.29%, trading at $4,511 with a market cap of $78.4 billion. Simultaneously, the 24-hour volume is recorded to be $7.2 billion.
In the 1-hour timeframe of the Bitcoin candlesticks, the downtrend is ranging from $5,495 to $4,546 whereas the support level is fixed at $4,244. A descending trend can be noticed in this scenario of the BTC market.
The Aroon Indicator is projecting more strength in the uptrend whereas the downtrend has begun to up its game simultaneously. However, it can be concluded that the indicator is more bullish than bearish on Bitcoin.
The Relative Vigor Index was bullish on the subject but has taken a downward approach after making a bearish crossover by the signal.
In this time frame of BTC candlesticks, the downtrend is stretching from $8,223 to $6,507. However, the coin saw many dips in its price, hence, the support is now set at $4,354. Furthermore, the trendline is forming a descending triangle with the support point.
The Bollinger Bands have diverged to depict a massive opening at the end of the tunnel-pattern. Therefore, the indicator is predictive of extreme volatility during this time.
The Chaikin Money Flow is extremely bearish on Bitcoin as of now. The reading line has slumped much below the 0-line and is residing at the bottom.
The Awesome Oscillator is in tune with the above indicator to side with the bear. The bars are starkly glowing red to project negativity in the market trend.
In this technical analysis, the indicators have a mixed response on the future of Bitcoin. However, the 1-hour indicators are approaching the bear’s den whereas the indicators used in the longer run have already submitted to the red capes.
Subscribe to AMBCrypto’s Newsletter
Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem
Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.
According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.
The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.
Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.
The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.
— Jayden Crypto 💎 (@jayden_crypto) 26 May 2019
Subscribe to AMBCrypto’s Newsletter
Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019
Bitcoin Cash’s [BCH] Roger Ver accuses Tone Vays of losing BCH vs BTC bet despite ‘cheating’
EOS, Tron [TRX] and Ethereum [ETH] are top three cryptocurrencies, says China’s CCID Group
HitBTC responds to allegations of insolvency, refutes claims made by Redditors
Bitcoin [BTC] has registered consistent year-over-year growth, trumps Ethereum [ETH], XRP
Tron [TRX] announces future trading on OKEx platform from May 20
Bitcoin’s [BTC] Lightning Network is awesome, says Blockstream’s Samson Mow
Crypto is replacing the US Dollar and no one seems to be noticing, claims prominent investor Robert Kiyosaki
Bitcoin Cash’s [BCH] Roger Ver adds Coinbase and Binance to his ‘safe list’
Bittrex transfers 6,999,999 XRP to Upbit amid Ripple’s alleged report discrepancies
Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser
Satoshi Nakamoto is easy to get through; can be found by fools, claims John McAfee
XRP: Google Chrome extension to detect trustworthiness of select XRP addresses goes live
DigiByte [DGB]: Nationwide Merchant Solutions sets up DGB payments for businesses and merchants