Connect with us

Analysis

Bitcoin [BTC/USD] Technical Analysis: Will the cryptocurrency submit to the red capes?

Priyamvada Singh

Published

on

Bitcoin [BTC/USD] Technical Analysis: Will the cryptocurrency submit to the red capes?
Source: Pixabay

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.

1-hour:

BTCUSD 1-hour candlesticks | Source: tradingview

BTCUSD 1-hour candlesticks | Source: tradingview

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.

1-day:

BTCUSD 1-day candlesticks | Source: tradingview

BTCUSD 1-day candlesticks | Source: tradingview

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.



Conclusion:

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




Follow us on Telegram | Twitter | Facebook



Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

Published

on

Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

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.

Source: 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.



He stated,

Source: Twitter

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.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending