On an hourly chart, the price of BTC/USD pair has succumbed an intense bearish pressure. Having begun the session yesterday trading at $12197.51 that was followed by a false breakout that rolled the price down to currently changing hands at $11624.60.
The downward move was seen sharply during the U.S. trading session that dipped the price down by 4.7% over the last 24hrs. The downtrend was pushed by the 21 day MA that is above the 7 day MA. The RSI indicator also seemed to have reflected the bear market since it moved sharply from the overbought region (above level 70) to trade at level 48 that signaled an increase in sell-offs.
Additionally, the RSI indicator is now hovering between level 60 and 40 that signaled a lack of dominance from either buyers or sellers.
Currently, the moving averages are trending towards each other, and the 7 day MA looks set to cross the 21day MA, which indicates incoming bullish momentum. New targets should be set at $12000. However if the 7 day MA fails to cross above the 21 day MA a more profound drop near $112000 should be expected.
The bearish run of BTC has most likely affected the price of other cryptos. TRX/USD has also been trading on a downtrend that was confirmed by the descending channels. The 21day MA was seen hovering above the 7 day MA throughout the intraday that indicated a bearish pressure.
TRX/USD pair is down by 2.5% having dipped sharply from $0.02229 to now trading at $0.02172. The RSI indicator was also seen hovering below level 50 that signaled an increase in sellouts. This also showed that sellers had dominated the market moment throughout the intraday.
Presence of a long-legged Doji was also seen severally. That suggested that the forces of supply and demand are almost at equilibrium state; thus, a trend reversal might be encountered.
The 21 day MA is still gravitating above the 7 day MA that gives a bearish sign. Nevertheless, if the price manages to breach the upper channel or the 21 day moving average, then investors should go long and take their profit at $0.023000.
LTC/USD has also put up a bearish performance over the last 24hrs. The famous cryptocurrency is down by 4.8% having started the session trading at $96.97 and is currently changing hands at $92.34. Support levels have been lowered and tested severally that also signaled the downward movement.
Additionally, all the indicators point at a bearish outlook, the 21 day MA is on top of the 7 day MA. The RSI is hovering below level 50 that also showed sellers had dominated the market. The RSI indicator is now heading north, indicating the reluctance of investors to go short anticipating for better prices.
More bear market is to be expected since the moving averages are both heading south. New targets should be placed at $90.00.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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