Bitcoin, Polkadot and Tron Continue To Consolidate; Vital Trading Levels

Source : coingape.com

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By

victoria

Published 4 seconds ago Updated 4 seconds ago

Bitcoin has been slipping down the charts every time the bulls showed minor signs of recovery. At press time Bitcoin was trading at $47,143.83 after trading above the $50k mark multiple times this month. The king-coin at the moment was consolidating between the price range of $47k and $50k. In the last 24 hours, the bulls attempted to re-enter as Bitcoin increased 0.4% on its chart.

BTC/USD Four-Hour Chart

Bitcoin over the past month and a half traded within a descending channel which followed into this month too, in the past 24 hours the cryptocurrency tried to break upwards from the channel. The increased bearish force has caused Bitcoin to struggle at the 23.6% Fibonacci level. Immediate resistance was at $50,173.04 and falling below the current level would cause it to trade near $41,063.97 which is almost 50% lesser than its ATH secured on November 10.

Buying strength post Bitcoin hitting its ATH was positive only a handful of times, however, despite consolidation the Relative Strength Index was positive. This signals a possibility for the coin’s price to display northbound movement. The Directional Movement Index contrastingly hinted at a bearish outcome over the upcoming trading sessions.

DOT/USD Four-Hour Chart

Polkadot also continued to depict sideways trading with a slight appreciation of 0.7% over the last 24 hours. The coin was trading at $25.34 at press time. The altcoin was experiencing strong resistance at 23.6% Fibonacci level, which also would act as the coin’s immediate resistance mark. Long sessions of consolidation have caused DOT to trade below the multi-month robust support line of $26. Buying strength of the coin displayed that the coin is yet to make a trend commitment.

The Relative Strength Index climbed up, but was still below the half-line suggesting that the coin’s price was dictated by sellers. In case of the buying strength recovers, there’s a possibility that DOT might recover from the lateral trading. Awesome Oscillator chose the bulls while MACD wasn’t too quick to flash the same readings.

TRX/USD Four-Hour Chart

Tron’s prices remained sandwiched between $0.090 and $0.070 and at press time it was trading for $0.081. It has been encountering a robust pullback from the 38.2% Fibonacci level. The immediate overhead price ceiling was at $0.093 and the local support was at $0.070.

The fear index has been super strong, hence, that is reflected in the number of buyers in the market. Tron’s current price action can also be tied to the news of Justin Sun retiring from the Tron Foundation.

The Relative Strength Index swayed with the bearish price movement as the indicator was below the half-line. Awesome Oscillator chose the bulls although declining green signal bars hinted that the bullish price action might fizzle out soon. MACD displayed bearish sentiments.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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