The recent bullish surge in prices has provided a green scenery to the cryptocurrency market with double-digit prices becoming a norm among the top 5  cryptocurrencies. Major coins like Bitcoin [BTC], XRP and Ethereum [ETH], all plan to close the year on a high, improving investor sentiments along with price supports.

1-hour

The one hour graph for the world’s largest cryptocurrency shows a canyon-like formation due the dip and rise in prices. The downtrend brought the prices down from $4208 to $3638 while the recent uptrend lifted the value to $3856.86. XRP’s support has been holding at $3577 while the resistance is at $4211.

The Relative Strength Index has fallen back int9 the graph after breaking the overbought zone. This is an indication of the buying pressure being more than the selling pressure in the market.

The Awesome Oscillator shows an increase in market momentum after a lull.

1-day

The one-day XRP graph paints a picture of a cryptocurrency trying to recover after a downturn. The downtrend has seen the price crash from $6254.39 to $3885. The long-term support has been holding at $3167.22.

The MACD indicator shows the signal line and the MACD line going up after a bullish crossover.

The Chaikin Money Flow indicator has been displaying a consistent hold below the zero lines for quite some time. This points to the money flowing out of the market being more than the inflow.

Conclusion

The recent bullish high has been the second surge event in December which has worked to protect the price support of Bitcoin. A majority of the indicators points to a sporadic bull run with the bear keeping a close watch.


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Akash Anand

Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.





Source link Bitcoin Analysis

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