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

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. The bulls attempted to re-enter in the last 24 hours as Bitcoin increased 0.4% on its chart.

Bitcoin/USD Four-Hour Chart

Over the past six weeks, Bitcoin traded within a descending channel that followed this month. 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, acting as the coin’s immediate resistance mark. Long consolidation sessions 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 sellers dictated the coin’s price.
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Source: #Coingapecom
Source: thecryptocoinreport.com

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