In recent times, Bitcoin has shown a lot of strength by making a major comeback from the setbacks caused by several fundamental and technical factors which shook the giant coin.
Looking at the way things went, we could observe that Bitcoin has been on a path of recovery ever since.
This is evident in the prices of many altcoins as they quickly followed the lead of Bitcoin.
BTC's price dropped to around $29k following the ATH of $60k and has been trading in the neighborhood of $30k to $40k, oscillating within this range until the 22nd of August, when it broke the $50k barrier for the first time since May.
Analysts consider this a good sign as the giant coin has made a headway breaking several major resistance levels.
We believe this is a sign that the coin could be heading for a new ATH in no distant time.
Although Bitcoin broke the $50k barrier in August, it didn't trade there for so long, and it is back trading at $49k+.
This, however, is just about less than 2% short of the actual price movement. We could be in for something way better than this in the coming days.
Bitcoin was seen oscillating between $30k and $42k from the middle of May till early August where it broke out of a major resistance level.
On the daily timeframe, Bitcoin had struggled to stay above the $60k mark.
This is a reflection of the several events that followed the massive bull run.
Hence, the $64,908.89, $59,569.35, and $42,000 were points where BTC had battled to stay up but ending up swinging further downwards.
However, we established in previous analysis that if Bitcoin can alter the resistance level at any point in time, there will likely be a breakout.
This happened earlier this month when BTC broke the $42k barrier that served as the most recent resistance level.
Ever since then, the coin has been trading well above that mark. Now we can see a clear upward trend, and a new support level has been formed at the $44k mark.
BTC/USD opened the day at $47,670.80 and has swung between a high of $48,315.20 and a low of $47,670.80. Based on this analysis, Bitcoin is expected to trade in the $52k region in the coming days or weeks.
The Relative Strength Index is currently at the 62.06% mark nearing the oversold barrier.
This is an indication that a lot of buying had been taking place all along.
The MACD facing straight with the curve almost intertwining is at the point way above the overall average price of Bitcoin.
The histogram has also been flourishing in the green region for the past couple of weeks.
Similar to Bitcoin, Ethereum and several other altcoins have since been on a path of recovery following the downtrend that shook the crypto Market.
These can be observed by how the price movement has maintained a steady growth from $1723.39 to the current price.
The reason for this is not far-fetched. Speculation has it that the coin could be on a path to overtaking Bitcoin because of the several use cases and unending developments with the Ethereum chain network.
On the daily timeframe, we can observe a boundary between $1704.48 and $3445.99, where the pair has established a very strong horizontal support and resistance.
The Bollinger band seems to be closing up with the lower curve staying almost erect, indicating that the bulls are not done just yet.
The bulls taking over the market indicate that Ethereum might be on its way to establishing a new resistance level above the current one.
We can also see the clear upward trend, evidence of the massive recovery that showed a series of buying took place every step along the way up till the current price level.
We can drive further insights into the chart by using more tools.
The RSI is currently at the 68.64% mark, with the RSI curve facing down.
This is a point not far from the oversold level, and more buying could still occur.
The MACD is looking great at the positive 200 marks. However, the curves seem to be retreating with no counter-effort from any of them.
This can be observed from the histogram as they have gone to the red region.
Ripple closed the day yesterday at $1.13570, a -8.88% drop from the opening price.
The price movement for this pair has been quite decisive over the last couple of days.
Generally, the trend has been bullish so far, with the coin sitting on a very strong support zone at $0.50997.
On two occasions in the last couple of weeks, the coin was seen to have strongly bounced back up following the downtrend to this base level.
A closer look at the chart shows that the pair is bullish both in the short and medium-term.
However, there is still a slight downtrend from a broader perspective.
This is seen as XRP is struggling to break out of the last resistance level at $1.35255, directly linked to the price point at $1.70566.
If you are a swing trader, you might want to long the pair on a short and medium-term.
The same cannot be said long-term as the pair is still likely to test the $1.09733 region.
However, if the pair manages to break out of the current resistance at $1.35255, we should expect a spike in the upward direction shortly after that.
The Relative Strength Index is currently at 60.07%, a point not too far from the oversold region. XRP tested the 70% region a couple of days ago before retracing.
Emphatically, more buying could be happening in the short run.
The MACD is currently in the positive zone and has been for a couple of days now.
At the current price, XRP is trading well above the overall moving average price. The histogram is halfway between the green and red regions.
Litecoin hasn't done much in the last couple of days as the price movement hasn't been that massive.
Just like most altcoins, Litecoin also quickly recovered from the previous setbacks.
Solid support has been established at $105.20 and $103.81.
The pair immediately but slowly moved up away from the support region and flagged off a bullish trend.
The pair is still looking bullish in the long run.
LTC opened the day at $173.40 and has since then been trading above the $177 mark away from yesterday's closing price.
So far, on the daily timeframe, a clear resistance point cannot be seen.
LTC ended the day on a Doji on the 23rd of August and traded above the $170 region.
The RSI glided downwards from 65.84%, and it is presently at the 57.21% mark, still a good point away from the oversold region.
The MACD, on the other hand, is flagging off on the positive side, with the curves keeping the pair in the buy region.
BCH is currently at a delicate point where it has to decide which part suits it the most.
This decision will quickly be decided irrespective of who takes over the market.
BCH had just established a new resistance point at $690.77, where it had a hard time crossing before retreating a bit.
We expect the pair to make a comeback and build a new resistance above the current one.
On a wider view of the chart, BCH is still showing a bearish trend, although it looks bullish in the short term.
Swing-trading and longing BCHUSD in the interim might be profitable. The pair opened the day at $636.61 and had been on the rise ever since. As of the time of this analysis, BCH is trading at $650.47, a 2.1% gain away from the opening price.
The RSI at 56.7% is showing some weakness. However, this is still a good point, and it is still in the buy region.
The MACD, on the other hand, is in the positive zone, confirmation of good standing with the histogram making its way to the red region.
On a general note, the market is looking more promising, and investors are heaving more sighs of hope.
Anyone still hodling since the last crash will likely recover in no distant time from now.
BTC and a lot of other altcoins are a few percentage gains away from their all-time high.
This relief has built investors' confidence in the market, and more retail buying could occur going forward.
