Price Analysis: BTC makes the bulls run in the market and the entire market follows up !!!

Price Analysis

The market leader achieved a major breakthrough in the current crypto market, breaking the mighty resistance level at $11,000 and laying in the $11,400. The power released from the parallel channel between $10,500 and $10,800 was enough to enable the market to reach new levels in the current situation. The progressive growth shows that more investors are willing to enter the market and allocate their capitals in crypto portfolios.

As we underline many times in these articles, the fact that the price didn't drop below $10,000 was a very positive signal as the market seems to have created a sufficient amount of market depth that supports the price levels in this position. The $10,000 point was a strong support level that enables the price to jump at higher levels without needing to complete the cycle in lower levels positioning. The next steps for the market will be to find a reasonable price level and build more market depth in this position. This means that more investors will enter the market around this price level, a fact that makes the position stronger and less likely to drop below that point.

The trading volumes are not as high as we might expect but the weekend was always a little calmer than the other days, so we have to wait until Monday. The moving averages crossed each other, forming a "Golden Cross" that was proved right at the beginning of the trend.

In the short-term diagram, we can observe that the moving averages were crossed 5 times during a 3-week period, creating multiple signals regarding the future price moves. The multiple signals occurred due to the price stability mode, which allows the metrics to move at the same levels. This is why the investors should take into account many factors when they want to invest in any kind of asset and even more at Bitcoin.

Indicators

MACD index continues to rise during the previous days, creating a positive momentum that was depicted in the market moves. On the other hand, the RSI index surpassed the value = 60, showing that it enters dangerous waters and the rise halt could be near. Of course, any stability move will correct the index during the next days.

Ethereum / US Dollar

Price Analysis

Ethereum followed the same pattern as Bitcoin, creating a bullish pattern in the charts. After a descending trend from $400 to $350, the price jumped at $375, at the highest possible point it could land during a low volatile period. The next success point for the Ethereum will be definitely $400, which will enable the price to establish a strong bullish trend, creating profits for many investors. After reaching the $400 point, there would be a new cycle in the market which will be led from different factors than this time.

If the volatility increases during the next days, then a possibility for further uptrend is much more evident as the ups and downs will depict the activity in the market. The trading volumes will increase during the next days if more investors enter the market and create more market depth. The 50-day and 200-day moving averages crossed each other, forming a "Golden Cross" signal, adding to the general positive momentum. The tension on the rise will be crucial for continuing the trend during the next period.

Indicators

MACD index has clearly a more positive outcome comparing the previous days, showing Bitcoin's effect in the Ethereum market. The RSI index has not reached a dangerous spot yet, showing that there is more room for uptrend during the next days.

Ripple / US Dollar

Price Analysis

The ascending trend is much more evident in the Ripple market as the price climber from $0.24 to almost $0.26. The $0.26 is a crucial point for the Ripple market as it will mark the bullish entrance in the market. After reaching this point, the next steps will be to reach $0.30 as this point will mark the full cycle for the currency and lead to new conditions.

The stability period in the entire September absorbed a lot of power during this period around the $0.24 and it was released during the last days, following the rest of the market.

The trading volumes are not sufficient to establish a heavy bullish trend during the next days but new entrants during the next week will be the most important part for sustaining the uptrend. During the stability period, around $0.24, the moving averages got really close to each other and lead to a "Golden Cross" signal that was proved to be right both in terms of timing and price action.

Indicators

During the last 3 weeks, the MACD index continued to remain on the positive side, giving the opportunity to investors to digest information in the market and prepare for the bullish period. The RSI index moved towards the value = 60, which indicates that there is more room in the market for uptrend and price rise during the next days.

Litecoin / US Dollar

Price Analysis

The steps towards the bullish market were made progressively in the Litecoin market as the price rose from $43 to $45, creating a drawback from the previous support levels. The $45 support level was operating as the major support level for the stability period which leads to the current bullish trend, where the price lands at $50, an almost 10 % rise during the last days.

The next goal for the Litecoin price is the $58 point, where it was the main support point in the previous bullish market. These levels are crucial for the Litecoin as it could be more and more dependent on external factors like Bitcoin's and Ethereum's price. As we have told in previous articles, Litecoin has no fundamental value or usage, leading us to the point where the market dynamics have more power in the Litecoin market than its fundamental values.

The trading volumes are still low for establishing a major bullish trend but there are hopes for more investors to come in the upcoming week. The moving averages crossed at the end of the stability period, creating a "Golden Cross" signal that was proved right during the last period.

Indicators

The long-standing positive trend in the MACD index shows that the bullish trend was expected from careful investors that look for opportunities in the market. The RSI index stands at value = 60, showing that the room for uptrend is limited for now as the price has gained enough action to be considered as "overbought".

Bitcoin Cash / US Dollar

Price Analysis

Bitcoin Cash, which is moving in parallel with Litecoin in terms of the price move, followed the same steps as described in the previous section about Litecoin. The first step was taken from $205 to $225, where the price returned in the long-term support zone. After that, the second and more secure step was taken from $225 to $240, following the overall bullish trend in the market.

The next step for Bitcoin Cash is $270, which served as a support level during the previous bullish period. All these levels will work for Bitcoin Cash according to the general market dynamics that are active during the day.

The trading volumes are considered to be low in terms of bullish markets while the moving averages were crossed during the stability period, predicting a positive move in the upcoming days.

Indicators

MACD index has been positive for over a month, showing that the price has been built upon a positive momentum during the last month. The RSI index reached value = 60, showing that the price has reached a crucial level where an uptrend might spark a "sell" signal for many investors.

Correlations

Bitcoin / Ethereum = 0.91 (- 0.03), Bitcoin / Ripple = 0.84 (+ 0.07), Bitcoin / Litecoin = 0.85 (+ 0.08), Bitcoin / Bitcoin Cash = 0.90 (+ 0.10)

The bullish market makes every currency to move towards the same direction, showing the path for a universal perspective in the current market trend. Ripple, Litecoin, and Bitcoin Cash seem to follow the trend more naturally than Ethereum, whose resistance could be a result of conflicts between investors as the first or second choice in their portfolios. Strengthening the market position at this point will be crucial for the next steps in the future as the majority of the market moves will be implemented through Bitcoin's trend sustainability and the existing correlation through the market. The next days will be very interesting to see which cryptocurrency follows the trend and which will abandon the ship early to follow its route.