Bitcoin Continues Bounce, Approaching the $50k Mark

At the time of writing, Bitcoin is trading down marginally at its current price of $48,080 as the coin is falling below the 9-day moving average and undergoing rejections at $48,499, which is not positive for the bull case.

BTC tested the support level at $47048, and we had to push back up towards the upside.

We got rejected perfectly at the resistance and currently had a little sell-off at $48,161.

We are again retesting a new level for support at about $47600.

This seems to be the urgent support Bitcoin, even though it was the previous resistance that Bitcoin broke out of.

Suppose Bitcoin gets comfortable trading below this level.

In that case, there is a very high probability that we might retest it as resistance, get a rejection and continue to sell-off towards the downside.

This is the level that we need to hold as support and continue trading above.

If we lose the level of support at $47600, BTC might have an extended correction towards the downside, and the next support to look out for will probably be $46200.

Indicators

MACD index although positive is slightly above the 0 mark, showing positive momentum in the market for the long term.

The RSI index has moved around value = 52.80, which means that the price might consolidate momentarily for the next period or retest the 50k mark.

ETH/USD

At this writing, ETH is trading at about $3542 with an intraday high and low of $3595 and $3529, respectively.

Ethereum needs to get above the major resistance that is holding us back at about $3650.

This level has quite a bit of significance for ETH because it has been rejecting us for the last 15 hours.

Whenever we try to break above it, a lot of sellers step-in, we hit a line of rejection and consequently sell-off towards the downside.

This resistance level is also 0.61 Golden Fib ratio at about $3650.

This level had a lot of significance, and it is the immediate level that Ethereum needs to clear to have any more significant continuation towards the upside.

Investors should keep a lookout for this level at about $3640 - $3653.

If ETHUSD can close a 1-hour candle above these levels, there will be a Bullish run for the pair as we'll be breaking above the current horizontal resistance.

We will also be breaking above the Golden Fib ratio.

Indicators

MACD index is in the negative threshold, raising few concerns in the investing community about its short-term future.

The RSI index moved to value = 54, showing that the market will remain stable in the next few days, with a small likelihood of going up.

XRP/USD

XRP is currently trading at about $1.09, and Ripple is going through a very tight consolidation right now.

There is a firm resistance that we currently need to break above at about $1.13.

This level has been rejecting us as resistance since the 8th of September.

Whenever we try to break above it, we often get a rejection, and we sell off towards the downside.

For the last few hours, we have been trying to break above it, and whenever the price action hits the line or comes close to it, we get a rejection.

When a lot of sellers step in, and we sell-off towards the downside.

Currently, we need to break above this resistance, which will signal the breakout for XRP.

The breakout should occur within the next 24 hours. The next target for XRP will be at about $1.24 (which was XRP's previous base of support).

Indicators

RSI is at 47.87 and keeping a straight face. This means that the bears are in control for now. MACD is negative.

The MACD histogram moved below the middle since the 6th of this month.

LTC/USD

Litecoin opened the trading day at $185.33 and is currently trading at about $187.10 with intraday highs and lows of $190.53 and $184.15.

LTC is expected to surge by the end of this Bull market, and we do have another peak that is a lot higher than the previous Bull market.

We are currently holding the 0.618 mark on the Fibonacci retracement level.

Once the Bull market comes to an end, depending on how overextended we get, there is a strong possibility that we lose the support at the 20 EMA.

Indicators

MACD index is in the positive lines, creating mixed feelings in the market regarding the short-term future.

In contrast, the RSI index moved between values 50 and 52, depicting a stable short-term future with potential negative outcomes.

ADA/USD

Cardano is currently trading at $2.413; ADA had a rejection at the top of the range once again.

We came down to test our level of support after having quite a bit of buying pressure. We had to move up towards the upside after getting rejected at the resistance.

We had to sell off towards the downside once again.

We came down to test the same level of support, and we had quite an aggressive buyback, and we are trading at about $2.413.

As long as BTC doesn't have any dump towards the downside, Cardano will probably go sideways and towards the upside once again (in the immediate short-term).

The target to look out for would be the same level at about $2.58.

This level has quite a significance for Cardano because the previous local top was also the previous rejection on the 16th of September before we had to sell-off towards the downside.

The major resistance that we need to break above is at the $1.60 Fib at about $2.61.

The next targets for ADA are at $2.80 - $3.30 (previous ATH), in line with the $1.6185 of the current consolidation from the local top on the 11th of September to the local bottom on the 13th of September.

Those are the targets for Cardano right now, given the fact that we just came down to test the support.

We had quite an aggressive buyback towards the upside.

We will probably continue towards the upside once again and look out for the level at about $2.58 - $2.61, which will invite more bullish spectators into the market.

Indicators

MACD index is in the negative field, like many other cryptocurrencies, indicating that the market is going through market corrections before reaching higher price levels.

The RSI index moved around value = 46, indicating that the price could pump further at higher levels but not in the short term.

DOGE/USD

For the most part, Doge has not been following the trading cycle of either Bitcoin or Ethereum, and for the last couple of days, it also doesn't follow Shiba Inu.

Shiba Inu is trading sideways while Doge is trading slightly lower.

At the time of writing, Doge is currently trading at $0.251 with an intraday high low of $0.26 and $0.238.

The next couple of price movements have to be huge for Doge to be sustainable. Doge is going with major support of $0.238 and resistance at $0.241.

Indicators

RSI indicates that the bears have the upper hand, with the value at 45.67. The bulls also seem to be giving a weak resistance at lower levels indicating that they are not buying. MACD histogram is also negative, as it has been since last week.

BCH/USD

Bitcoin Cash's current price is $643.87, with a price change of +0.09% in the last 24 hours.BCH has softened on its way back from Monday's low of $590.65, which was the bears' second failed effort to break out of the $600 support zone. Since mid-August, that psychological threshold has been a critical support zone for the cryptocurrency.

In the short term, it will likely remain steady above the crucial support level of $600 (which has been the case for a month now).

Indicators

MACD index is negative, dampening the mood in the market regarding the short-term future.

In contrast, the RSI index moved between values 48 and 50, depicting an unstable short-term future with few positive outcomes.

Correlation

• BTC/ETH : 0.92
• BTC/XRP : 0.81
• BTC/LTC : 0.81
• BTC/ADA : 0.78
• BTC/DOGE : 0.45
• BTC/BCH : 0.83

The total crypto market cap gives a better image of the market structure than the Bitcoin chart since not all crypto is following suit anymore when BTC moves.

A good example of this is the Doge price movement.

Key Notes for Today

• If we lose the level of support at $47600, BTC might have an extended correction towards the downside, and the next support to look out for will probably be $46200.
• Doge has not been following the trading cycle of either Bitcoin or Ethereum for the last couple of days.
• LTC is expected to surge by the end of this Bull market, and we do have another peak that is a lot higher than the previous Bull market.