Bitcoin / US Dollar
Price Analysis
Bitcoin's price didn't change a lot during the weekend, establishing a new stability period for the asset. The price remained around $9,100 and $9,200, with no serious volatility or instability signals during those days. The previous parallel channel was between $9,500 and $9,200, which broke before two weeks, without any major drop in the market. This channel includes also the internal support level of $9,300, which holds many times during the parallel move, which lasted from early-May until today.
A new parallel channel formed between $9,200 and $9,000 shows that the price drop didn't last for long and a new support level was created at $9,000. As we have told many times, a parallel move is followed with a sharp move that breaks the boundaries in either direction. In this case, we believe that the new parallel channel will break on the positive side, creating a reversing move and trend within the boundaries of the larger, parallel channel. The price compression is quite often to happen, especially on a weekly basis, showing that price changes according to weekly trends and signals created from the market.
In this case, we should consider the case of news analysis and fundamental volumes as major factors that affect Bitcoin's price. Those factors need a continuous feed from news sites or aggregators that need separate analysis. Remitano offers this solution with its multiple articles on the forum section, with a wide variety from news articles and price analysis on a daily basis.
In the short-term diagram, we observe that the price compression is held on a stricter level, with a bearish flavour. The price seems to drop since early-June with small steps between the support levels, showing strong support from the bullish investors. The last parallel channel is expected to break positive if all the support levels move towards this direction.
Indicators
MACD index has close the gap between the two lines, showing that a reverse in the trend is quite possible over the next days. The index remains in the negative zone, showing that the momentum in the market remains on the bearish side. In parallel, the RSI index is moving towards value = 50, showing that there might be a small bullish move in the next days, followed by another stability period.
Ethereum / US Dollar
Price Analysis
The new support level around #230 proved to be a remarkable stronghold for Ethereum as the price didn't come in the previous parallel channel between $220 and $200. The new dynamic in the market proves that Ethereum's last uptrend at $250 didn't correct back to the previous levels but tried to establish a new trend at higher levels. This signal remains extremely positive for bullish investors who hold their positions and try to extend them to higher levels, expecting a further rise in the price.
We expect the price to follow the rest of the crypto market on the positive side. If the price rises, there is a severe possibility for the "Golden Cross" signal to appear. The "Golden Cross" signal shows a bullish trend will establish in the market and a new trend will appear. The moving averages weren't always right in Ethereum's case but it's a signal that was trusted by many analysts who may suggest investments according to those signals.
Last but not least, we should highlight that the volume is dropping during the last month and a sudden entrance of new investors will create new standards for the market.
Indicators
MACD index is almost zero, showing that there is e bearish trend in the market, established last month. MACD index's value derived from June's peak around $250 until today, where there is a severe drop since then. On the other hand, the RSI index passed above value = 50, showing that there is potential for more uptrend in the coming period.
Ripple / US Dollar
Price Analysis
Ripple's price returned back to the previous parallel channel, showing that the price compression was followed from a positive break. As we have told from those articles, in many altcoins the trend is heavily established and the price usually follows it until there is a major event in the entire crypto market. In Ripple's case, a bearish parallel channel was formed since early May, when the crypto market reaches its peak. This trend handles the price over a parabola formation.
We expect the price to rise over the next days, always between the boundaries of the parallel channel. This means that the price won't move above $0.19 in the next week unless there is a surprising event in the crypto market. The moving averages' didn't show any signal as there is an expectation for the "Golden Cross" signal if there is more uptrend in the market. A "Golden Cross" signal will indicate that the boundaries will break and a new trend will establish.
Indicators
MACD index turned positive after a month, showing that there is a severe possibility for an uptrend in the next days. Although the reversal happened in the negative zone, the expectations are bullish for the next days and we hope to confirm. In parallel, the RSI index moves towards value = 50, a bullish signal as there are expectations for a further uptrend in the market. Both indexes show bullish signals so we believe they will be confirmed in the future.
Litecoin / US Dollar
Price Analysis
A similar move to Bitcoin's price happened inLitecoin's market. The price peaks at $48 in early-May and early-June, formed a parallel channel in the last two months. During the previous week, the price compression was between $42 and $40, which didn't break yet. The new parallel channel is expected to break positively in the next days in order for the price to maintain between the larger parallel channel.
The parallel channel has a bearish flavour as there is a continuous drop in the price. In the same mood, the moving average's are moving towards the "Golden Cross" signal that might indicate an uptrend that will last up the upper boundary of the parallel channel. Litecoin's market shows more stability and less volatility than other crypto markets, showing that investors in this market expect smaller returns and fewer possibilities for surprising moves that will attract risk-lovers investors.
Indicators
MACD index moved in the positive side, showing a reversal in the momentum in the market. The fact that the reversal happened in the negative zone, may indicate that there is a possibility for a fake reversal in the entire trend. In parallel, the RSI index is moving towards value = 50, showing that there is a signal for a further uptrend in the next days. Both indexes show bullish signals so we believe they will be confirmed in the future days.
Bitcoin Cash / US Dollar
Price Analysis
Bitcoin Cash's price didn't have any unexpected moves during the weekend, showing the same stability as the rest of the market. The lower boundary of the large parallel channel serves as the support level for the price of around $225 for the entire week. The previous small parallel channel broke negatively so we believe that the price will return between the boundaries, with a small uptrend in the market. This uptrend will also affect the moving averages' cross that may push to a "Golden Cross" signal for a new trendsetting. The bullish investors will also be able to extend their positions at this point and expect a further uptrend in the next days.
More signals about the bullish trends could derive from volume trading and different indicators that may complex the situation on Bitcoin Cash and the trading around it.
Indicators
MACD index was moved on the positive side after 3 weeks on the negative side. The reversal in the trend shows that there is a severe possibility for a short-term uptrend in Bitcoin Cash's market. On the other hand, the RSI index moves towards value = 50, showing that there is more room in the market for a further uptrend during the next days. A total overview of the market shows us that there would be a minor surge in the next days, that might follow another stable period.
Correlations
Bitcoin / Ethereum = 0.88 (- 0.02),
Bitcoin / Ripple = 0.83 (- 0.01 ),
Bitcoin / Litecoin = 0.90 ( 0 ),
Bitcoin / Bitcoin Cash = 0.92 (0.01)
The correlations coefficients remained quite stable during the weekend, showing that the stability of the market was transferred in the pairs trading signals. The high correlations between the cryptocurrencies show that the market is integrated, not offering realistic options in crypto portfolio diversification. Diversification is a very important factor is investment analysis, showcasing that risk management can contribute to any kind of investment, regardless of its nature.
