Bitcoin holding at $47,000, while the market experiences a slow start to 2022

Despite high hopes for the adoption of cryptocurrencies this year, the Bitcoin price on the 1st of January 2022 is still below the $50,000 price mark, despite experiencing a 3.29% gain, only bringing the Bitcoin price to $47,733 per coin. The wick above the candle shows bearish rejection of further price growth from the highest trading price point of $47,967 per coin, while the lowest trading price of the day stands at $46,205.

Following the bullish momentum at the start of the new year, the bears initiated an immediate response on the 2nd of January, resulting in a 1.24% price drop to bring the Bitcoin price to $47,141 per coin. From the above chart, we see the wick above the candle, which illustrates bearish resistance from the highest trading price of $47,990, after which the bears established momentum to gain control of the market. Despite bearish control of the market, the wick below the candle suggests bullish resistance to further price fall, placing the lowest trading price of the day at $46,633 per coin.

Following the bearish action on the 2nd of January, we see that the bears are sustaining their price action, which has resulted in a 0.14% drop in price to bring the Bitcoin price to $47,233 per coin. With the market being in its early hours, the bulls have enough time to resist the bearish movement and turn it into momentum. However, the highest and lowest price points seen so far in the market stand at $47,300 and $47,159, respectively.

With the Bitcoin prices across the last three days being below the 50-day moving average of $51,984, the Bitcoin market remains in a downtrend.

Indicators

Following the bullish action on the 1st of January, the relative strength index increased to 43, while the bearish action on the 2nd of January has resulted in the relative strength index falling to 42. With the bears striving to gain market control, we see the relative strength index falling, currently standing at 42.57.

With the values across the last few days being below the 50 mark, the market momentum falls in favor of the bears, indicating a higher selling pressure than buying.
The histogram shows the market is still within the grasp of the bulls, but their hold is dropping, while the MACD stalls in its attempt to get above the zero line, correlating to the RSI, which places the market in favor of the bears and in negative momentum.

Ethereum / US Dollar

As with Bitcoin on the 1st of January, Ethereum experienced bullish action, which increased the ETH price by 2.45% to bring its price to $3,765 per coin. The wick above the candle shows bearish resistance to further price growth at the $3,777 mark, while the lowest trading price seen in the market stood at$3,674.

Following bullish dominance of the previous day, we see the bulls continuing their momentum on the 2nd of January, resulting in a 1.71% increase at the time of writing to $3,830 per coin, with the highest and lowest trading price being $$3,855 and $3,718, respectively.
On the 3rd of January, we see the bears responding to the bullish action of the previous days, influencing a 0.23% drop in the ETH price, bringing it to $3,819 per coin. With the market still in its early stages, the highest and lowest trading price of $3,829 and $3,810 remains subject to the party that becomes dominant at the end of the day.
The ETH market remains in a downtrend, as evident by the ETH price across the last three days being below the 50-day moving average of $4,113.

Indicators

The bullish action on the 1st of January halted the descent of the relative strength index, bringing it to 42, and the continued bullish action on the 2nd of January sees Ethereum’s relative strength index continue its way to the 50 mark with a value of 44. With these values, we see the growing entry of individuals into the ETH market.

With the bearish start on the 3rd of January, we see the RSI making a deflection to the downside, indicating increasing selling action. As of the writing of this piece, the RSI stands at 44.65, and if the bearish momentum is sustained, we could see the RSI fall even lower.
With the relative strength index across the last three days being below the 50 mark, the ETH market remains in bearish control.

The MACD is placed below the zero line, indicating a bearish market momentum. At the same time, though in correlation, the histogram portrays a reduction in the bearish influence on the market due to bullish activity seen in the market.

Ripple / US Dollar

The Ripple vs. SEC case remains unconcluded; however, XRP started the new year on a positive note as it experienced a 2.59% increase, bringing the Ripple price to $0.850 per coin. The wick above the candle suggests the bears resisted further price growth, therefore, restricting the highest trading price to $0.856 per coin, while the lowest trading price stood at $0.830 per coin.

On the 2nd of January, the bulls overturned an initial bearish movement at the start of the day, as indicated by the wick below the candle, placing the lowest trading price at $0.837 per coin. The bullish momentum has been met with firm bearish resistance, limiting the price growth of the day to 0.80% to bring the Ripple price to $0.857 per coin. The wick above the candle portrays bearish rejection at the highest trading price of $0.866 per coin.

The 3rd of January sees the bears attempting to mount a pushback to the bullish momentum of the previous day, resulting in a 0.34% price drop, bringing the Ripple price to $0.856 per coin. With the market being in its early hours, the bears are required to sustain their momentum or risk losing dominance to the bulls; however, as at the writing of this piece, the highest and lowest trading prices achieved stand at $0.858 and $0.855, respectively.

The Ripple prices across the last three days generally fall below the 50-day moving average of $0.922, effectively maintaining the market in a downtrend.

Indicators

Following consecutive bullish action on the 1st and 2nd of January, we see the relative strength index rise to 45 and 46 on these respective days, indicating growing bullish activity in the market. With the budding bearish activity, the RSI is seen deflecting to the downside; however, the momentum is not strong enough to cause serious derangement in the RSI value as it stands at 46.

Despite the bullish activity in the market, the MACD remains below the zero line, which indicates the bears remain the predominant force in the market, which is correlated by the histogram, which shows bearish activity, which is significantly reduced due to bullish opposition. The nearly invisible histogram on the 3rd of January reflects a state of near stability between the bulls and bears in the market.

Litecoin / US Dollar

On the 1st of January, the LTC market experienced a 3.20% growth following bearish action on the previous day, bringing the LTC price to $150 per coin. As indicated by the wicks above and below the candles, the highest and lowest price points stood at $151 and $146, respectively.

From the chart, we see that the bulls continued their momentum on the 2nd of January, resulting in a 0.54% increase to bring the Litecoin price to $151 per coin, with the highest and lowest price points being $153 & $147, respectively.

The LTC market continues to remain in a downtrend as it trades below its 50-day moving average of $176, and this is continued on the 3rd of January as the bears are seen to be establishing their dominance on the market, resulting in a 0.11% drop to bring the LTC price to $151 per coin; however, with so much time left on the clock, the bulls still have a chance to gain control of the market. Nevertheless, the highest and lowest price points seen so far stand at $151 and $150, respectively.

Indicators

The bullish action on the 1st and 2nd of January reflected an increase in the relative strength index across the two days, placing the values at 42 and 43, respectively; however, the values of these days are placed below the 50 mark, which indicates the dominance of the bears in the market. The budding bearish action at the early hours of the 3rd of January means the momentum is not significant enough to bring the RSI down; therefore, it maintains a value of 43.
The MACD makes a turn to the upside despite being in bearish territory, and this is correlated by the histogram, which shows increasing bullish activity. If sustained, the bulls could succeed in getting the MACD back above the zero line, effectively placing them in control of the market.

Bitcoin Cash / US Dollar

We see that the 1st and 2nd of January fell in bullish control from the above chart. The 1st of January experienced a 3.47% increase to bring the Bitcoin Cash price to $445 per coin, while on the 2nd of January, bearish resistance to further price growth limited the gains to 0.72%, bringing the Bitcoin Cash price to $448 per coin with the highest and lowest price points seen in the market being $452 and $442, respectively.
On the 3rd of January, we see the bears on the front in the market with a minute price drop of 0.11% to bring the BCH price to $447 per coin. However, with the market still in its early hours, there is much potential for either a market shift to bullish momentum or continued bearish action. As of the writing of this piece, the highest and lowest price points seen so far stand at $448 and $448, respectively.

Indicators

The relative strength index on the 1st of January increased to 44. Due to the continued bullish action on the 2nd of January, we see further growth to 46, indicating increasing bullish entry into the Bitcoin Cash market. With the bears finding to gain control of the market on the 3rd of January, the RSI has fallen to 45, indicating increased bearish action on a respective day.
The histogram shows increasing bullish activity in the market, reflected by the MACD, which shows a deflection to the upside. Sustained bullish action across the next few days could see the MACD break out of the bearish territory (above the zero line).

Cardano / US Dollar

As with several assets on the 1st of January, the ADA market experienced significant bullish action, which saw the ADA price increase by 5.47% to bring its price to $1.379 per coin, with the highest and lowest trading prices being $1.379 and $1.305, respectively.

Following significant bullish action of the previous day, we see that on the 2nd of January, the ADA bears initiated a pushback but the wick below the candle shows strong bullish resistance to the price drop, restricting the ADA price loss to 0.13%, translating to a price of $1.377 per coin. The wick above the candle shows a bearish rejection of price growth at the $1.391 price mark.

On the 3rd of January, the bears are seen to be continuing their momentum, resulting in a 0.48% price drop to bring the ADA price to $1.371 per coin, with the highest and lowest price points seen so far standing at $1.378 and $1.366, respectively.
With this continued bearish action, the ADA market remains in a downtrend as it trades below its 50-day moving average of $1.486.

Indicators

Following the massive bullish action on the 1st of January, the ADA relative strength index increased to 48.5. However, the bearish pushback on the 2nd of January resulted in an RSI of 48.4, indicating a weak bearish attempt to crash the market on the day. Due to sustained bearish action on the 3rd of January, we see the RSI fall to 47, indicating growing bearish activity in the market.

Following the massive bullish action and an unequal bearish action, we see the MACD make its way to the zero line, above which places a positive outlook for the market. However, the histogram shows that though the bulls are in control, there is a reduction in their intensity.

Dogecoin / US Dollar

At the start of the year, the Dogecoin market experienced a 1.76% increase to bring the asset price to $0.173 per coin. At the same time, on the 2nd of January, we see that the bulls attempted to continue their previous momentum but received significant bearish resistance to suppress the Doge gains to 0.63%, translating to a price of $0.174 per coin with the highest and lowest trading prices being $0.176 and $0.170, respectively.

On the 3rd of January, we see the bears initiating a pushback, resulting in a 0.23% drop to bring the Dogecoin price to $0.174 per coin. With the market being in its early hours, the bears are left with the task of maintaining their momentum or losing ground to the bulls as the tiny wick below candle indicates bullish resistance to further price fall. Nevertheless, the highest and lowest price points achieved stand at $0.174 and $0.173, respectively.

Indicators

On the 1st and 2nd of January, we see a consecutive increase in the relative strength index of 44 and 45, respectively, indicating the increasing bullish presence in the market. However, with these values below the 50 mark, the bears remain the predominant force. The bearish action on the 3rd of January resulted in increased selling activity in the market, resulting in the RSI falling to 44.

The MACD continues its ascent to the zero line; however, the bears control the market below this line. The histogram illustrates bullish dominance of the market in the last few days; however, bearish resistance downplays the influence the bulls have in the market.

Correlations

• Bitcoin / Ethereum = 0.84
• Bitcoin / Ripple = 0.72
• Bitcoin / Litecoin = 0.87
• Bitcoin / Bitcoin cash = 0.71
• Bitcoin / Cardano = 0.79
• Bitcoin / Dogecoin = 0.87

Keynotes for today

• Bitcoin is holding above $47,000. Currently stands at $47,233 per coin.
• Ethereum at $3,819 per coin.
• The Ripple court case is expected to end in April; however, XRP is currently at $0.856 per coin.
• Litecoin at $151 per coin.
• Bitcoin Cash at $447 per coin.
• Cardano at $1.371 per coin.
• Dogecoin at $0.174 per coin.