Bitcoin / US Dollar
Price Analysis
The weekend was a calm period for Bitcoin and the majority of cryptocurrencies, as they follow a stability route. The overall positive trend was interrupted from a stability hit, taken into consideration that lower volumes often lead to less activity in the crypto market. After hitting a promising level of around $10,800, the price was corrected back to $10,600. This takeback made the resistance level at $11,000 much stronger than before, leading to second thoughts about a short-term bullish break in the market.
The positive fact in the current state of Bitcoin is that the price didn't drop below $10,500. The $10,500 point would be crucial for the market as the price would get in the previous parallel channel, creating doubts in existing and potential investors about its dynamics and how the price could evolve over the next period. We believe that the upper side of the parallel channel could transform the market as the support level for the next bullish run.
On the other hand, we received multiple signals from the moving averages with a reverse "Golden Cross" and a "Golden Cross" to appear with 2 days separation in the chart. This means that the price is moving at the same levels for a significant period, creating confusion in the metrics and technical signals. In any case, we believe that the moving averages should be a more clear position to be taken into account. The correcting days had a larger volume than previous days, indicating that there is a need for more volume to achieve a long-standing bullish run.
In the short-term diagram, we can observe that there was a second trying on breaking the $11,000 resistance point but it failed, making the point stronger and holding the resistance on the same levels as before.
Indicators
MACD index continues to move in the positive zone, creating a continuous trend in the market regarding positive results but the depiction in the market seems to be quite different than this scenario. On the other hand, the RSI index moved to values below 50, indicating a possible reversal in the established trend during the last days.
Ethereum / US Dollar
Price Analysis
Ethereum's price has followed a stabilizing force during the last days, concentrating its power around $350, a predictable spot according to market and technical indicators. The descending trending line from $400 to $350 indicates that Ethereum will correct during this period, as it was considered overvalued by market analysts. The correction at this point could reach even $320 before starting to rise again.
On the other hand, if the bullish market starts its engine, then there is potential for Ethereum to reach $400 at no time, given the market dynamics, it developed during the last bullish trend. The moving averages are close to each other, creating a window for more convergence during the next period while there is a possibility for a "Golden Cross" if the market moves upwards. The volume has remained at low levels regarding the conditions in the market and this doesn't help when there should be a pass in the next period.
Indicators
MACD index is slowly moving in the positive zone, without building an excessive momentum over the last days. This fact could make any change in the market possible for the next period. The RSI index is still below 50, indicating that more action is needed for the market to rise.
Ripple / US Dollar
Price Analysis
The price didn't move in un-paradox ways during the weekend, creating a stability line near $0.24, indicating that there is compression in the market. Since the start of September, Ripple has not moved a lot in terms of pricing, creating more questions about the upcoming release for the price tension. If there is a positive release in the market, the price could go up until $0.26 during the first spike while an opposite scenario will lead the market down to $0.22.
The $0.22 point was reached as a local bottom during the bearish trend, where the worst scenario was not confirmed. We believe that the next trend will be shaped after a decisive move in the Bitcoin or Ethereum market. The correlations between those cryptocurrencies are heading to new highs, leading to price integration and the same movements in the charts. The stability period could evolve this time to an overall trend in the market, shaping the future for the crypto market.
The moving averages are ready to cross each and form a "Golden Cross", creating an optimistic environment in the market while the trading volume lays at low levels regarding the previous period, leading to doubts about the quick recovery in the previous price levels.
Indicators
MACD index continues to move in positive values, with no clear evidence of rising momentum that could lead to a trending price surge. The RSI index made a decisive move to overcome value = 50, showing that the market is ready to reflect positive signals and depict them as a part of the price formation.
Litecoin / US Dollar
Price Analysis
After hitting a local bottom around $42, the price rose to $46 and it stabilized around that level, which was the upper line of the parallel channel during the long stability period during March and May. This means that every single profit from this period got disappeared from investors' portfolios and the market is ready for a new round to establish a new bullish trend. The price could peak near $50 during the upcoming bullish trend during the first phase, while it remains a crucial point for follow up investment lines. If the price rose above $50, it means that it would break two short-term resistance levels and establish new positions in the market.
The moving averages are ready to cross each other and form a "Golden Cross" where investors might believe that this would be the turning point for the market to opt-in. The entrance of new investors would likely boost the current trading volumes, which are high only during the correcting days.
Indicators
MACD index is on the rise for the last week, depicting a positive momentum for the price. This trend has not settled in the market and this could be delayed due to several issues in the market structure. On the other hand, the RSI index remained under value = 50, which is still on the bearish mood for a few days more.
Bitcoin Cash / US Dollar
Price Analysis
The stability points are on the Bitcoin Cash's side as the price has moved towards a decisive direction during the last month. The price has stabilized around $220, which is the lower side of the previous parallel channel. This fact shows that the market has made an entire cycle and waits for the new one at a higher level than before.
We believe that many investors will find the opportunity and claim positions around this level, taking the opportunity to establish new positions, waiting for the new round to begin. In the meantime, a "Golden Cross" appeared in the market, making investors believe that this is the turning point for the market to get ready to boom. The trading volumes continue to be at low levels, indicating that the market has not been persuaded for entering the crypto.
Indicators
MACD index has remained on the positive side, seeking to depict the rising momentum on the price chart. This is not possible as the RSI index remains below value = 50, which is a bearish signal for the rest of the market to follow on.
Correlations
Bitcoin / Ethereum = 0.93 (+ 0.35), Bitcoin / Ripple = 0.91 (+ 0.19), Bitcoin / Litecoin = 0.88 (+ 0.48), Bitcoin / Bitcoin Cash = 0.84 (+ 0.12)
The correlations went up during the weekend, depicting the slow adaptation of the market in the new standards, created by the market leader, Bitcoin. Every major altcoin is currently moving in the "strong" correlation zone with Bitcoin, shaping a different market picture from the previous period, where there were larger divergences between altcoins. The integration of the crypto market's moves will enable the next move to be more concentrated and lead the market towards a single market move. We expect a bullish move over the next period as the market shows promising signals over the past days, like drawing interest above support levels. The positive news would be the catalyst for a move like that and we hope to happen soon.
