The stakes are high, the turn waits

News • 2021/11/13 • par Remitano

Bitcoin / US Dollar

After topping around $69,000, Bitcoin’s price has started to correct at lower levels, without any panicking as it is considered normal for long-term and short-term investors to take a part of their profits, once the market is reaching an all-time high level. The next move in the market will be depended on the compression zone that has been established around the $62,000 level.

This compression zone will serve as the first support level in a potential corrective move in the next few days. The two price jumps in the higher price levels might indicate that a “head & shoulders” is on the way. This means that we might see again a small drop in the price before we experience another try to break the all-time high level.

The moving averages have been placed at bullish formation, showing that the momentum could turn now and continue for the next few days like that. The trading volumes have not changed a lot during this bullish market, showing that many investors were ready to buy more bitcoins and not many sellers were ready to sell their assets.

In the short-term diagram, we can observe that the all-time high level was achieved after the break of a descending triangle. This move confirms the appearance of this formation for the next occasions and its translation.

Indicators

MACD index has moved again in the negative zone, indicating that the market will try to find more ways to obtain a bullish path in the next period. The RSI landed around value = 55, showing that the market has not lost its positive direction for good.

Ethereum / US Dollar

Ethereum has made probably the most impressive price rally during the last month, climbing from $2,800 to $4,800, doubling its value in just a month. This rally was made possible, not only from the market hype but also from fundamental reasons like the number of institutional investors that are opting for investing in Ethereum.

Achieving new all-time high levels remains a difficult task and the hardest part is to keep the support levels along the ascending way. At this point, the support levels could be found in the previous all-time high levels around $4,100 and $4,000. If those levels can hold firmly in a potential corrective move, Ethereum could skyrocket once more in the next period.

The moving averages have remained on the bullish formation and the trading volumes have created a stable outlook for the trades in the coin.

Indicators

MACD index passed on the negative side for the first time this month, showing that the growth might slow down for now, without expecting any turn in the momentum. The RSI index moved to value = 60, showing that positivity has not been lost in the market.

Ripple / US Dollar

Ripple’s goal for the previous period was to be held above the $1.00 line, something that was been successful and establish a clear vision for the market in this period. The price is moving between $1.15 and $1.25, a movement that was depicted earlier this year (around mid-August 2021). This move could form a similar situation, providing enough liquidity in the market to sustain its position above the $1.00 line.

The slightly bullish approach in the Ripple market would probably follow the most well-established coins in the market, like Bitcoin and Ethereum. The similarities could become the best outcome for the Ripple market as long as the overall crypto market lets everyone win.

The moving averages are on the bullish version while the trading volumes have made several spikes during the last days, bringing new interest to the market.

Indicators

MACD index has landed around value = 0, showing that the market could turn on either way in the next period. The RSI index moved between values 50 and 55, showing that the market would be stable for the next few days.

Litecoin / US Dollar

The spike that was evident in the Litecoin market became the reason that this market became interesting again. The Litecoin market was dominated by the compression between $125 and $200, which was broken during this week, reaching even $300 for some hours.

The small correction made the price drop at $250, showing that the market would be able to sustain the price movement above the $200 line. This action could hold the price in this term for now but we should look closely in the correlation field.
The moving averages have been placed in the bullish version while the trading volumes have skyrocketed during last week, showing that investors are also looking for different altcoins to invest in.

Indicators

MACD index is moving in the green area, showing that the bullish momentum is on the way for more action. The RSI index returned to value = 65, indicating that another correction could be possible in the next days.

Bitcoin Cash / US Dollar

The stability in Bitcoin Cash has not been extremely well in the current situation. The price went up to $700 while now, the price remained around $660. The stability in the market could be a disadvantage as the rest of the market is moving forward and achieving new all-time high levels.

This mismatch could make more investors sell Bitcoin Cash as it cannot bring enough value to the table to be attractive for other new investors. The moving averages have moved again in the bullish formation while the trading volumes made new spikes during the last week, indicating that there was enough action in the market to drive the price to $700.

Indicators

MACD index has remained in the positive area while the RSI index moved to value = 55, indicating that stability will be the main scenario for now.

Cardano / US Dollar

The volatility has been at high levels in the Cardano market as the price went from $2.00 to $2.20 and back to $2.00. Those actions have made the market attractive to day-traders that want to exploit this volatility and claim profits daily.
In the large picture, the compression around $2.00 could become the testbed for exploring more opportunities in the market as the next goal of around $3.00 could be built from now. The volatility could become a driving factor to that but there is also a need for higher trading volumes.

The moving averages crossed each other, creating a “Golden Cross”, showing that a new bullish move could become evident soon. The trading volumes made several uptrending moves, showing that the investors are seriously active in this market.

Indicators

MACD index has remained in the green area, showing that the market has been on the uptrend for now. The RSI index moved around value = 45, a negative signal for the market as the momentum has slowed down for now.

Dogecoin / US Dollar

Another stable market has been found in the Dogecoin market. The price has been stuck around $0.25, without any signal of moving around. The most possible scenario for Dogecoin, especially in the long-term vision, is that it could go up or down quickly, making investors happy or sad in a matter of hours.

The all-time high level around $0.70 could not be reached for now, while the in-between price development must move from another hype (like the one created by Elon Musk).
The moving averages negatively crossed each other while the trading volumes remained low for now.

Indicators
MACD index remained on the negative side while the RSI index moved around value = 50, showing further stability in the market.

Correlations

Bitcoin / Ethereum = 0.85, Bitcoin / Ripple = 0.83 , Bitcoin / Litecoin = 0.79, Bitcoin / Bitcoin Cash = 0.83 , Bitcoin / Dogecoin = 0.20, Bitcoin / Cardano = 0.71
The correlations in the crypto field have remained on the highest level for the majority of altcoins. The strongest positions have been established from Ethereum, Ripple, Litecoin, and Bitcoin Cash, showing that the altcoin market was affected mostly by Bitcoin’s surge and its dominance across the market. On the other hand, Cardano seems to have a slimmer approach for the Bitcoin effect and move slower in the adoption process. Dogecoin has remained stable during this bullish phase, indicating that its correlation with Bitcoin has no effect on the price development for the coin with the lovely dog.