Bitcoin / US Dollar
Despite the market being green on the 23rd of November, the BTC price remains below the $60,000 price market. As of the writing of this analytical article, buying volume is up for the day, and the BTC price has been up 2.48% in the last 24 hours, bringing the BItcoin price to $57,676 per coin. From the above, we see the Bitcoin bulls attempt to place the BTC price back above the 50-day moving average of $60,523, and the next few days will determine if the bulls can achieve this.
On the 24th of November, the Bitcoin price is down 2% in the last 24 hours to stand at $56,418, still trading below the 50-day moving average of $60,619. With this price, we can tell the bears are attempting to gain control by crashing the price. However, BTC holds steady above $55,000 as the bulls put up resistance.
Indicators
On the 23rd of November, the relative strength index portrays the increased buying into the market by individuals, resulting in an increase to 42 from a value of 38 seen on the 22nd of November. However, with this value being below 50, we can say that the selling pressure in the market still outweighs the buying pressure, and sustenance of this momentum by the bears could see the RSI place above 50.
In correlation with the bearish action seen on the 24th of November, we see the RSI fall to 40 as the bears try to crash the BTC price.
The MACD, in correlation to the relative strength index, confirms the negative momentum seen in the market, placing the bears in control. However, the histogram shows bearish reducing activity, and with the MACD placing close to the zero line, we could see the bulls tip the market in their favour.
Ethereum / US Dollar
On the 23rd of November, the ETH bulls led a rally up, signified by increased buying volumes, resulting in the successful attempt to bring the ETH price back above the 50-day moving average of $4,157. Currently, the ETH price stands at $4,359, which translates to a growth of 6.6% in the last 24 hours. From previous days, we can tell the bulls will attempt to get the ETH price back above $4,500 to gain sufficient ground in the market. Therefore, the next few days will be crucial in determining the next step for the market.
The bears are seen to be attempting to bring the ETH price down on the 24th of November, which has resulted in a price decrease of 1.80% to a value of $4,236. However, this price decrease is not significant enough to prevent the bulls from flipping the market in their Favour.
Indicators
In correlation to the price increase, we see the relative strength index increase from a value of 43 to 50. If the bulls sustain this action, we can see a further increase in the relative strength index, translating to higher prices.
In response to the minute price drop, the relative strength index on the 24th of November places slightly lower with a value of 49.
Similarly, the MACD is above the zero line, indicating that the bulls are succeeding in their attempt to gain control of the market, while the histogram shows the reduced activity of the bears. However, on the 24th of November, we see the MACD edge closer to the zero line. Therefore, sustained sell-off could see the MACD below the zero line, placing the bears in control of the market.
Ripple / US Dollar
Before the market dump, the bears gained increasing dominance over the Ripple market due to the prolongation of their court case with the SEC. However, as with several other altcoins, Ripple also experienced a bullish pump, resulting in a price increase of 1.64% to bring the Ripple price to $1.05 per coin. Despite this price growth, the dominance of the bears is still felt in the market as Ripple still trades below the 50-day moving average of $1.12.Therefore, we expect the first course of action by the bulls to be the restoration of the Ripple price back above the 50-day moving average.
On the 24th of November, Ripple price is down 3.19% in the last 24 hours, which places its value at $1.03 per coin.
Indicators
On the 23rd of November, the relative strength index stood at 42, an increase from a value of 39 recorded on the previous day. This signifies individuals buying into the market on the dips. Despite the increase, the value of 42 still places the market in favour of the bears.
In response to the price drop seen on the 24th of November, the relative strength index of Ripple is down to a value of 40, illustrating increasing selling.
Despite the recent price increase, the MACD places below the zero line, illustrating the lurking negative momentum still in the market. This is correlated by the histogram, which shows the reducing activity of the bears. Therefore, a major rally by the bulls could put a stop to the bearish action.
Litecoin / US Dollar
On the 23rd of November, we see the Litecoin price bounce off the 50-day moving average, which acts as support; on this day, we see increased buying volume resulting in a price increase of 2.78% in the last 24 hours, bringing the LTC price to $215 per coin. The price of $280 seems like a possible target for the bulls; however, they will have to sustain this momentum.
On the 24th of November, there was increased selling action as the bears attempted to crash the LTC price even further. Currently, the Litecoin price stands at $210, which reflects a 2.92% drop.
Indicators
In correlation to the price increase, we see the relative strength index rise from 45 to 47 as individuals accumulate more Litecoin. With this, we see a continuous reduction in the dominance of the bears as the RSI value approaches 50. However, on the 24th of November, we see the value of the RSI fall to 46, illustrating the sell-off initiated by the bears.
The MACD is still placed above the zero line, which means the bulls remain in control of the LTC market despite recent price action; however, if the MACD continues tracing downwards, we could see the bears gain control of the market. The histogram reflects the bearish presence in the market with reduced activity.
Bitcoin Cash / US Dollar
On the 23rd of November, the Bitcoin Cash bulls attempted a price rally which saw increased buying volumes translating to a 2.59% increase in the last 24 hours, bringing the BCH price to $571 per coin. The 24th of November sees a continuation in bullish activity as the Bitcoin Cash price rises 0.56% to stand at $574 per coin.
However, the price target for the bulls remains the $600 price tag which brings the BCH value close to its 50-day moving average.
Indicators
On the 23rd of November, the relative strength index placed at 43, stopping the fall, which saw a resultant value of 38. With this increase, we can tell that individuals buying in on the dips and sustenance of this activity will see buying actions outweigh selling actions in the BCH.
The relative strength index in response to the recent price increase has also increased to a value of 44.
The MACD places slightly below the zero line, which corresponds to the RSI in the selling region, confirming the market's bearish momentum.
Cardano / US Dollar
Before the price dump, the bears held full control of the ADA, which was reasserted with the recent price drop. The 23rd of November still sees the presence of the bears after experiencing a drop of 1.59% to bring the ADA price down to $1.74, levels it experienced in August. With this, the next few weeks remain crucial in determining if the bears will maintain control or if ADA will form an area of support from which the bulls stage a comeback.
On the 24th of November, we see the bears maintain their dominance over the market as the ADA price drops 4.27% to stand at $1.67 per coin.
ADA has not seen major bullish action since creating a new all-time high, giving the crypto a negative outlook.
Indicators
In correlation to the price action seen on the 23rd of November, the relative strength index fell further to stand at 35, while it had a value of 36 on the previous day.
Similarly, the relative strength index on the 24th reflects an increased bearish activity in the market, as its value fall lower to 32.
The MACD still confirms the overall dominance of the bears in the market, and if this momentum is sustained, then ADA could hit an oversold scenario (an RSI of 30 and below) which should make it well due for an upward action.
Dogecoin / US Dollar
Meme coins have experienced the most action from the bears before the price dump. On the 23rd of November, Dogecoin benefited from the bullish action of most altcoins, which saw the Dogecoin price increase by 3.27% to stand at $0.227. However, it faced rejection from the bears signified by the long wick seen on the candle.
Despite the price increase the previous day, the 24th of November sees increased selling volume, which means the bears are attempting to gain control over the market. The current price of Dogecoin is down 2.65% in the last 24 hours to stand at $0.21 per coin, still trading below the 50-day moving average of $0.25.
The outlook on meme coins is still in question as several investors choose established projects with relevant use cases in life. Therefore it remains only a matter of time before the meme coins fade.
Indicators
Due to the price increase on the 23rd of November, the relative strength index increased to a value of 40; however, due to the bears reasserting their claim on the market on the 24th of November, we see a drop of the RSI to a value of 37.
The MACD across the last two days still places below the zero line, confirming the long term bearish dominance of the market.
Correlations
- Bitcoin / Ethereum = 0.89
- Bitcoin / Ripple = 0.70
- Bitcoin / Litecoin = 0.78
- Bitcoin / Bitcoin cash = 0.73
- Bitcoin / Cardano = 0.80
- Bitcoin / Dogecoin = 0.35
Keynotes for today
- Bitcoin holds steady above $55,000 despite the bearish activity, currently standing at $56,418 per coin.
- Ethereum bulls lose steam on the 24th as the bears bring the ETH price back to $4,236.
- Ripple remains under bearish control. Ripple currently stands at $1.03 per coin.
- Litecoin drops to $210 per coin.
- Bitcoin Cash bulls attempt a takeover. BCH currently stands at $574 per coin.
- Bears remain the dominant force in the Cardano market. ADA currently stands at $1.67 per coin.
- Dogecoin coin remains under bearish control. Current price at $0.21 per coin.
