Bitcoin / US Dollar
Following the rejection of the price pump to $57,000, the bears have succeeded in maintaining the Bitcoin price at $56,000. As of the 2nd of December, the Bitcoin price.
Still trades below the 50-day moving average of $60,836, reflecting the superiority of the bears in the market over the midterm. Currently, the BTC chart of the 2nd of December displays increased selling volume, which brings the BTC price to stand at $56,810, which translates to a price drop of just 0.73% in the last 24 hours.
However, the wick below the red candle indicates that the bulls are putting significant resistance to further price drops.
On the 3rd of December, we see the bulls failing to capitalize on the resistance created on the previous day, and this has resulted in a 0.56% price drop to bring the Bitcoin price to $56,206 per coin. With this minute bullish action, the bulls must sustain this action to increase and show significant price growth despite bearish opposition.
Indicators
Following the budding bearish action on the 2nd of December, the relative strength index has deflected downward to a value of 44 from 45 seen on the previous day. With the value below the 50 mark, the RSi indicates that selling pressure supersedes buying action, putting the bears in control of the market.
As a reflection of the increasing bearish activity seen in the market, the relative strength index on the 3rd of December stands at 43.
As a correlation to the relative strength index, the MACD is still below the zero line, which confirms the negative outlook for the Bitcoin market if bearish action is sustained.
Ethereum / US Dollar
Despite the sideways movement of Bitcoin over the last few days, Ethereum is racking up bullish gains, and this is seen in the ETH price back above the 50-day moving average. However, this price movement did not go unnoticed by the bears, who have initiated a pushback which has caused a negative price drop of 1.19% in the last 24 hours to bring the ETH price to $4,532 per coin. However, this price mark has served as an area of resistance previously, and it is expected that the bulls will try to flip it as support which is already in motion evidenced by the wick below the red candle.
On the 3rd of December, we see the bulls fail to restart their rally to test the $5,000 price mark as increasing selling volume has resulted in a 0.34% price drop, bringing the Eth price to $4,499 per coin.
Indicators
Following the bullish momentum seen on previous days, the relative strength index is back above the 50 mark, indicating the dominance of the bulls in the market. As of the 2nd of December, the RSI of ETH stands at 54.
With the continued bearish action on the 3rd of December, the relative strength index is down to 53 from an initial value of 54 on the previous day.
Similarly, the MACD confirms the data provided by the relative strength index. The MACD and histogram are currently placed above the zero line, indicating a positive outlook for the market.
Ripple / US Dollar
Following bullish action a few days ago, the bears initiated a bearish attempt at gaining control of the market, and this continued on the 2nd of December as the Ripple price fell by 1.75% to stand at $0.974 per coin. However, on the 3rd of December, we see the bulls attempt a pushback indicated by increasing buying volumes which have translated to a growth of 0.63% in the last 24 hours, bringing the XRP price to $0.979 per coin.
Ripple is described by analysts as a sleeping coin yet to the moon, and this is due to the SEC court case still in progress. However, XRP is expected to make over 10X returns when the case is concluded.
Indicators
On the 2nd of December, the relative strength index reflected the downward action of the market with a value of 38. With this value below 50, the bears still stand a significant amount of ground in the market.
As a reflection of the price increase on the 3rd of December, we see the bullish growth has ended the bearish RSI fall, currently placing at 39.
Despite this RSI growth, the dominance of the bears is further confirmed.
Litecoin / US Dollar
On the 2nd of December, the bears rejected the bulls' momentum towards the 50-day moving average as reflected by a 2.53% price drop to bring the LTC price to $203 per coin.
On the 3rd of December, we see the bulls attempt to gain control over the market with the formation of a little green candle which translates to minute price growth of 0.16% in the last 24 hours to bring the LTC price to $203.96. However, with the market still in its early hours, the bulls will be required to sustain this movement, failure to do so can easily see the bears flip the market in their favour.
Indicators
From the above chart, we see that the relative strength index has consecutively placed below the 50 mark over the last few weeks, which is a clear indication of the dominance of the bears in the market. On the 2nd of December, the relative strength index had a value of 45.65, while the relative strength index on the 3rd of December reflects the continued bearish action, placing at 45.80.
The MACD, in correlation to the relative strength index, maintains the dominance of the bears in the market, therefore, conferring a negative outlook for the market. However, the histogram shows that the bearish action seen on the 3rd of December is not intense.
Bitcoin Cash / US Dollar
From the above chart, we can see that at the close of the 2nd of December, the bears succeeded in gaining control of the Bitcoin Cash market, which is reflected by a 1.65% drop in price to bring the BCH price to $561.71 per coin.
On the 3rd of December, we see the bears attempting to continue their bearish activity with a 0.30% price drop to bring the Bitcoin Cash price to $560.04 per coin, and this is reflected on the chart as a growing red candle. However, the price change is not significant enough if the bulls can trigger a price surge.
Currently, the Bitcoin Cash price still trades below the 50-day moving average of $608, keeping in line with the bearish dominance of the market over the midterm.
Indicators
As a reflection of the bearish trend over the last two days, the relative strength index consecutively places below the 50 mark. Indicating bearish selling surpassing bullish buying. On the 2nd of December, the relative strength index stood at a value of 43.26, and with the continued bearish action on the 3rd of December, the value fell even lower to a value of 42.
Similarly, the MACD still placing below the zero line confirms the bearish dominance in the market. However, the histogram illustrates that the amount of bearish activity seen in the market is significantly reduced.
Cardano / US Dollar
The Cardano market has been under the control of the bears for an extended period. However, the 2nd of December saw a massive bullish rally, resulting in price growth of 11.17% to bring the ADA price to $1.72 per coin. With this price movement, we are reminded of the potential for growth in the ADA market despite recent events.
As a response to the bullish move of the previous day, the chart on the 3rd of December shows increased bearish action in an attempt to crash the ADA price, and this has resulted in a price drop of 5.29%, bringing the ADA price to $1.62 per coin. Analysts maintain that the ADA price has been subjected to institutional manipulation, which resulted in the bearish activity seen throughout the market.
Indicators
On the 2nd of December, the indicator chart reflects the bullish rally, resulting in the relative strength index increasing to 45 from a value of 31 the previous day. The relative strength index on the 3rd of December reflects the bearish pushback with a value of 40. Despite the bullish pump, the RSI placing below the 50 mark indicates the dominance of the bears still in the market.
The MACD, as a reflection of the market strength, states that bears are still the dominant force in the market.
Dogecoin / US Dollar
On the 2nd of December, the Dogecoin market showed increasing buying volume; however, massive resistance from the bears resulted in significantly diminished gains. The Dogecoin price experienced a 0.10% price growth to $0.209 per coin. On the 3rd of December, we see the bears trying to capitalize on the initial resistance created the previous day, and this has resulted in a price change of -1.53% bringing the Dogecoin price to $0.206 per coin.
Indicators
As of the 2nd of December, the relative strength index stood at 38, while the relative strength index on the 3rd of December stands at 37, and this is due to the bearish action seen in the market. With so much time on the clock, the close of the day will determine who comes out on top.
The MACD is still below the zero line, which correlates with the RSI about the bears being in control of the market.
Correlations
- Bitcoin / Ethereum = 0.87
- Bitcoin / Ripple = 0.86
- Bitcoin / Litecoin = 0.86
- Bitcoin / Bitcoin cash = 0.83
- Bitcoin / Cardano = 0.57
- Bitcoin / Dogecoin = 0.82
Keynotes for today
- Bitcoin bears push the BTC price to $56,206 per coin.
- Ethereum bears push against the bullish momentum. ETH currently stands at $4,499 per coin.
- Ripple stands at $0.979 per coin.
- Litecoin stands at $203.96.
- Bitcoin cash stands at $608 per coin.
- Cardano bulls attempt to take control of the market. ADA currently stands at $1.62 per coin.
- Dogecoin is currently at $0.206 per coin.
