An immediate rebuttal by the bears has followed the bullish action on the 3rd of November, and Bitcoin is not left out. As of the 4th of November, the Bitcoin price threatens to break below $60,000 after experiencing a drop of 3.65% in the last 24 hours to a price of $60,960, reducing the gains made by BItcoin over the last seven days to 2.03%.
The Bitcoin chart illustrates consecutive days of bearish dominance, as evidenced by the increased sell-off by the bears to reject the Bitcoin price from the $64,000 price mark. From the above information, it is expected that the bears will be aiming for a price of $58,489 if they successfully get the Bitcoin price below $60,000.
Despite the price dip, the Bitcoin bulls utilized this opportunity to accumulate; therefore, the 5th of November has seen the success of the bulls in bringing the Bitcoin price back to $61,893, representing a gain of 0.73% in the last 24 hours. The bulls are putting up a fight against the bears to maintain their price above $60,000, and this is also reflected by the minor increase in buying volume seen.
As expected, the indicators signify a shift in the dominance of the market in favour of the bears. As of the 4th of November, the relative strength index stands at 54.51, which comes in light of a drop from a previous value of 60, indicating an increase in the selling pressure in the market.
Further fall of the relative strength index to a value below 50 indicates more panic selling occurring in the market. However, this dip in price provides an opportunity for investors to accumulate more Bitcoin tokens.
In a recovery initiated by bulls buying in on the dips, the 5th of November indicator chart shows an end to the sell-off by the bears, by the deflection of the relative strength index to the upside, to place at a value of 56, while the negative momentum indicated by the MACD is seen to be reducing but still shows the presence of the bears in the market. The next few days will be crucial to see if the bulls can sustain this pushback or if the bears will succeed in bringing the Bitcoin price below $60,000.
In a similar manner to Bitcoin, Ethereum has also experienced increased selling volume on the 4th of November, which has reflected as a 3.07% price drop in the last 24 hours to stand at $4,515 per coin, also reducing the gains garnered by the token in the last seven days to 5%. The price drop seen comes as a result of a rebuttal by the bears to reject the Eth price from the $4,600, and this was a crucial move by the bears as the bulls pushed for the $5,000 price tag.
As a continuation to the sell-off previously seen, the bears have a headstart on the 5th of November, as there is an increased selling volume. However, wicks on the candle suggest the bulls are putting up a fight; the current price of ETH stands at $4,522, representing a loss of only 0.32% in the last 24 hours.
With the effort of the bulls to resist the bears, the coming days will confirm who remains the dominant force.
As expected, the 4th of November indicator chart illustrates a reduction in the bullish momentum. However, the bulls are still seen to be the dominant force in the market.
The relative strength index stands at a value of 63, which though in a bullish zone, occurs in light of a fall from a previous relative strength index of 67, signifying selling pressure in the market. A break below 50 could mean a massive sell-off which could effectively put the bears in control of the market.
The macd indicates that the market momentum seen is still positive; therefore, requiring the bears to maintain a selling pressure could shift the momentum in their favour.
Like the previous day, the 5th of November shows the overall market being of bullish sentiment. However, the relative strength index shows the recent increase in selling momentum to bring prices down and stands at a value of 64, a rise from a previous RSI of 63.
The bearish action, which first began on the 4th of November, continues into the 5th. The above chart shows a selling volume beginning to form, while the chart shows a red candle with a little wick suggesting pushback from the bulls.
The current Ripple price stands at $1.18 per coin, representing a drop of 1.73% in the last 24 hours, with the bears possibly targeting a price of $1.15, which served as a level of previous resistance. If this level is reached and a bounce back suffices, the $1.15 mark could form support.
The relative strength index stands at a value of 59; being in the bullish zone should mean an overall buying into the market. However, this value comes from a sell-off; if the bears succeed in sustaining the selling pressure, they should be able to tilt the market in their favour. Therefore, a relative strength index below 50 could suffice.
The MACD also suggests a bullish momentum in the market. However, recent pushback by the bears keeps the positive momentum to the minimum, allowing for a possible shift if the bears gain dominance.
The Litecoin market has also been affected by the bears, two consecutive days of selling pressure (evidenced by increased selling volume) have placed the price per coin at $200, corresponding to a drop of 1.15% in the last 24 hours, the price change across the last seven days remains up by 4.37%.
From the above chart, we can see the bears aiming for a price below $200, and if they succeed, it would be up to $190 to act as the next level of support for LTC.
From the above chart, the MACD sideways momentum is in little favour of the bulls. However, the relative strength index shows an increasing selling action in the market despite being in the bullish zone (above 50), reflecting attempts by the bears to crash the litecoin price. The current RSI value of LTC stands at 56.
On the 4th of November, Bitcoin Cash experienced increased selling action; however, unlike other altcoins, the bulls of BCH are beginning to rally up a comeback on the 5th of November, as evidenced by increased buying volume. However, for the comeback to be complete, the bulls will have to sustain this momentum; if they cannot, the bears might aim to crash prices below the 50-day moving average of $581.
The current price of BCH stands at $602, representing a 24 hour gain of 1.04% and a seven-day price change of 4.02%.
The relative strength index shows a recovery from selling action to a value of 50.91, which signifies that individuals are buying into the BCH market. Being above the 50 mark indicates a bullish outlook for the market; however, subsequent days will determine if the bulls can maintain the increasing buying volume to assert dominance.
The MACD shows just above the zero line, indicating the recent buying volume is not enough to tilt the market in a particular direction but maintains stability.
After experiencing a major bullish pump, the ADA market experienced bearish action on the 4th of November, bringing the price back below $2. The 5th of November sees a possible bullish action with a percentage increase of 0.3% in the last 24 hours. However, the wick above the candle suggests resistance by the bears.
Currently, the ADA price stands at $1.98, with the last seven days having a percentage drop of 0.9%. However, Cardano is still trading well below the 50-day moving and continuing the bearish long-term action since hitting new all-time highs.
The MACD line is still placed below the zero line, which signifies the bearish dominance and momentum seen in the market over the past weeks. Similarly, the relative strength index stands at 43, below the 50 mark, meaning selling momentum dominates the current market, placing the bears in control. For the bulls to regain control, they will have to sustain the relative strength index well above 50.
As of the 5th of November, the Dogecoin price stands at $0.26 per coin, representing a price change of 0.61% in the last 24 hours, while the seven-day price change remains negative at -6.47%.
The above chart shows that the bulls are attempting to build up positive momentum, as evidenced by the little green candle. However, wicks above the candles suggest strong opposition from the bears; with the current state of the market, it can expect that the bears will push for supremacy. Currently, the previous level of support stands at $0.24, and the dominance of the bears will see the bulls rely on this level of support.
The indicators both correlate in terms of the dogecoin being within the control of the bulls. However, they also show this control being continuously reduced by the action of the bears.
The MACD line shows a deflection to the downside, signifying the sell-off recently seen in the market. At the same time, the histogram shows that the bears are creating a negative momentum to shift the market in their favour.
The relative strength index of dogecoin currently stands at 52 in a steady decline as shown above, and this indicates the bears gradually taking control of the market; if they can sustain this momentum, the relative strength index could fall below the 50 mark, effectively placing them in control.
