Sustained bearish action sees the crypto market in the red

News • 2022/04/06 • de

Bitcoin / US Dollar

The Bitcoin market sees its second consecutive day of bearish action as the bears push towards the 50-day moving average of $41,799 per coin. Nevertheless, the market remains predominantly in bullish control.
The 5th of April sees bearish momentum resulting in a 2.34% drop in the Bitcoin price, bringing its value to $45,506 per coin, with the highest and lowest BTC trading prices standing at $47,200 and $45,371 per coin.
At the start of the 6th of April, we see continued bearish action, resulting in a 0.22% decrease in the Bitcoin price, translating to $45,408 per coin, with the highest and lowest trading prices seen standing at $45,523 and $44,411, respectively.

Indicators

Despite consecutive days of bearish market dominance, the Bitcoin RSI remains above the 50 mark, maintaining a positive outlook. The RSI seen on the 5th and 6th of April stands at 56.76 and 56.06, reflecting increasing bearish activity in the market. The MACD shows bullish momentum dominance as it stands above the zero line, creating a positive outlook for the asset. However, we see the histogram in the bearish territory due to recent bearish action while the MACD deflects to the downside.
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Ethereum / US Dollar

On the 5th of April, the bears started a momentum after flipping an initial bullish start to the market indicated by the wick above the candle. With the above, the bears influenced a 3.23% drop in the ETH price, bringing the price of each coin to $3,407. On the 6th of April, the bears continued their previous momentum, resulting in a 1.56% drop in the ETH price, translating to $3,353 per coin, with the highest and lowest price points being $3,408 and $3,267.

Indicators

The relative strength index of the ETH market remains within the bullish territory as the RSI stands above the 50 mark.
On the 5th and 6th of April, the price volatility in the market resulted in the relative strength index falling due to increased selling pressure, standing at 63 and 60.
The histogram and MACD are placed above the zero line, indicating bullish dominance of the market momentum.

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Ripple / US Dollar

On the 5th of April, the bears flipped an initial bullish market as indicated by the wick above the candle, and With the continued bearish dominance of the day, the XRP market fell by 1.08%, bringing the assets price to $0.817 per coin. On the 6th of April, sustained bearish action resulted in a 1.32% drop in the XRP price, translating to $0.806 per coin. The wick below the candle shows the XRP market broke below its 50-day moving average of $0.787, from which it was rejected by significant bullish action, maintaining the lowest price point for the day at $0.780 per coin. Nevertheless, the XRP market remains safely in bullish control.

Indicators

On the 5th of April, the bearish action resulted in a fall of the RSI to 50.35. With the continued bearish action on the 6th of April, the RSI has now fallen below the 50 mark to 47, indicating bearish dominance of market momentum.
The histogram remains in the bearish territory (below the zero line), while the MACD remains positive as it's above the zero line.

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Litecoin / US Dollar

The bears keep up their push to get the Litecoin market below its 50-day moving average of $114 per coin.
On the 5th of April, continued bearish action saw the Litecoin market fall by 1.60% after flipping an initial bullish start to the day, translating to $122 per coin. On the 6th of April, the Litecoin market saw more bearish activity, placing the market 1.45% lower, translating to $120 per coin, with the highest and lowest price points at $123 and $117, respectively.

Indicators

The relative strength index chart shows that the LTC market remains slightly bullish as the value stands above the 50 mark.
On the 5th and 6th of April, sustained bearish action resulted in a fall of the RSI to 52 and 50, respectively.
The histogram has broken below the zero line due to consecutive bearish action. At the same time, the MACD portrays a market in bullish grasp as it stands above the zero line, creating a positive outlook for the market.

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Bitcoin Cash / US Dollar

On the 5th of April, the bears initiated a momentum that saw the Bitcoin Cash market fall by 2.87%, bringing the asset's price to $365 per coin. The wick below the candle indicates a bullish attempt to reduce the day's loss. On the 6th of April, the bears continue their previous momentum, resulting in a 2.19% drop in the market, placing the Bitcoin Cash price at $357 per coin. The wick above and below the candle denote the highest and lowest price points seen, corresponding to $368 and $347.
The Bitcoin Cash market remains well above its 50-day moving average of $325, reflecting bullish market control.

Indicators

The bearish action on the 5th and 6th of April resulted in a fall of the relative strength index to 56 and 52. However, with the RSI still above 50, the market remains bullish.
The MACD portrays a market in a bullish grasp as it stands above the zero line, creating a positive outlook for the market. However, the histogram is placed below the zero line, indicating increasing bearish action in the market.

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Cardano / US Dollar

On the 5th of April, the bears interrupted the bullish momentum, resulting in a 3.40% drop in the market, bringing the ADA price to $1.170 per coin. On the 6th of April, significant bearish action saw the ADA price fall by 4.61%, bringing its price to $1.116 per coin. With the market still far from its close, the above value is likely to change. Nevertheless, as of the writing of this piece, the highest and lowest ADA prices stand at $1.173 and $1.107, respectively.

Indicators

On the 5th and 6th of April, significant negative price action sees the relative strength index fall towards the 50 mark, corresponding to 62 and 55, depicting growing bearish activity in the market. Sustained bearish action could see the ADA market fall into bearish territory if the RSI falls below 50.
The MACD is placed above the zero line, indicating bullish dominance of the market momentum. However, the Histogram shows a bearish shift, indicating growing bearish activity in the market.

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Dogecoin / US Dollar

On the 5th of April, the bulls initiated a massive momentum, resulting in a 16.44% rise in the Dogecoin price, translating to $0.172 per coin. The highest and lowest Dogecoin trading prices for the day stood at $0.180 and $0.147, respectively.
At the start of the 6th of April, we see the bearish action offsetting almost all gains of the previous day, resulting in an 11% drop in the Dogecoin price, bringing its price to $0.153 per coin, with the highest and lowest trading prices standing at $0.174 and $0.151, respectively.

Indicators

On the 5th and 6th of April, the RSI stands at 75 and 59, depicting a positive market but a significant bearish pushback.
The MACD and histogram stand well above the zero line, indicating bullish dominance.