Bitcoin / US Dollar
Price Analysis
BTC price has possibly entered a new bullish phase, showing a severe ability to overcome behavioral obstacles in its way and drive the market by itself. Bitcoin's price moved slowly and steadily towards $10,800, just a step behind the crucial point at $11,000, which was the crucial point for the previous bullish run and the most recent resistance point for the cryptocurrency.
This is Bitcoin's second try in the short-term period to break the $11,000 resistance point and establish a new bullish trend in the market. This time is more possible for this to happen, as a resistance level gets weaker every time. This time, the candles are smaller, indicating that the growth was much slower and a market depth was built appropriately.
The trading volume is definitely correlated with price moves' sharpness and a massive trade will make a decisive move to appear in the market. Regarding the moving averages, a "Golden Cross" signal appeared in the market, indicating a positive direction will follow during the next days. This could be misleading like the previous time when both "Golden Cross" and reverse "Golden Cross" were proved wrong. The fake signals gave out the investors, wrong depictions about what is going on in the market.
We expect the price to continue up to the $11,000 and the market will decide if there are enough positivity and prospects for further uptrend. All the eyes are watching the Bitcoin's route and what will happen next on it.
In the short-term diagram, we can observe that the short-term dynamics for the Bitcoin market are based exclusively on the $10,000 to $11,000 zone, which is an extended parallel channel that could lead to the new trendsetting. As we see, Bitcoin tries to break unsuccessfully the $11,000 one time and the second will be more crucial.
Indicators
MACD index is moving slowly and steadily in the positive zone, creating positive momentum in the market that could lead to extended market depth for the next period. A positive signal for the RSI index is moving to values above 50, indicating that the price has entered a new bullish period that hopes to last for more.
Ethereum / US Dollar
Price Analysis
Ethereum's price climbed even more during the last days, reaching a crucial point for the technical analysis. As shown in the previous articles, a long-term trending line was firmed from $400 to $360, depicting a continuous trend since then. Today, the price overcome the $360 level, showing that the bullish period could have a strong start at the beginning of the trend.
The most possible scenario for the bullish scenario will be to reach $400 during the next days, according to the respective trading volume. The volatility has decreased during the last days, indicating that the trending line is much more consistent than in previous periods. The correlation between Ethereum and Bitcoin will be crucial for the next period as this movement is basically fueled by Bitcoin's uptrend.
As we have seen in previous times, Ethereum can overcome these correlation situations and establish itself as the winner in the crypto space. The moving averages have not crossed each other yet but they are moving towards that position, leading to increased expectations from the investors' community.
Indicators
MACD index moved decisively in the positive area, creating positive expectations and showing that there is an increasing momentum in the Ethereum market, which can be capitalized in the price diagram. On the same page, the RSI index moved in values above 50, creating more positive feelings for Ethereum's next steps.
Ripple / US Dollar
Price Analysis
Ripple's price seems to have a stable reaction to the new bullish signals in the market. The price remained at $0.24, without any other significant projections for the next days. If the bullish market continues to affect the Ripple's market, we could possibly see a climax above $0.26 during the next days.
If the price reaches this level, we could say that it is integrated into the general feeling for the bullish scenario. Stability in the price will lead investors to delayed results that might cost them as the bullish period will last much shorter, leading to missed shots for many investors. As we saw during the last period, the falling period was much lighter and smoother for Ripple. This means that sharp moves are rare in the market, creating smaller opportunities for quick profits and attracting risk-averse players that want to protect their capital and gain in the long-term.
The trading volume fluctuates at a smaller scale than in previous days while the moving averages are moving towards crossing each other, forming a "Golden Cross" signal, sparking potential bullish runs in the previously mentioned points.
Indicators
MACD index is slowly progressing in the positive area, creating a definite momentum that has not been depicted yet in the price formation. On the other hand, the RSI index still remains below value = 50, indicating that the bullish attitude has not passed yet in the Ripple market.
Litecoin / US Dollar
Price Analysis
Litecoin has definitely increased its value during the last days, following Bitcoin's example in the crypto market. The price rose from $42 to $48, during the last days, creating lots of technical signals. First things first, the price broke the first resistance at $45, which was the upper side of the parallel channel and a long-term support/resistance level for the market. At this moment, the price reached $48 point, which served as a support level in the short-term horizon.
At this point, we will figure out if Litecoin will continue to grow along with the rest market or it will stabilize itself at the same levels. The next crucial point for Litecoin is to break the $48 resistance point and head towards $51, where it is a point above the current market trend. This point will help the cryptocurrency to establish a different trend in the market and absorb any previous holdbacks.
The trading volumes are still at low levels, creating insufficient market depth for another bullish run but this could change in some hours if lots of investors discover its internal value and enter the market. The moving averages are still some days from crossing each other and this could be a signal for several investors that want a standard signal for entering the market.
Indicators
MACD index is moving more aggressively in the positive area and the market momentum is increasing day by day. This fact shows that the market is expanding and there is a need for more investment to sustain higher levels. The RSI index is at a crucial point, exactly at value = 50, where everything could happen in both directions.
Bitcoin Cash / US Dollar
Price Analysis
The same positive signals are shown in the Bitcoin Cash market. The price increased from $205 to $230, returning back to normal levels for the Bitcoin Cash's standards. The market momentum could bring the price up to $240 in the next days but it should be sustained with more investment and belief from investors.
Bitcoin Cash has a lot of road to recover as it lost proportionally the majority of its value during the previous bearish trend. This means that many investors that a local bottom could mean more chances for mid-term recovery and potential profits. The trading volumes are much lower than in previous periods, creating doubts about the trend sustainability. On the other hand, the moving averages are really close to each other and will probably cross in the next days if the bullish trend continues to grow.
Indicators
MACD index is moving in an uptrend during the last days, creating positive momentum in the market and hoping for the best in the upcoming sessions. On the other hand, the RSI index laid at value = 50, where everything is possible for both directions to be followed.
Correlations
Bitcoin / Ethereum = 0.58 (+ 0.12), Bitcoin / Ripple = 0.72 (+ 0.08), Bitcoin / Litecoin = 0.40 (+ 0.17), Bitcoin / Bitcoin Cash = 0.72 (+ 0.11)
All correlation coefficients moved upwards regarding the previous days, showing that there is a combinatory movement in the market that will promote the uptrending for the next sessions. All the major altcoins are moving in the "medium" correlation area, where the activity changes usually take place. The market is moving on the same page for the moment, with small exceptions especially on how much the rise could affect the prices in the next days. The price rise is definitely a positive signal that shows a clear bullish concept in the market and its perspectives for the next days, weeks, and possibly months.
