On the 29th of December, we see the bulls initiating a pushback, which has resulted in a 0.45% increase from an opening price of $47,542, translating to a Bitcoin price of $47,759 per coin. The highest and lowest price points seen so far stand at $48,149 and $47,435, respectively; however, the wick above the candle indicates that the bears are resisting the bullish momentum established, and with so much time left on the clock for the market momentum to shift, the bulls are required to increase their momentum or lose to the bears.
With the market momentum over the last two days, the bulls have experienced a setback in getting the Bitcoin price back above its 50-day moving average of $53,774, keeping the market still in the downtrend.
Indicators
On the 28th of December, the bearish action succeeded in bringing the Bitcoin relative strength index momentum in Favour of the bears as the RSI value fell back below 50 to a value of 40, indicating the strong bearish momentum that came into the market. With the bulls attempting to muster momentum on the 29th of December, we see the relative strength index deflect to the upside, placing at a value of 41. However, with both values across the last two days being below the 50 mark, the bears maintain control of the market. The in correlation to the relative strength index. The resultant dip in the Bitcoin price serves as an opportunity for individuals to increase their asset holdings for a cheaper price.
The MACD, in correlation to the market momentum over the last two days, makes a deflection to the downside, which is correlated by the histogram, which shows reducing bullish activity in the market. Nevertheless, with the MACD still below the zero line, the bears remain the dominant force in the Bitcoin market.
Ethereum / US Dollar
As with most altcoins, when the Bitcoin market experiences a dip, the Ethereum market also experienced increased bearish action on the 28th of December, as indicated by the red candle. The chart shows that the bearish action is a continuation of the bearish momentum seen on the 27th of December, with little resistance from the bulls at the start of the market. However, the end of the candle suggests that the bulls tried to resist the bearish momentum as indicated by the wick below the candle, therefore, limiting the highest and lowest price points seen to $4,038 and $3,760, respectively. On the 28th of December, the bearish action resulted in a 6.07% price drop to bring the ETH price to $3,793 per coin.
On the 29th of December, we see the bulls initiating an early move in the market, which has resulted in a 0.18% price increase to bring the Ethereum price to $3,800 per coin. However, the wick above the candle suggests the bulls are receiving resistance from the bears to prevent the price growth, and with so much time on the clock, we could see a shift in the market direction if the bears succeed in gaining dominance of the market. So far, the highest and lowest price points achieved in the market stand at $3,828 and $3,785, respectively. The bullish attempt seen in the market could mean that individuals are utilising this dip as an opportunity to gain entry into the market or increase their holdings of the asset.
With the Ethereum market experiencing bearish action across the last two days, the bulls are losing hold on their momentum to get past Ethereum’s 50-day moving average of $4,207, therefore, maintaining the asset in a downtrend.
Indicators
Following the bearish action on the 28th of December, we see the ETH relative strength index fall to a value of 40, while the little bullish action on the 29th of December has brought the relative strength index to 40.70. However, this shows that the bears dominate the ETH market, which is indicated by a relative strength index value below 50.
In correlation to the relative strength index, the MACD has deflected to the downside, indicating growing bearish activity in the market as indicated as it falling further below the zero line. This is correlated by the histogram, which has shifted in Favour of the bears.
Ripple / US Dollar
Following Ripple’s consecutive bullish action in the previous week, we see the XRP bulls losing ground to the bears as indicated by the XRP price falling after getting to its 50-day moving average of $0.95, therefore, maintaining the XRP market in a downtrend.
On the 28th of December, we see the bears continue their quest to crash the XRP prices even further, and this resulted in an 8.09% price drop to bring the XRP price to $0.851 per coin, with the highest and lowest price points achieved during the market day being $0.926 and $0.846, respectively.
On the 29th of December, we see the bulls attempting to restart their rally by utilising this price drop as an opportunity to increase their holdings of XRP and gain better price Entry. However, the price gain of 0.27% to bring the XRP price to $0.853 per coin might turn out not significant enough to revive the market as the wick above the candle suggests bearish resistance to price growth, and with so much left in the market, we could see a power shift to the bears. Nevertheless, the highest and lowest price points seen in the market as at the writing of this piece stand at $0.864 and $0.850, respectively.
Indicators
Following the inability of the bulls to maintain their momentum, the relative strength index fell to 43 on the 28th of December, while the value on the 29th of December stands at 43.99. However, with both values being below the 50 mark, we can say that the market momentum remains in favour of the bears.
In correlation to the relative strength index, the MACD shows a deflection to the downside, indicating a growing bearish market presence. This is correlated by the histogram, which illustrates reduced bullish intensity and presence in the market.
Litecoin / US Dollar
The chart above shows that the Litecoin market has remained in a stalled downtrend, and this is indicated by the market trading below its 50-day moving average of $187.82.
On the 28th of December, we see that Litecoin, as with several other cryptocurrency assets, experienced significant bearish action, as indicated by the red candle seen on the day. The resultant effect on the LTC market is a 6.49% price drop to bring the LTC price to $145 per coin. From the chart, we see that the bearish activity came without resistance from the bulls at the start of the market; however, the wick below the candle suggests the bulls attempted to curtail the losses seen in the market by buying in on the dips; therefore, the highest and lowest price points seen in the market stand at $155 and $144, respectively.
On the 29th of December, we can see that the bulls are attempting to initiate a comeback which has so far resulted in a 1.47% increase to being the Litecoin price to $147 per coin, with the highest and lowest price points seen as of the writing of this piece standing at $148 and $145, respectively.
Indicators
Following the price drop on the 28th of December, the relative strength index of the market went further in the control of the bears as it is placed at 37. On the 29th of December, the bullish action caused an increase to 39, which indicates a growing bullish entry into the market. However, with both values below the 50 mark, the bears maintain market control.
In correlation to the relative strength index, the MACD flattening, putting a stop to its rise, is due to the bearish action seen during the day. With the MACD below the zero line, the bears maintain dominance over the LTC market. The histogram also shows reducing bullish activity in the market.
Bitcoin Cash / US Dollar
On the 28th of December, we see that the bears initiated a comeback which was hardly resisted by the bulls, and this resulted in a 5.72% price drop to bring the Bitcoin Cash price to $438 per coin. The highest and lowest price points achieved in the market stand at $465 and $437, respectively.
On the 29th of December, we see the bulls attempting to initiate a momentum, resulting in a 0.13% price increase to bring the Bitcoin Cash price to $439 per coin. However, this price increase might be insignificant as the bulls are required to resist bearish approaches; therefore, the bears might be able to take charge of the market if the bulls do not influence sufficient growth in the Bitcoin Cash price.
With the prices across the last two days being below the 50-day moving average, the Bitcoin Cash market remains in a downtrend.
Indicators
The bearish activity on the 28th of December is reflected as the relative strength index falls further into the bearish zone to a value of 40, indicating growing bearish selling against a reduced bullish buying. With the minute bullish attempt on the 29th of December, we see the relative strength index increase to 41. However, this is subject to change if the bears gain control of the market or the bulls rally more activity.
The histogram shows reduced bullish activity in the market, which is correlated by the MACD, which shows a stop to the rise and a flattening. With the MACD still placed below the zero line, the bears dominate the Bitcoin Cash market.
Cardano / US Dollar
Since getting rejected from its 50-day moving average, the ADA market experienced a bearish pushback on the 28th of December, which resulted in a 7.69% price drop to bring its price to $1.39 per coin. The wick above the candle suggests that the bulls had initial control of the market; however, bearish resistance surpassed this bullish momentum and was able to flip the market in Favour of the bears, while the wick below the candle means the bulls provided enough resistance to limit the loss seen in the market. Therefore, the highest and lowest price points achieved during trading for the day stand at $1.53 and $1.37, respectively.
On the 29th of December, we see the bulls attempting to initiate a pushback; however, the pushback is not strong enough to fully gain control of the market as significant bearish action could see the bears back in control. Nevertheless, as at the writing of this piece, the ADA price is up by 0.47% in the last 24 hours to bring the ADA price to $1.40 per coin, while the highest and lowest price points achieved stand at $1.43 & $1.36, respectively.
With the bearish presence in the market, the ADA remains in a downtrend as the bull’s attempt to get above the 50-day moving average of $1.55 failed.
Indicators
The bearish action 28th of December was significant to bring the ADA market below the 50 mark relative strength index to a value of 48, indicating a growing bearish presence in the market. On the 29th of December, the bullish start to the market resulted in an RSI increase to 49.
However, with both values below the 50 mark, the bears are slightly holding on to the market.
Due to the bearish activity in the market, the MACD has flattened, putting a stop to its ascent; with sustained bearish action, the MACD could deflect to the downside. The histogram shows a reducing bullish presence in the market.
Dogecoin / US Dollar
From the above chart, the Dogecoin market remains currently in a downtrend as it trades below its 50-day moving average of $0.20.
The downtrend was further worsened on the 28th of December as the bears inflicted a 7.45% price drop to bring the Dogecoin price to $0.173 per coin.
On the 29th of December, the bulls are seen mustering a payback, resulting in a growth of 0.75% to bring the Doge price to $0.175 per coin. However, with the price increase not being significant, the bears could push back and gain control of the market during the day.
Indicators
Following bearish activity on the 28th of December, the relative strength index for the day stands at 43, while the bullish activity on the 29th of December has increased to 44. Despite this increase, the market predominantly remains in bearish control as the RSI value over the last two days remains below 50.
In correlation to the RSI, the MACD and Histogram show reduced bullish activity in the market. At the same time, the MACD also shows that the Dogecoin market remains predominantly bearish over the long term as it’s placed below the zero line.
Correlations
- Bitcoin / Ethereum = 0.89
- Bitcoin / Ripple = 0.86
- Bitcoin / Litecoin = 0.89
- Bitcoin / Bitcoin cash = 0.90
- Bitcoin / Cardano = 0.83
- Bitcoin / Dogecoin = 0.85
Keynotes for today
- Bitcoin below $50,000, currently stands at $47,759 per coin.
- Ethereum is below $4,000, currently stands at $3,800 per coin.
- Ripple at $0.853 per coin.
- Litecoin at $147 per coin.
- Bitcoin Cash at $439 per coin.
- Cardano at $1.40 per coin.
- Dogecoin at $0.175 per coin.
