Following the bearish action on the 17th, the bulls attempted to revive the Bitcoin price on the 18th of December, as evidenced by the increased buying volumes noted, and this resulted in a rise of 1.39% to bring the Bitcoin price to $46,808. With the price for the day, we can see that the bulls have not been able to gain much traction due to bearish resistance. The highest and lowest Price points achieved by the close of the day are $47,368 & $45,515, respectively.
As of the early hours of the 18th of December, we see the bulls attempt to capitalize on the previous momentum, and this has seen the Bitcoin price increase by 1.38% from an opening price of $46,857 and currently stands at $47,504 per coin. Across the last two days, we see the bulls are still struggling to get the Bitcoin price back above the $50,000 but without success.
As with the last few days, we see the bears continuing their momentum, which has resulted in a 1.39% drop on the 20th of December to bring the Bitcoin price to $46,038 per coin. However, the market remains in its early hours, allowing more price action. So far, the highest and lowest values attained are $47,217 & $45,780, respectively.
Despite the market movement over the last three days, the Bitcoin price still trades below the 50-day moving average of $56,528, which means that over the mid-term period, the Bitcoin market has been in a downtrend.
Due to the bullish momentum seen in the Bitcoin market on the 18th and 19th of December, we see a corresponding increase in the relative strength index across these days, from 37 to 39, respectively, indicating a positive building momentum. However, despite the bullish momentum, the Bitcoin market remains predominantly bearish as the RSI is placed below 50, indicating a stronger sell-off in the market against buying.
With the bears closing the market on top on the 19th and continuing their price action on the 20th, we see the relative strength index fall to 35, indicating increasing bearish activity.
In correlation to the bullish momentum across the last few days, excluding the 19th & 20th, we see the MACD make a deflection to the upside, indicating growing bullish momentum, and this is correlated by the histogram, which shows increasing bullish presence. However, with the MACD placed below the zero line, we can tell that the Bitcoin market remains in control of the bears.
As with several assets on the 18th of December, the Ethereum price also experienced a bullish rally up which saw its opening price of $3,876 increase by 2.22% to close at $3,961 per coin.
The wicks on both sides of the candles indicate the struggle between the bulls and bears to gain market dominance; however, the bulls came out on top. The highest and lowest price points met during the day’s trading are $3,999 & $3,768.
On the 19th of December, we see increased selling volumes which indicate the bears responding to the bullish momentum of the previous day, and this has seen the Ethereum price fall by 1.13% in the last 24 hours to bring the ETH price to $3,917 per coin, with the wick above and below suggesting bearish flipping of an initial bullish move, and bullish resistance to the price drop, respectively.
The highest and lowest price points achieved so far are $4,039 & $3,890, respectively.
On the 20th of December, we see the bears capitalising on their previous momentum, and this has seen the ETH price drop by 2.56% to stand at $3,825 per coin. The ETH price trades further below the 50-day moving average with the current price movement, which signifies a downtrend in the Ethereum market. So far, the highest and lowest price points are $3,984 & $3,808; however, with so much time left in the market, we could see these values change.
With the price movement in the ETH market across the last few days, Ethereum still trades below its 50-day moving average of $4,319, indicating the downtrend seen in that market over this period.
Due to the bullish movement on the 18th of December, we see the relative strength index rise to 45 from an initial of 42. However, with the bulls unable to maintain this price action, we see the bear's pushback on the 19th of December with increased selling activities, which has resulted in the relative strength index falling to 44.
Despite the price action seen over the last few days, the ETH market predominantly remains in the bearish territory, as indicated by an RSI value below 50.
With the continued bearish action, the ETH RSI on the 20th of December is down 42.
The MACD, in correlation to the relative strength index, is placed below the zero line confirming bearish dominance of the market. However, the histogram signifies reducing bearish intensity.
From the chart shown above, the 18th of December is marked by an increased bullish action which saw the XRP price increase by 3.66% from an opening price of $0.797 per coin to stand at $0.82 per coin. During the market day, the XRP price hits highs and lows of $0.844 & $0.819, respectively.
On the 19th of December, we see the bulls attempting to keep their momentum alive despite bearish resistance, and so far, the XRP market is up from $0.826 per coin to $0.834 per coin, corresponding to a 1.04% increase in the last 24 hours. By the close of the 19th, the bulls succeeded in holding out on top and are seen to be capitalising on this move on the 20th of December, which translates to a 1.60% price increase to bring the XRP price to $0.848 per coin, and this comes after a rejection from $0.9 as indicated by the long wick above the candle.
Nevertheless, the XRP price still trades below the 50-day moving average of $1.01, which confirms the bearish influence on the market over this period.
As we expected, the XRP relative strength index is up, and this is due to the bullish momentum seen in the market across the last few days, which saw the RSI rise from 41 on the 18th of December to 42 on the 19th of December. With the bulls maintaining the momentum, we see the RSI get closer to the 50 mark with a value of 44.
The MACD, in correlation to the relative strength index, is placed below the zero line, which indicates that the bears are the dominant force in the market over an extended period. However, with three days of consecutive bullish action, the MACD has deflected to the upside, and this is correlated by the histogram, indicating increasing bullish presence.
In response to the bearish activity seen days ago, we see the Litecoin market experience two consecutive days of bullish action. This has resulted in the Litecoin price increasing to $157 as of the writing of this piece.
On the 18th of December, the LTC market opened at $143 per coin, which increased by 3.21% by the end of the day to bring the LTC price to $148 per coin despite bearish action. The highest and lowest prices attained today are $150 & $142, respectively.
Following the bullish action of the previous day, the bulls are seen to be capitalising on the gains of the previous day, resulting in the LTC price increasing by 6.06% on the 19th of December to bring the LTC price to $157 per coin.
The highest and lowest price points stand at $161 & 4147, respectively.
In response to two consecutive days of bullish action, the bears are pushing back on the 20th of December, and this has resulted in a 3.99% drop to bring the LTC price to $147 per coin.
However, despite these price movements, the LTC market predominantly remains in a bearish zone, translating to a downtrend over the mid-term as indicated by LTC trading below its 50-day moving average of $197.
Following two consecutive bullish actions on the 18th &19th of December, the relative strength index chart shows a steep rise, indicating increasing bullish buying in the market. Therefore, the RSI on these days rose from 37 to 43, respectively. However, with the RSI being less than 50, we can say that the selling pressure supersedes the buying pressure, and for the bulls to change this, they are required to attain an RSI above 50.
With the bearish push back on the 20th of December, the RSI has deflected to the downside, indicating an increase in selling in the market, bringing its value to 37.
In correlation to the RSI, the MACD shows a deflection to the upside as it makes its way towards the zero line, and this is correlated by the histogram, which indicates a bullish presence in the market. However, with the MACD being below the zero line, the LTC market predominantly remains bearish, and for the bulls to change this, a MACD above the zero line will be needed.
Following the beginning of the market on the 18th of December, the bulls initiated a push to gain control of the market, which succeeded, translating to a price increase of 2.66% to bring the Bitcoin Cash price to $435 per coin. However, the bears are seen to be replying to this bullish push on the 19th of December by inflicting a 0.64% price drop to bring the Bitcoin Cash price to $433 per coin.
Despite the attempt by the bears to reject bullish action, the bulls are providing significant resistance, which resulted in such reduced losses.
So far, the highest and lowest price points seen are $445 & $432, respectively.
On the 20th of December, we see the bears continue their action, which has resulted in a further 1.75% price drop to bring the Bitcoin Cash price to $425 per coin. So far, the highest and lowest price points reached are $439 & $421, respectively.
As a reflection of the bullish activity on the 18th of December, the Bitcoin Cash relative strength index increased to 36.96; however, with the bears attempting to gain control of the market on the 19th of December, the RSI has fallen to 36.63. Following the continued bearish influence on the 20th of December, the RSI has fallen to 35, signifying increasing bearish action.
Nevertheless, below the 50 mark, the Bitcoin Cash market remains predominantly in bearish control with these values. This is correlated by the MACD, which is placed below the zero line despite deflecting up. On the other hand, the histogram shows a growing bullish presence in the market.
From the above chart, we can see that on the 18th of December, the ADA bulls initiated a bullish movement as indicated by increased buying volumes, which saw the ADA price increase by 2.07% to bring its price to $1.243 per coin.
With the momentum created, the bulls are attempting to sustain this price action on the 19th of December; however, significant resistance by the bears, as indicated by the long wick above the candle, has restricted the ADA gains to 0.45% to bring its price to $1.248 per coin.
With such a slim advantage, the bears could flip the market in their favor if the bulls fail in sustaining the momentum. The highest and lowest price points attained are $1.33 & $1.24, respectively.
On the 20th of December, we see the bears initiate a pushback, resulting in the ADA price falling by 2.35%, bringing its price to $1.215 per coin. The highest and lowest prices achieved are $1.257 & $1.208, respectively.
The overall ADA market remains in the bearish territory, as indicated by the relative strength index being below 50. This is seen on the 18th & 19th of December as its values stand at 36 & 37, respectively.
Following the bearish pushback on the 20th of December, we see the RSI fall to 35, indicating an increasing bearish presence.
The MACD is seen deflecting the upside despite being under bearish control, as indicated by being placed below the zero line.
Following the Elon Musk pump on the 14th of December, the Dogecoin market has been experiencing a downtrend.
However, on the 18th of December, we see that the Dogecoin price increased by 2.31% to stand at $0.172 per coin, a bullish momentum quickly rejected by the bears on the 19th of December, where the Dogecoin price is down 1.22% to stand at $0.170 per coin.
The highest and lowest price points attained are $0.174 & $0.169, respectively.
On the 20th of December, the bears are seen to be capitalising on the previous momentum, influencing a 3.6% drop to bring the Doge price to $0.163 per coin.
As a reflection of the downtrend across the last few days, we see the relative strength index for the 18th &19th of December stand at 41 & 40, respectively. However, with the bearish action on the 20th of December, the RSI is down to 37.
The MACD has deflected the upside, indicating a growing bullish presence in the market, which is correlated by the histogram; however, it also shows reduced bullish action on the 20th, which is due to the bearish action seen on the day.
