After the crash of the 26th of November, investors and traders were left questioning whether the bull market was still on as the overall crypto market dived. However, the 27th of November sees the bulls attempt to create some positive momentum as increased buying volumes has resulted in the Bitcoin price is up 2.25% to stand at $54,965 per coin; however, this price growth is not enough to offset the 8% price drop on the 26th.
Currently, the Bitcoin price trades well below the 50-day moving average of $60,727, therefore, casting a bearish outlook on the asset and making the coming weeks crucial in determining if Bitcoin can make a recovery.
By the close of the 28th of November, the bulls were able to bring the Bitcoin price back up to $57,000; however, the 29th of November saw a pushback by the bears in an attempt to crash the BTC price. Currently, BTC stands at $56,971, which translates to a drop of 0.60%.
In response to the market drop on the 26th of November, the relative strength index fell to a value of 36. However, regarding the increased buying volume on the 27th of November, the relative strength index is up to 40, signifying individuals accumulating on the dips. However, with the RSI still below the 50 mark, the bears seem to be the dominant force in the market. By the end of the 28th of November, the bulls could get the RSI to 45, indicating a gradual resurgence of bullish presence in the market.
The MACD places below the zero line, which indicates the overall bearish dominance of the market; however, with the recent bullish pump, we see a mild deflection of the MACD to the upside and a reduction in the intensity of bearish activity, as illustrated by the histogram.
From the above chart, the massive candle on the 26th of November illustrates the market crash, which saw a drop of 10.65% that pulled the price of ETH back below the 50-day moving average of $4,210. The 27th of November sees the bulls attempt recovery for ETH; however, resistance from the bears has maintained the increased buying volume at a level to translate to a minute 0.38% price gain in the last 24 hours to bring the ETH price to $4,059 per coin.
The bulls established enough growth by the close of the 28th of November to bring the ETH price back above the 50-day moving average of $4,243. As a follow up to the bullish action on the previous day, the ETH price on the 29th of November is up 0.40% to stand at $4,315 per coin. With this price movement, the bulls will have to sustain the momentum to gain market control.
The market crash on the 27th of November left the relative strength index of ETH at a value of 43, placing the bears as the dominant force at the moment. Despite the attempt by the bulls to make a recovery, the value momentum on the RSI has been limited to 44. With still placing below the 50 mark, the bears remain the dominant force in the market. With the increase in bullish action in the market, the relative strength index on the 29th of November is up to 50, translating to a sense of stability in the buying and selling within the market.
The MACD is still placed below the zero line, which means the bears have a hold on the market; however, with the MACD making its way back to the zero line, it reflects the activity of the bulls with the probability of them flipping the market in their favour.
Following a 9.9% price drop on the 26th, the 27th of November takes on a similar look to the previous day as the bears maintain their traction on the market. Currently, there is increasing selling volume in the market, which has resulted in a 0.27% price drop, which translates to $0.93 per coin for XRP. With XRP being a centre for debate concerning the court case, the market crash especially dealt a blow to investors.
As of the early hours of the 28th of November, the bears have reignited their push for market supremacy, and this is seen as the Ripple price drops 3.38% in the last 24 hours to stand at $0.91 per coin; however, the huge wick below the candle indicates the bulls attempting to resist this price drop.
From the above chart, we see that on the 29th of November, the bulls are attempting to hold the market as indicated by a minute green candle which translates to 0.32%, bringing the XRP price to $0.97 per coin.
As expected, the relative strength index on the 27th of November maintains below the 50 at a value of 33, indicating the dominance of the bears in the market, and further sell-offs could result in an even lower RSI.
With the bears beginning the day on the 28th, the relative strength index falls even lower to a value of 31, clearly placing the market in bearish territory. A further fall could see the XRP market enter an oversold region (below 30). With the bullish rise by the 28th, the RSI on the 29th of November stands at 37, indicating a gradual entry of individuals into the market.
The MACD still confirms the dominance of the bears in the market as it places below the zero line; however, the histogram shows the reducing activity of the bears.
Following the market crash on the 26th, the bulls were left resisting the attempts by the bears to gain dominance on the 27th of November, which is identified by a small red candle with wicks. Through the resistance posed by the bulls, the bears were only to effect a minute 0.21% price change to bring the Litecoin price down to $195 per coin.
However, on the 28th of November, the bears have started with an early push; currently, Litecoin is down 2.99% in the last 24 hours to stand at $189 per, and with so much time left on the clock, it is uncertain if the bears will maintain this momentum or the bulls will make a pushback.
Following the price gain on the 28th, the bears are seen to be initiating a pushback on the 29th of November, which can be seen as the forming of a red candle, reflecting a 1.15% price drop to $197.
Following three consecutive days of bearish action, the relative strength indexes on these places are well below the 50 mark, confirming selling dominance on the market. The relative strength index closed at 42 on the 26th of November, and this RSI was maintained on the 27th. However, with increased bearish action at the start of the 28th of November, we see the RSI fall to 40, confirming the increasing dominance of the bears in the market. On the 29th of November, the RSI stands at 43, a slight increase from the previous day. If the bears can sustain this action, the RSI could fall even lower.
The MACD is still placed below the zero line, which means the bears still have control of the market, while the histogram shows a reduction in bearish dominance.
The bulls attempted to gain control of the market on the 27th of November following the market crash on the 26th, and this led to a price gain of 1.02%, translating to a price of $563. However, increased selling volumes at the start of the 28th of November indicates the bear's intention of maintaining dominance. Currently, the Bitcoin Cash price is down 2.10% to stand at $551 per coin, a price that has initially acted as an area of support on two separate occasions. Subsequent price actions will determine if the bulls maintain this support or the bears break through it. However, with this price movement, we can see that BCH is currently in a downtrend.
With the bullish action of the 28th, the 29th of November sees the bulls attempting to continue the action; however, the bears are successfully resisting the price growth. Currently, the BCH price is up 0.05%, placing the BCH price at $569 per coin.
As a reflection of the little bullish momentum on the 27th of November, the relative strength index increased to 43; however, with the bearish action on the 28th of November, the RSI is back down to 41. With both values falling below the 50 mark, there is a bearish sentiment of the market. With the struggle for control by the bulls, the RSI stands at 44, showing the growing activity of the bulls.
The MACD still confirms the dominance of the bears in the market, while the histogram shows the reducing activity of the bears.
From the above chart, we can see that ever since hitting new all-time highs in September, ADA has been under the control of the bears. Following the market crash on the 26th, the bulls attempted to revive the ADA price; however, resistance from the bears restricted the price gain on the 27th of November to 0.66%, translating to a price of $1.54. However, the 28th of November sees increased bearish volume in the market, which has resulted in a 3.31% price drop in the last 24 hours to place the ADA price at $1.49. Following an attempt by the bulls to take control, the bears have reignited their push with a 1.84% price drop to stand at $1.56 per coin.
With the potential of ADA still on the cards, now will make a good time to stack the coins for the long term.
The relative strength index below the 50 mark over the last few weeks signifies the dominance the bears have exerted each day to keep the ADA price down. Following the market crash on the 26th, the RSI on the 27th of November stood at 28, while the 28th of November currently stands at 26.
With both values below the 30 mark, ADA is currently in an overbought market, which should signal a potential comeback. However, with the bearish control over an extended period, we can't foresee a pushback anytime soon.
On the 29th of November, the RSI stood at 31, reflecting the bulls' mild impact on the market.
The MACD still maintains that the bears are in control of the market.
Before the market crash on the 26th, Dogecoin had been under bearish influence. On the 27th of November, we see the bulls attempt to flip the bearish control; however, resistance from the bears restricted bullish price gains to 1.33% to close at $0.205 per coin.
On the 28th of November, increasing sell volume in the market translated to a 2.29% drop in price, placing the Dogecoin price at $0.200 per coin. With time left on the clock, there could be either further downward action by the bears or upside movement by the bulls as wicks below the candle show bullish resistance to the price drop.
On the 29th of November, the bears initiated a movement which translates to 1.92%, bringing the Doge price to $0.20 per coin.
As a reflection of the bullish sentiment on the 27th of November, the relative strength index rose to 35 after the market crash brought it down to 33. The 28th of November sees a reduced RSI due to increased bearish action in the market, therefore, bringing the value back down to 33. With the bullish attempt, the RSI stands at 35.
These values below the 50 mark confirm the bearish sentiment lurking in the market, and a further fall below 30 could see Dogecoin in an oversold market.
The MACD places below the zero line, which still maintains that the bears control the market.
