After hitting a local high level of around $52,000, Bitcoin’s price returned to previous familiar levels around $47,000, the initial support – resistance point for the current trend.
The points around $47,000 had formed enough compression, which was predicted to break in both directions.
The compression was moved to the upper side, bringing another wave of hype to the market.
The profit-taking process was considered much stronger, and the price returned to $47,000, touching the $46,500 point today.
From this point and on, Bitcoin is facing the same problem again: the support – resistance level at $47,000.
The compression trend might continue for more, bringing another wave of waiting in the market.
This waiting could be an unfavorable position for Bitcoin’s price as investors might lose patience and withdraw their positions in it.
On the positive scenario, the market is now clear from non-believers, and more capital could bring better results in the long and mid-term positioning.
On a bearish signal, the trading volumes made a small spike during the sell-off, while the moving averages will probably meet each other during the next days.
The short-term diagram shows when and how the compression trend broke out and moved to higher levels.
This break-out returned to compression levels, and it will try to conquer them again in the next period.
MACD index returned to the negative levels, showing that the market didn’t sustain the momentum during the sell-off process.
The RSI index moved to value = 45, showing that the price will remain on the same levels, with a negative outlook.
Ethereum also managed to climb at $4,000, near its all-time high level, breaking a compression trend formed around $3,200.
This positive move was followed, as usual, by a corrective move that made the price return at $3,400.
Ethereum has managed to obtain higher levels during this period, pushing every resistance level that was obvious in this range.
As Ethereum shows more independence from the market leader, Bitcoin, we expect that the market will try to find a way to reach new high levels again in terms of price formation dynamics.
The expectations must be accompanied by strong fundamental elements like liquidated ethers in the smart contract and NFTs market that will use the coin to expand their business.
The trading volumes have made a small spike during the correction, but there is no match with previous situations.
The moving averages have been placed far from each other, and they delay any bearish thoughts for now.
MACD index passed in the negative area again, forming a negative outlook for the price.
The RSI index moved to value = 50, showing that the price will get more and more stable during the next days until the next trend.
The bullish trend was better established in the Ripple market, as its price reached even at $1.40.
This means that Ripple could capitalize on the uptrend from the major market without absorbing its downtrend at a higher level.
As Ripple’s price remains above $1.00, there is a clear market opportunity for higher levels in the short-term period.
As shown in the diagram below, Ripple moved between $1.30 and $1.08 for the past two weeks, and the break skyrocketed.
On the other hand, the downfall brought the price to the lower end, proving that the market returned in the same spot again.
We wait for the next move to shape Ripple’s future. The trading volumes made a slight move upwards when the price dropped but remained on low levels.
The moving averages crossed on contradicting signals, and now they are about to meet again in a bearish signal.
MACD index has dived deep in the negative area, showing that the momentum disappeared from the market.
The RSI index dropped to value = 45, indicating that the price will remain on the same spot and probably fall more.
The compression trend broke down during the general uptrend as it rose to $230.
The downtrend in the market brought the price at $180 back in the compression zone.
As many investors didn’t expect the price to rise above $200, any move above it led to a profit-taking action.
This action leads the market back again, below $200, establishing the same trend as before.
The expectations are low for Litecoin as there is no specific momentum to make it run at higher levels at this moment.
The trading volumes were spiced up during the last week, indicating that many investors tried to enter and exit the market quickly while the moving averages meet, again and again, proving nothing in the end.
MACD index passed again in the negative zone while the RSI index remains around value = 50, indicating that the price will remain in the same place for now.
Bitcoin Cash made an honest trial to establish a clear bullish trend by managing to sustain its price in the $700 - $800 zone.
But this didn’t happen as the price slipped down to $650.
The price has remained around familiar levels, where the price showed predictable stability, and it will probably remain on them for more.
The trading volumes made some progress during the last days, engaging more and more investors while the moving averages are close to each other, meeting them multiple times and misleading signals on the next move.
MACD index is moving back and forth on the positive and the negative side, showing that the market is also moving in the same way. The RSI index remained around value = 50, showing that the market will remain stable.
Dogecoin / US Dollar
Dogecoin didn’t follow the rest of the market extensively (as it always does), but it fell a little to $0.24 after peaking at $0.30 for now.
As there are no clear support zones, the expectations are for the price to fall until $0.20 while the return to $0.30 remains as a short-term goal.
After achieving this small goal, Dogecoin can grow slowly to the next points like $0.40 or more until the all-time high level at $0.73.
The trading volumes didn’t differ while the moving averages are on the same spot, and if they cross, they will create a bullish signal.
MACD index is diving in the negative zone for now while the RSI index lays around value = 40, which predicts a negative turn of events in the upcoming period.
The constant rise of Cardano was not continued during the last sessions as the market made its price correct at $2.48.
Cardano is moving to the highest possible levels at this time, so that a correction might be normal for now.
The current price moves can be characterized as extremely volatile.
Investors should be more careful than other coins as there is not enough market depth to absorb longer moves.
The trading volumes spiked again, and the moving averages crossed, creating a bearish signal for the market.
MACD index is moving deeper in the negative area while the RSI index moved to value = 50, indicating that the price will remain the same for now.
Bitcoin / Ethereum = 0.59 (+ 0.06), Bitcoin / Ripple = 0.92 (+ 0.58), Bitcoin / Litecoin = 0.79 (+ 0.18), Bitcoin / Bitcoin Cash = 0.79 (+ 0.48), Bitcoin / Dogecoin = 0.87 (+ 0.79), Bitcoin / Cardano = 0.76 (+ 0.04)
The market was moved back on the same page as Bitcoin moved most of them on the uptrend.
Bitcoin’s ability to move the market to higher or lower levels was doubted in the previous week.
Bbut a bold uptrend along with the sudden crash brought the market around it again.
From this point and on, Ripple, Litecoin, Bitcoin Cash, Dogecoin, and Cardano have established a strong relationship with Bitcoin and will probably follow the next trend in the market.
On the other hand, Ethereum has preserved a milder approach in the price formation process as its dynamics seem to be stronger in an independent way.
