Bitcoin’s price fell to $44,400, bringing the market at the lowest point for the current bullish trend.
The $44,000 point remains a support level in the current situation as the market has tried to establish a higher growth potential in the critical zone around $47,000.
The support functionality, in this case, can bring a reverse trend as more investors will think that the bearish move from El Salvador will stop for now, and new money will enter the market.
For this reason, the market has been placed at a crucial standpoint.
If the $44,000 support level breaks down, the bears will lead the market to lower levels, even at $40,000.
On the other hand, a positive outbreak could lead the market to extend its range above $47,000 and try to catch the $50,000 point again, putting more pressure on achieving higher levels.
Trading volumes have not surpassed any significant point in the levels.
At the same time, the moving averages cross each other, forming a reverse “Golden Cross,” meaning that the market could end up at lower price levels soon.
In the short-term chart, we can see that on September 7, the day El Salvador announced Bitcoin as legal tender, many investors expected a significant price increase and sold immediately to profit.
This resulted in the current situation.
MACD index remained on the negative side, bringing more negative momentum on the market.
In contrast, the RSI index moved between values 40 and 45, indicating a negative outlook of relative stability in the market.
Ethereum also fell in the bear trap from Bitcoin’s downtrend, breaking the $3,400 support level formed from the ascending triangle during previous days.
The positive positioning was taken down during the weekend, as the price moved down to $3,200, bringing the market in a worse position than before.
The psychological barrier at $3,000 will probably determine how the market will move in the next stages and how long this situation will continue to exist.
The Ethereum blockchain's multiple uses may enable it to surge independently of the market and create value above the market average.
The expectations for many investors lay on this fact.
Many of them are trying to capitalize on Ethereum’s success by holding more assets in it (like NFTs or smart contracts) rather than a straight exposure to Ethereum tokens or financial products.
The trading volumes have progressed during the last few days while the moving averages are about to meet each other and form a bearish signal.
MACD index is getting deeper and deeper in the negative zone, making the market less flexible than before.
The RSI index moved to value = 45, indicating a steady position in the next few days.
Ripple is trying to grapple firmly in the bullish zone above $1.00 and continue to thrive at higher levels.
The most important point in Ripple’s chart is the $1.00, as it determines if the bulls will continue to run or the market will take a downturn from that point and below.
Sustainability is not easy to achieve in the crypto space, but Ripple has managed to bring a sufficient level of investors that hold the price at firm levels.
The current price at $1.04 has brought some concerns, but it might be early for that. The expectations will probably move to the main trend from the rest of the market.
The trading volumes didn’t move to significant levels while the moving averages crossed each other, forming a bearish signal and preparing the market for a potential downtrend.
MACD index fell even more in the negative zone, pushing less momentum in the price formation process.
In contrast, the RSI index moved to value = 45, indicating a steady move for the price during the next days, with a small possibility of a negative outlook.
Litecoin's price fell to $175, returning to previous levels. In the compression zone between $125 and $200, $175 is the average point for Litecoin investors.
The overall downtrend didn’t let Litecoin establish a new trend above $200.
This means that it will need to put extra effort into making this trend work better and on a greater scale.
On the other hand, Litecoin can be considered a cheap option for some investors.
The trading volumes skyrocketed during the past week, fueling the price surge, while the moving averages will probably meet each other in the next few days, forming a bearish signal.
MACD index remains negative, pulling less momentum for the price while the RSI index moved to value = 45, predicting more stable moves for the short-term future.
Another minor drop for Bitcoin Cash, as the price reached $610 and met the average point for the previous compression period.
As we can see from the diagram below, Bitcoin Cash is trying to make minor moves towards recovery, but the overall situation is not very helpful.
The expectations are low for the next steps in that market.
But the main goal remains around reaching the $700 - $800 zone and try to climb even further.
The trading volumes have ups and downs, and the moving averages will meet in the next few days, forming a bearish signal.
MACD index fell further in the negative area, showing that the market won’t recover soon. The RSI index moved between values 40 and 45, indicating that the market will continue at the same pace and probably fall.
Dogecoin experienced a shortfall during the weekend, leading the price to $0.23, creating another wave that could lead to lower price levels in the mid-term horizon.
As we can observe from the diagram below, Dogecoin has experienced a lot of volatility that will be compressed over time.
This move is important to be capitalized on and expressed as a move that will bring the market in a new way towards higher price levels.
The trading volumes have no significant behavior while the moving averages have continued to move in the bearish formation, without changing this for now.
MACD index remained on the negative side, showing that the market is on a downtrend. Similarly, the RSI index moved below value = 40, shaping the path for a more bearish approach for the next days.
Cardano is experiencing several volatile events that help them build a new profile for the markets as a new entry in the crypto market.
The price landed at $2.37, experiencing an immediate loss from $2.65, the average for the weekend.
This loss might indicate that Cardano gets affected more easily from market dynamics and could move into a solid approach from the market formation.
The trading volumes have risen during the last week while the moving averages crossed, putting the market into bearish thoughts.
MACD index is moving deeply in the negative zone while the RSI index moved to value = 45, indicating a more stable positioning for now.
Bitcoin / Ethereum = 0.70 (+ 0.11), Bitcoin / Ripple = 0.93 (+ 0.01), Bitcoin / Litecoin = 0.74 (- 0.05), Bitcoin / Bitcoin Cash = 0.81 (+ 0.02), Bitcoin / Dogecoin = 0.96 (+ 0.09), Bitcoin / Cardano = 0.83 (+ 0.07)
The correlations field has been shuffled again as the main trend derived from Bitcoin showed that the market has remained weak for now.
Ethereum didn’t stand on the independent track for more, as Bitcoin’s downtrend affected it also, pushing it towards the strong correlation zone.
The opposite direction was evident for Litecoin as it dropped in the medium correlation zone.
All the other altcoins (Ripple, Bitcoin Cash, Dogecoin, and Cardano) remained on the strong correlations zone, establishing its received effect from Bitcoin’s downtrend.
A change in the correlations might be an early signal that the market will start to take the uptrend.
