The Bitcoin price remains below $50,000 while the bulls struggle to revive the crypto market

On the 30th of December, the Bitcoin bulls initiated a movement that could mean individuals are buying the dip from the charts. One of these individuals was Microstrategy, who purchased 1,914 BTC for $94.2 million, thereby bringing their Bitcoin holdings as at the writing of this piece to 124,391. With the positive news of this day, the Bitcoin price increased by 1.40% to bring the BTC price to $47,122 per coin, while the highest and lowest price points seen during the day stood at $47,926 and $45,975, indicated by the wicks above and below the candle.

Following the bullish momentum, we see the bears attempting to reestablish control over the market on the 31st of December, as indicated by the formation of a red candle at the start of the day. The wicks on each side of the candle indicate a struggle between the bulls and bears for dominance; however, with so much time left on the clock, the bulls could succeed in gaining control of the market. For the day, the Bitcoin price is down 0.08% to $47,084 per coin, with the highest and lowest price points so far at $47,554 and $46,812, respectively. With the price movements across the last two days, the BTC market remains predominantly in a downtrend as it trades below its 50-day moving average of $53,038. Analysts are looking for a break below the $45,000 and a critical $40,000 mark before fears of a bear market are confirmed.

Indicators

With the sustained bearish action over the last few days, the relative strength index has fallen below the 50 mark, indicating increased bearish momentum in the market. On the 30th of December, we see the RSI increase to 40.47 in response to the bullish momentum of the day; however, the start of the 31st of December shows a reduction to 40.36.
The MACD shows a gradual deflection to the downside, which is correlated by the histogram, which shows the reduced intensity of bullish action in the market. Together, these indicate growing bearish entry into the market, and with the MACD placed below the zero line, the bears remain significantly dominant.

Ethereum / US Dollar

As with several assets, we see that the bearish action 28th and 29th significantly brought the ETH market down from its 50-day moving average of $4,165, maintaining the asset in a downtrend over this period.

On the 30th of December, we see that individuals utilised the price drop to increase their asset holdings, as indicated by the green candle seen on the day. The Ethereum price increased by 2.19% to bring the ETH price to $3,710 per coin, while the highest and lowest price points achieved stood at $3,769 and $3,585, respectively. From the chart, the wick at the top and bottom of the candle indicates the bears initiated a momentum which the bulls resisted and turned into momentum. In contrast, the wick above the candle shows the bear’s attempt at suppressing bullish activity.

On the 31st of December, the ETH bulls are attempting to continue their momentum as indicated by the green candle formation; however, the wick above the candle suggests the bears are resisting further price growth. As of the writing of this piece, the ETH price is up 0.14% in the last 24 hours, bringing its price to $3,715 per coin, while the highest and lowest price points achieved so far stand at $3,762 and $3,686, respectively.

Indicators

Following consecutive bearish action in the Ethereum market, its relative strength index has fallen below the 50 mark, indicating the dominance of bearish selling against bullish buying. On the 30th of December, the relative strength index increased to 39, while its value on the 31st of December stands at 42, indicating a growing entry of bulls into the market.
Due to previous bearish action, we see that the MACD has made a deflection further into bearish territory. This is correlated by the histogram, which shows growing bearish influence over the market, placing the bears in control of the market in the short term.

Ripple / US Dollar

Following the bearish activity on the 29th of December, the Ripple bulls attempted to restart their momentum on the 30th of December in an attempt to test its 50-day moving average of 0.942. From the above chart, we see that the bears initiated a push on the 30th of December to which the bulls provided significant resistance and successfully flipped the market in their favour, resulting in a 2.79% increase to bring the Ripple price to $0.839 per coin, with the highest and lowest price points achieved being $0.86 and $0.80, respectively.

As of the start of the 31st of December, we see that the bears are gaining control of the market as indicated by the formation of a red candle; however, the market remains in its early hours, and the bears could lose this position if an adequate amount of resistance is provided by the bulls. Nevertheless, the Ripple price is down by 0.78% in the last 24 hours to bring the XRP price to $0.832 per coin, with the highest and lowest price points achieved so far standing at $0.844 and $0.827, respectively.
From the above XRP prices, the market still trades below its 50-day moving average, leaving the market in a downtrend over this period.

Indicators

Over the last few days, the bearish action proved sufficient to bring the XRP relative strength index back in bearish territory (below the 50 mark). On the 30th of December, the relative strength index increased to 43, ending the forming bearish momentum. On the 31st of December, we see the RSI deflect downwards to stand at 42 in response to the early bearish push at the dominance of the market.

The MACD, together with the histogram, shows a growing bearish presence in the market as they are both placed below the zero line.

Litecoin / US Dollar

The Litecoin market remains in a downtrend as it trades below its 50-day moving average of $183, with the bulls being unable to create significant momentum to flip the LTC market.
On the 30th of December, we see the bulls gain control of the market following consecutive bearish action on previous days, resulting in a 1.59% increase to bring the LTC price to $147 per coin, while the highest and lowest price points stood at $149 and $142, respectively.
At the start of the 31st of December, the bears attempted to regain control of the market; however, the bulls were able to resist the bears and gain control, resulting in a 2.59% increase to bring the LTC price to $151 per coin.

The wick above the candle suggests bearish resistance to further price growth, resulting in the highest trading price of $152 per coin, while the wick below the candle corresponds to the lowest trading price of $146 per coin.

The above chart shows that the LTC market is experiencing an extended sideways action without significant momentum either to the downside or upside.

Indicators

With the LTC market not experiencing significant bullish action, we see the overall market stay in favour of the bears, as indicated by the relative strength index, which is below the 50 mark. On the 30th of December, the bullish action has seen the relative strength index increase to 39, while that of the 31st of December stands at 42, indicating growing bullish entry into the market.
Despite the bullish entry into the market, the MACD is placed below the zero line over the long term, which places the bears in control of the market. Over the short term, we see the MACD gradually rise to the zero line, which is correlated by the histogram, indicating increasing bullish entry into the market.

Bitcoin Cash / US Dollar

As with several cryptocurrencies, the Bitcoin Cash market remains in a downtrend as it trades below its 50-day moving average of $511. On the 30th of December, the chart shows a struggle for dominance between the bulls and the bears as significant bearish resistance minimised the gains of the day to 0.34%, translating to a price of $431 per coin, with the highest and lowest price points at $437 and $423, respectively.
On the 31st of December, we see the Bitcoin Cash bulls beginning early in the market by rejecting an initial bearish attempt at market dominance, resulting in a 1.17% increase to bring the Bitcoin Cash price to $436 per coin; however, with the day far from its end, the market could see a shift. So far, the highest and lowest price points achieved stand at $437 and $421, respectively.

Indicators

Following the bearish action on the 28th of December, we see the relative strength index fall well within the bearish territory. On the 30th of December, the relative strength index stood at 39, while the bullish action on the 31st of December has resulted in a value of 41, indicating gradual buying on the dips by the bulls.
The MACD is still placed below the zero line, reflecting the bears' overall dominance in the market. However, the short term shows the MACD gradually moving towards the zero line, indicating slow and steady bullish into the market. The histogram remains positive; however, it shows reduced bullish intensity in the market.

Cardano / US Dollar

Since being rejected from its 50-day moving average, the ADA bears proceeded with two consecutive days of bearish action, which is being capitalised on by the bulls as a buying opportunity on the 30th of December.

On the 30th of December, we see the bull stop an initial bearish push for market dominance and establish their momentum, resulting in a rise of 1.97%, bringing the ADA price to $1.35 per coin, with the highest and lowest price points standing at $1.37 and $1.29 per coin.
On the 31st of December, we see the bulls flip an initial bearish action as indicated by the wick below the candle, which illustrates the lowest trading price of $1.31 per coin, to influence a 0.96% price change in the ADA price to $1.371 per coin. Though in control, the bears are seen resisting further price growth as indicated by the wick above the candle, which also indicates the highest trading point today at $1.38. With so much time left on the clock, the bears could attempt to gain control of the market or suppress the ADA gains.

Indicators

The bullish momentum seen on the 30th of December put an end to the fall of the ADA relative strength index, placing it at 46. On the 31st of December, the continued bullish action sees a further relative strength index increase to 47. With these values across the last two days, we can tell that there is increasing bullish entry into the market; however, with both values still placed below the zero line, the bears remain the dominant force in the market.
Over the last few days, the bearish action put a stop to the rise of the MACD, keeping it in the bearish zone (below the zero line) over the long period; however, with sustained bullish action, we could see the MACD back above the zero line. The histogram shows that although the bulls are still ahead in the market, their intensity reduces.

Dogecoin / US Dollar

From the chart above, we see that the bulls initiated a pushback on the 30th of December; however, the resistance placed by the bears suppressed the Dogecoin gains to 1.78%, bringing its price to $0.171 per coin, with the highest and lowest price points achieved being $0.175 and $0.169, respectively.
On the 31st of December, the bulls are capitalising on their previous momentum, influencing a 2.10% increase to bring the Dogecoin price to $0.174 per coin, with the highest and lowest price points standing at $0.176 and $0.169, respectively.
With both of these values below the 50-day moving average of $0.197, the Dogecoin market is still experiencing a downtrend.

Indicators

The bullish action across the 30th and 31st of December has resulted in a relative strength index of 43 and 44, respectively, indicating growing bullish entry into the market; however, with these values below the 50 mark, there is a negative momentum still present in the market.
In correlation to the RSI, the MACD over the long term is placed below the zero line, indicating bearish dominance of the market momentum; however, short-term bullish momentum has resulted in the MACD moving towards the zero line.
The histogram shows that the bulls are losing their intensity in a bullish territory over the short term.

Correlations

• Bitcoin / Ethereum = 0.91
• Bitcoin / Ripple = 0.77
• Bitcoin / Litecoin = 0.92
• Bitcoin / Bitcoin cash = 0.85
• Bitcoin / Cardano = 0.84
• Bitcoin / Dogecoin = 0.85

Keynotes for today

• Bitcoin at $47,084 per coin.
• Ethereum at $3,715 per coin.
• Ripple at $0.832 per coin.
• Litecoin at $151 per coin.
• Bitcoin Cash at $436 per coin.
• Cardano at $1.371 per coin.
• Dogecoin at $0.174 per coin.