Bitcoin / US Dollar
Price Analysis
Price Analysis : Another day of Correction, How the Market Will React to That?
The price continues to correct slightly during today, landing at $13,200. As far as the bearish trend continued, we saw Bitcoin corrects around $100 per day, which is a slow pace in terms of volatility implications. The usual situation for Bitcoin will be to correct massively after hitting a local or all-time high level and get down at lower levels, even lower from the previous period.
The first support level in this situation will be held around the previous high level, around $12,400, where many investors try to liquidate their positions from August and this will drop the currency around $10,000. If the current pace continues until the $12,400 level, it will be very beneficial for investors as they will be able to diversify their portfolios and avoid larger losses from a single currency. As we can see in the diagram, the new high level was achieved when the price broke with the resistance level at $12,400 and created a new high for 2020. The same thing can happen on the opposite side when the price can break the support levels with force and make the market to pass on the bearish side.
The trading volumes are still at a high level, indicating that the market is still "hot" and gets attraction from different investors while the moving averages show no signal for bending and try to cross each other, making the bearish scenario still a far look.
In the short-term diagram, we can observe that today's drop was not something to worry about as the drops during the last two days have not disappeared even the profits from the last profitable day, on September 27. This means that the fight between bulls and bears is still ongoing and there is a possibility for the bullish trend to continue after a while if the bulls continue to be persistent on the market.
Indicators
MACD index is slowly decreasing during the last two days but still remains in the positive field. This means that the market is still trying to revive and avoid a complete turn in the bearish trend during the next days. On the other hand, the RSI index moved in the "safe" zone, showing that further decline is highly possible during the next days as the cycle goes round and round.
Ethereum / US Dollar
Price Analysis
Another small decrease was observed in the [Ethereum]((https://remitano.com/eth) market, as the price slipped to $385, creating no difference from yesterday's move. As we told a couple of days before, the first support level for Ethereum will be around $360 - $370, as it was the first step for Ethereum to grow during the last bullish market while the second support level was at $340 - $350, which is compatible with the descending trending line, which acts as a rolling support line from the start of the bullish trend since early August.
In the opposite scenario, if the bulls take over the market, there is a chance for Ethereum to surpass the $400 barrier again and consider again to join the bullish club along with other cryptocurrencies. The two above scenarios are correlated to the entire market performance and how the cryptos will react to emerging news from the investing side.
The moving averages have been steadily sustained a difference of 15 points during the last week, showing that there are small differences in the trend-setting during this period. The trading volumes have been slightly increased due to the fact that some investors liquidate some positions and claim profits.
Indicators
MACD index passed on the negative side, showing that the market momentum has been disappeared from the market and this might be a signal for entering a bearish period. On the other hand, the RSI index shows that there will be stability in the price for the next days as the index lands at value = 50.
Ripple / US Dollar
Price Analysis
[Ripple]((https://remitano.com/xrp) took another hit in the market segment as the price dropped a little bit more, reaching $0.24, which is the current support level that started in early September. This support level will be the crucial point for the current trend, as it will sustain the stability in the market if a bearish trend appears in the market. If these support levels break down during the next days, we will pass on a full bearish mode, which might lead the price to even lower levels.
Finding levels around $0.20 will be something that will eradicate the entire success and bullish outlook that the market had during the previous months. Trying to get up from lower levels will be much harder for any cryptocurrency and especially for Ripple, which has shown signs of low volatility. Low volatility might be a nice characteristic for risk-averse investors but also lacks one of the key characteristics of the crypto market, which are the fast economic cycles and extended volatility periods, when there are many opportunities created for short-term and mid-term investors.
The moving averages are positioned in the same place as the previous days, showing no interest for the "Golden Cross" that appeared a couple of days ago. On the other hand, trading volumes seem to disappear, making more pessimistic the current scenarios in the market.
Indicators
MACD index passed on the negative side, indicating that a bearish trend might be in the beginning and warn investors for that. On the other hand, the RSI index indicates that the market has a stable outlook for the next days, with a negative perspective on that.
Litecoin / US Dollar
Price Analysis
The first support level broke down today, slipping several hopes for [Litecoin]((https://remitano.com/ltc) as it was the winning cryptocurrency for many investors during the last period. The $57 support level was the key point for continuing the bullish trend and the chances of getting back to it will provide the market with the needed momentum.
If the market continues to stay at a bearish level, the next support level lands at $50, which will show if the market is able to hold the trend or it will pass in the lower support level around $45. Any of the above cases will show if Litecoin has the foundation and market correlations to continue moving with other cryptos or it will follow another path.
The trading volumes are still high while the moving averages have not to bend yet to each other, creating hopes for a turn back in the market.
Indicators
MACD index starts to decrease during the last days, showing the lack of momentum in the market while the RSI index has moved below value = 60, indicating that the currency has been dropping for a while, creating negative momentum in the current situation.
Bitcoin Cash / US Dollar
Price Analysis
[Bitcoin Cash]((https://remitano.com/bch) corrects today around $260, making the market to rock around it. The $260 level was the lowest support point during the previous bullish trend and it was the last point before entering the bearish market.
We can observe this situation at this moment and this could become a repeatable process during the current trend. The next support level lands at $250, which was previously a support level in the current bullish trend while the long-term support level stands at $220, deriving from the long-term trend during the entire 2020.
Indicators
MACD index dropped to near zero, showing that the market momentum is declining while the RSI index moved towards a more bearish position, below value = 60, making the next move more pessimistic.
Correlations
Bitcoin / Ethereum = 0.81 (+ 0.01), Bitcoin / Ripple = 0.21 ( 0 ), Bitcoin / Litecoin = 0.90 (+ 0.08), Bitcoin / Bitcoin Cash = 0.78 (- 0.22)
The correlations found themselves on mixed signals, showing that the market is not acting in one direction and there are exceptions in that. Ethereum and Ripple have remained on the same levels as yesterday while Litecoin returned back to the "strong" correlation zone, after its harmonization with the rest of the market. Yesterday's exception, Bitcoin Cash, which achieved a perfect correlation with Bitcoin, collapsed today, reaching at value = 0.78, meaning that is close to the "medium" correlation zone. The correlations measurements show that any bearish thoughts in the Bitcoin market might spread quickly in the rest of the market, making the market to move towards a corrective mood with no clear signals for a stop.
Key Notes For Today
Bitcoin corrected slightly, landing at $13,200
Ethereum and Bitcoin Cash are heading to previous support levels
Litecoin broke the bullish support level at $57 and head to lower levels
Ripple reached the long-term support level and waits for the next move
Comments (8)
Guest
dean01oreoluwa
6 years ago
The volume of all stable coins is now $49.30B, which is 54.58% of the total crypto market 24-hour volume. Bitcoin's price is currently $13,400.56. Bitcoin's dominance is currently 62.60%, an increase of 0.38% over the day.
whenayon
6 years ago
BTC Price analysis:
The BTC/USD pair has made a Doji candlestick pattern, reversed from a new yearly high at the level of $13,778 and since then is trading in a horizontal trend, consolidating the recent gains. Please notice that the market is trading inside a channel as well. The local lows are shallow, so the bulls are still in control of this market. If the level of $13,698 is clearly violated, then the next target is seen at the level of $14,000. The key short-term technical support is seen at the level of $12,625 and as long as is not broken the odds for another wave up are high. The intraday supports are seen at the levels of $13,296 and $13,116. Bitcoin is trading at the yearly highs and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $14,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $10,000 is broken.
ETH Price analysis:
The ETH/USD pair has reversed the rally after the short-term trend line resistance had been hit around the level of $407.03. The bears took control over the market and push the price back under $400. Moreover, a new loacal low was made at the level of $379.74, which is below the 61% Fibonacci retracement of the lat wave up. The next target is seen at the level of $375.52 and $369.37. Weak and negative momentum supports the short-term bearish outlook.
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.
XRP Price analysis:
XRP has been moving sideways along the 100-days EMA for the past few days. The buyers are doing their best to defend the support, but it seems likely that the coin will head beneath it in the coming days. Against Bitcoin, the situation is pretty dire. XRP has now dropped to levels that have not been seen since December 2017.
godgrace1
6 years ago
The market price correction also happened today, and bitcoin traded below $13000 on binance and bitstamp for a few minutes, but the bulls where at work, and the market rose to $13400+ within minutes,
I think bitcoin will be trading above the $13000 benchmark for a while,
While for the altcoins, I believe after the market correction and bitcoin rallied upwards, am certain the other altcoins will definitely rally towards bitcoin again before, another market correction happens again.
Right now fingers are crossed, because bitcoin keeps reaching it's all time high for 2020, will it break out and reach the $14000+, i guess we will just have to wait and see.
visiblemoney
6 years ago
Bitcoin dips slightly in correction at $13,200 after days of uptrend. Although the market is still hot and investors are not changing their minds as the moving averages show no signal for bending and even try to cross each other.
Ethereum also slipped to $385 creating little difference to what it did previous day. In its case, the moving averages have been steadily sustained showing that there are small differences in the trendsetting during this period.
Ripple dipped to $0.24 but the moving averages are positioned to the same price as the previous days.
Litecoin also correlates with BTC, ETH & Ripple to slide below its previous support level $57.
BCH also had a correction at $260 which was the lowest support during the previous bull. The MACD index dropped near zero showing the market momentum is declining and RSI indicates bear as next move.
In summary, the entire market in review gathers moderate and slight bearish tendencies in momentum.
exodusab
6 years ago
This is a critical level because if the bulls can propel and sustain the price above the triangle, it can start a new long-term uptrend that could reach $14,000 levels.
ugospecial
6 years ago
BITCOIN PRICE ANALYSIS: Bitcoin price keeps correcting slightly today, landing at $13,200. As far as the bearish trend continued, we saw Bitcoin corrects around $100 per day, which is a slow pace in terms of volatility implications. The first support level will be held around the previous high level, around $12,400, where many investors try to liquidate their positions and this will drop the currency around $10,000. If the current pace continues until the $12,400 level, it will be very beneficial for investors as they will be able to diversify their portfolios and avoid larger losses from a single currency.
ETHEREUM PRICE ANALYSIS: ETH experienced a little decrease and price slipped to $385, creating no difference from yesterday's move. As we told a couple of days before, the first support level for Ethereum will be around $360 - $370. In the opposite scenario, if the bulls take over the market, there is a chance for Ethereum to surpass the $400 barrier again and consider again to join the bullish club along with other cryptocurrencies.
RIPPLE PRICE ANALYSIS: Ripple's price dropped a little bit more, reaching $0.24, which is the current support level that started in early September. This support level will be the crucial point for the current trend, as it will sustain the stability in the market if a bearish trend appears in the market. Finding levels around $0.20 will be something that will eradicate the entire success and bullish outlook that the market had during the previous months.
LITECOIN PRICE ANALYSIS: LTH first support level broke down today this winning cryptocurrency for many investors, The $57 support level was the key point for continuing the bullish trend and the chances of getting back to it will provide the market with the needed momentum. If the market continues to stay at a bearish level, the next support level lands at $50, which will show if the market is able to hold the trend or it will pass in the lower support level around $45.
BITCOIN COIN CASH: BCH corrected itself today around $260, making the market to rock around it. The $260 level was the lowest support point during the previous bullish trend and it was the last point before entering the bearish market. The next support level lands at $250, which was previously a support level in the current bullish trend while the long-term support level stands at $220.
lorettachinasa
6 years ago
The market is in a good condition for the benefits of investors, all on the bullish run
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