As of the early hours of the 7th of January, we see the bears making an early lead in an attempt to crash the Bitcoin price even lower. As of the writing of this piece, the Bitcoin price is down 0.43%, translating to a price of $42,897 per coin. However, with the market still in its early hours, these values change depending on what party becomes the dominant force.
With the values over the last two days, we see that the Bitcoin market is going more into a downtrend as rumors of manipulation and bear markets become more rampant. The above chart shows that the BTC market trades well below its 50-day moving average of $50,654, maintaining the market in an active downtrend.
Indicators
Due to the extensive bearish action seen over the last few days, the relative strength index shows bearish dominance of the market as it is placed below the 50 mark, indicating increased selling over buying in the market.
The 6th of January sees no difference as the continued bearish action has resulted in the value of the relative strength index falling even lower to stand at 32. With this value, the Bitcoin market edges closer to an oversold market if the relative strength index falls below 30. With the continued bearish action at the start of the 7th of January, we see the relative strength index fall to 31, edging closer to the oversold region.
In correlation to the relative strength index, we see the MACD deflect to the downside, indicating increasing negative pressure in the market below the zero line, which indicates that the bears control the market. This is correlated by the histogram, which shows increasing bearish activity in the market; therefore, creating an overall negative outlook for the market.
Ethereum / US Dollar
As earlier stated, the crypto market experienced a huge bearish action, and Ethereum was not spared either. The bears succeeded in closing the market on top on the 5th of January. We see them continuing their momentum on the 6th of January, as evidenced by increased selling volumes, which has already influenced a 3.29% drop, bringing the ETH price to $3,422 per coin. As of the writing of this piece, the chart shows the highest trading price of ETH seen during the day stands at $3,550, while the lowest price seen stands at $3,300 as indicated by the wick below the candle, which also suggests that the bulls attempted to manage the loses seen in the market by buying the dip.
At the start of the 7th of January, we see the bears capitalizing on their previous momentum; therefore, influencing a 0.49% price drop to bring the ETH price to $3,389 per coin (subject to change during the day), with the highest and lowest trading prices achieved so far being $3,415 and $3,384, respectively.
Following the extended bearish action seen in the market over the last few days, the Ethereum market currently trades below its 50-day moving average of $4,053, effectively maintaining the market in a downtrend.
Indicators
As we can expect, the bearish action over the last few days is seen on the indicator chart as a reflection of the relative strength index to the downside (sell-off zone), indicating growing bearish momentum in the market.
On the 6th of January, the bearish action caused a fall in the relative strength index to 33. If the bearish momentum increases, we could see the relative strength index fall even lower, and a fall below the 30 mark places the ETH market in an oversold scenario. On the 7th of January, we see the relative strength index continue its descent to the oversold market as its value is down to 32.
Following the bearish action seen in the market, we see the MACD extend further below the zero line, indicating growing bearish momentum in the market. This is correlated by the histogram, which shows growing bearish activity in the market. Together, these provide a bearish outlook for the ETH market.
Ripple / US Dollar
As with several other crypto assets, the ripple effect of the Bitcoin market drop over the last few days affected the XRP prices as the asset continues in a downtrend, indicated by the market trading below its 50-day moving average of $0.896.
From the above chart, we see that though a majority of the crypto market is down on the 6th of January, the XRP market remains bullish on this day. The chart shows that the bears started on the front foot in the early hours of the day; however, the bulls were able to resist the price drop, flipping the market momentum in their favor and limiting the lowest trading price seen in the market to $0.738 per coin. Following the bullish action, the XRP price increased by 1.18%, bringing the Ripple price to $0.780 per coin, with the highest trading price recorded for the day standing at $0.790 per coin as indicated by the wick seen above the candle.
At the start of the 7th of January, we see the bears responding to the bullish action of the bullish day, influencing a 0.67% drop to bring the XRP price to $0.775 per coin. With the market still in its early hours, the dominant force is yet to be known; however, the highest and lowest price points achieved so far stand at $0.779 and $0.777, respectively.
Indicators
Following the dominance of the bearish action over the last few days, the relative strength index on the 6th and 7th of January stands at 38 and 37, reflecting increased selling in the market. With both values below the 50 mark, the bears control the momentum in the market.
In correlation to the relative strength index, we see the MACD and histogram fall deeper into bearish territory, confirming the dominance of the bears in the market.
Litecoin / US Dollar
From the above chart, we see that on the 6th and 7th of January, the LTC market experienced very little price action, continuing its slow downtrend as indicated by the market trading below its 50-day moving average of $168.
On the 6th of January, we see a struggle for dominance in the market. The bears resist a bullish attempt at market dominance, as indicated by the wick above the candle. At the same time, we see the bulls resisting a bearish attempt at gaining market control. With this move, we see the highest and lowest price points seen in the market stand at $138 and $132 per coin, while the market closed with a gain of 0.43%, bringing the Litecoin price to $135 per coin.
At the start of the 7th of January, we see the bears attempting to gain control of the market; however, with the market being in its early hours, the current price drop of 0.11% (translating to a price of $135 per coin) is subject to change during the day, while the highest and lowest trading prices seen so far stand at, $136 and $135, respectively.
Indicators
Following a market with relatively less volatility, we see the relative strength index across the 6th and 7th of January maintain a value of 33; however, if the bears successfully dominate the market on the 7th, we could see a further fall in the relative strength index.
With the RSI value of both days being below the 50 mark, the LTC market strongly remains in bearish territory. We could see the LTC market enter an oversold region with sustained bearish action.
In correlation to the RSI, the MACD and Histogram show a market with a negative outlook and growing bearish activity, as they are both placed below the zero line.
Bitcoin Cash / US Dollar
On the 6th of January, we see that the bulls overturned an initial bearish move on the market as indicated by the wick below the candle, and by this, the lowest trading price seen for that day stood at $387 per coin. Following the successful flip of the market in their favor, the bulls were met with strong resistance by the bears as indicated by the wick above the candle, rejecting the Bitcoin Cash market from its highest trading price of $402 per coin. With the bearish resistance, the Bitcoin Cash market increased by only 0.06%, translating to a Bitcoin Cash price of $400 per coin.
From the chart, we see that the bears are making the first move in the early hours of the 7th of January; however, with the market being early, the bears have only influenced a 0.16% drop to bring the Bitcoin Cash price to $399 per coin, with these values subject to change depending on the dominant force at the close of the day.
With both values across the last two days being below the 50-day moving average of $481, the Bitcoin Cash market remains in a downtrend.
Indicators
The bullish action on the 6th of January, though positive, did not cause a significant change in the relative strength index, bringing it to 33.28. With the bears attempting to get control of the market on the 7th of January, we are likely to see the relative strength index fall; however, its current value is 33.23. With both values below the 50 mark, bearish selling surpasses bullish buying. If the bears successfully sustain their momentum, we could see the relative strength index fall below the 30 mark, effectively putting the Bitcoin Cash market in an oversold scenario.
With the bears being dominant over the last few days, the MACD and histogram remain below the zero line, confirming the negative momentum in the market.
Cardano / US Dollar
The overall ADA market experiences a downtrend as it trades below its 50-day moving average of $1.436. Over the short-term, the downtrend is seen as the occurrence of lower highs and lower lows; however, on the 6th of January, we see that the bulls dominated the market after flipping an initial bearish action, influencing a 3.98% increase to bring the ADA price to $1.279 per coin. The bullish action seen on this day indicates individuals utilizing the market dump as an opportunity to buy in on the dips.
Following the bullish action of the previous day, we see that as of the early hours of the 7th of January, the bears are responding, influencing a 0.02% price drop to bring the ADA price to $1.2791 per coin. However, with so much time left in the market for a change, these values are subject to change depending on the eventual market-dominant force. As of the writing of this piece, the highest and lowest trading prices seen so far stand at $1.285 and $1.266, respectively.
Indicators
The bullish action on the 6th of January is reflected on the RSI chart as a slight increase to stand at 43.47; however, with the budding bearish momentum on the 7th of January, we see the relative strength index fall to 43.44, with this value being subject to change, depending on what party becomes dominant.
With the bearish action we have seen around the market, the MACD and histogram are both placed below the zero line, confirming the negative momentum in the market and the bearish outlook for the market for this period.
Dogecoin / US Dollar
From the above chart, the Dogecoin market remains in a downtrend as it trades below its 50-day moving average of $0.186 per coin, with visible lower highs and lower lows patterns on the chart.
On the 6th of January, we see that the Dogecoin bulls started a momentum which saw the Doge price increase by 0.57%, bringing its price to $0.160 per coin. The wick below the candle shows that the bears initially led the market; however, the bulls were able to resist the bearish momentum and flip that resistance into momentum, placing the lowest Dogecoin trading price for the day at $0.153 per coin. Following the bulls successfully taking control of the market, the bears resisted further price growth as indicated by the wick above the candle, placing the highest trading price for the day at $0.162 per coin.
As of the early hours of the 7th of January, we see the bears attempting an early market takeover, as indicated by the growing selling volumes. With the market being early, the dominant party is not set. Therefore, as of the writing of this piece, the Dogecoin price is down 0.75%, placing its price at $0.158 per coin, with the highest and lowest trading prices seen so far at $0.160 and $0.158, respectively.
Indicators
Following the bearish action over the last few days, the relative strength index on the 6th and 7th of January stands at 36.8 and 36.9, respectively, showing slight growth. However, the bears dominate the market with values below the 50 mark.
The MACD is placed below the zero line in correlation to the relative strength index. At the same time, the histogram, which shows increasing bearish activity in the market, confirms the bearish outlook on the market.
Correlations
- Bitcoin / Ethereum = 0.88
- Bitcoin / Ripple = 0.88
- Bitcoin / Litecoin = 0.89
- Bitcoin / Bitcoin cash = 0.90
- Bitcoin / Cardano = 0.76
- Bitcoin / Dogecoin = 0.91
Keynotes for today
- Bitcoin at $42,897 per coin.
- Ethereum at $3,389 per coin.
- Ripple at $0.775 per coin.
- Litecoin at $135 per coin.
- Bitcoin Cash at $399 per coin.
- Cardano at $1.279 per coin.
- Dogecoin at $0.158 per coin.
