The Bitcoin price remains below its 50-day moving average of $41,762, signifying a market still yet to break out of a downtrend.
With the above move, the Bitcoin market experienced consecutive bearish action on the 5th and 6th of May, resulting in a 7.90% and 0.64% drop in the BTC price, significantly crashing the Bitcoin price per coin to $36,537 and $36,301 on these respective days, maintaining the market in a downtrend.
Due to the significant bearish action seen over the last two days, the Bitcoin relative strength index reflects significant downward action, placing its value below the 50 mark at 38 and 37 on the 5th and 6th of May, indicating bearish dominance of the market.
The MACD and histogram remain below the zero line, indicating bearish control of the market momentum and a negative outlook for the asset.
The ETH market experienced significant bearish action on the 5th of May, resulting in the market falling by 6.55%, translating to $2,747 per coin, taking the ETH farther away from its 50-day moving average of $3,069.
On the 6th of May, the bears are seen continuing their previous momentum to bring the ETH farther away from its 50-day moving average, resulting in a 0.81% drop in the ETH price, translating to $2,725 per coin, with the highest and lowest price points being $2,757 and $2,693.
With consecutive and significant bearish action over the last two days, the relative strength index of the Ethereum market falls farther below the 50 mark, with the RSI value being 41 and 40 on the 5th and 6th of May. With the above, the bears remain the dominant force in the market.
The MACD and histogram remain below the zero line, indicating bearish dominance of the market momentum.
With the market far from its 50-day moving average of $0.749, continued bearish action sees the bears retain dominance over the market momentum.
The 5th of May sees significant bearish action with the above statement, resulting in a 7.35% drop in the Ripple price, bringing the XRP price to $0.598 per coin. On the 6th of May, the bulls attempt to revive the market, resulting in a 1.03% rise in the XRP price, corresponding to a price tag of $0.604 per coin, with the highest and lowest prices being $0.616 and $0.593 per coin.
With the bears being the dominant force in the Ripple market, the relative strength index remains below 50. We see a reflection on the RSI values on the 5th of May with an RSI of 35, while the bullish action on the 6th of May resulted in an RSI of 36.
In correlation to the RSI, the histogram and MACD indicate a market is bearish as both indicators stand below the zero line, indicating a negative outlook for the asset.
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On the 5th of May, the bearish action resulted in the LTC market dropping by 8.86%, bringing the Litecoin price to $96 per coin.
On the 6th of May, the bulls are seen initiating a response to previous bearish action, influencing a 0.28% rise in the LTC price, translating to $97 per coin. With much time before the end of the day, the bulls may aim to sustain their momentum and challenge the 50-day moving average of $112 per coin.
Due to the dominance of negative price action in the market, the relative strength index of the LTC market remains below the 50 mark, with its values on the 5th and 6th of May standing at 40 and 41, respectively. With the above, the bears remain in control of the market momentum.
In agreement with the RSI, the MACD and histogram show bearish activity in the market, providing a negative outlook for the asset.
The Bitcoin Cash market experienced more bearish momentum compared to bullish action. On the 5th of May, the bears gained market control after rejecting a bullish head start to the day, resulting in the market falling farther below its 50-day moving average of $331 per coin. The Bitcoin cash market fell by 7.59%, translating to $277 per coin with the above move. We see action continued bearish on the 6th of May, resulting in a 1.15% drop in the Bitcoin Cash price to $273 per coin. The highest and lowest Bitcoin price stood at $277 and $271, respectively.
The BCH relative strength index portrays a market in bearish control with a value below the 50 mark. On the 5th and 6th of May, the price action resulted in the relative strength index fluctuating between 38 and 37.
The MACD and histogram remain below the zero line, maintaining the bears in control and a negative outlook for the Bitcoin Cash market.
The ADA market remains below its 50-day moving average of $0.976, maintaining that the bears control the market momentum.
On the 5th of May, the bears began a momentum, resulting in a 12.23% drop in the market, bringing the ADA price to $0.788 per coin. On the 6th of May, we see the bulls initiating a momentum resulting in the ADA price rising by 0.98%, bringing its price to $0.796 per coin.
On the 5th of May, bearish price action saw the relative strength index drop to 40, and with the bullish momentum on the 6th of May, we saw the RSI rise to 41.
The MACD shows a bearish dominance, placed below the zero line, creating a negative asset for the market. However, the histogram shows increasing bullish momentum coming into the market.
The bears initiated a momentum on the 5th of May, resulting in a 5.74% drop in the Dogecoin price, translating to $0.128 per coin. The highest and lowest Dogecoin trading prices for the day stood at $0.137 and $0.125, respectively.
At the start of the 6th of May, we see continued bearish action, resulting in a 0.78% drop in the Dogecoin price, bringing its price to $0.127 per coin, with the highest and lowest trading prices standing at $0.129 and $0.125, respectively.
On the 5th of May, the bearish action resulted in the RSI falling to 44, and with the continued bearish action on the 6th of May resulted in an RSI of 43, depicting the growing bearish activity.
The MACD and Histogram show a bearish dominance, as both indicators are placed below the zero line, creating a negative asset for the market.
