Bitcoin starts its uptrend but the rest of the market seems to delay their response to this uptrend. In this case, there are two possible scenarios for the overall view of the market. The first scenario is that the crypto market will follow Bitcoin and create another bullish trend that will probably break the previous levels and establish new points in the long-term period. The second scenario is that the market will hold Bitcoin and won't let it to scale further, making it to return to the parallel channel. In the next days, everything will become clearer and we could have a de facto opinion about it.
Bitcoin / US Dollar
Price Analysis
Bitcoin price surge today, creating a tremendous profit margin of around 8 % for traders who invest in the bottom line and believe that the support levels did their job. The price lands at $10,900, creating a steady growth stream throughout the last week and implementing stronger evidence that this time the bullish trend will be established. The first resistance level is not far from here as the $11,000 point was the first point that the previous bullish trend was starting.
If the first resistance level break, then we should expect more volatile days where there would be a fight between bullish and bearish investors for dominance. The previous bullish trend showed us that volatility could bring great results for day-traders and we believe that a similar situation could take place here. The trading volume is starting to rise but it still needs more to establish a bullish trend by itself. On the same page, the moving averages are $200 apart, showing that the continuation of the trend will bring bullish signals in the market.
In the short-term diagram, we can see that the trend rising came very shortly after the major correction in the market, making us ambitious that the previous price levels will be surpassed and new highs will be shown in the market. We expect that this uptrend will be much smoother than the previous one, leading to lower levels of volatility and more sustainable growth over the future.
Indicators
MACD index pass on the positive side, showing that the market momentum has changed and we expect the price to follow this trend also. Even though there are difficulties to overcome, we hope that this momentum will be flow in the market and make other cryptos to surge also. The RSI index moved above value = 50, indicating potential stability in the market but we believe that this is a stepping point for the price and will not stand there.
Ethereum / US Dollar
Price Analysis
Ethereum continues to stand in the mid-term support/resistance level around $370 - $380, indicating that the momentum from Bitcoin's surge has not reached its market yet. This is a good technical point for Ethereum that indicates price stability at higher levels that might skyrocket the price, given the right conditions.
The mid-term support/resistance level is a great point where the price has fall in the previous period's levels while it could continue its rise from that point and on. If the market momentum starts to flow in the market, then we will possibly see another winning performance from Ethereum that will bring it in the front stage of the crypto market.
The trading volume has remained at low levels but we expect them to rise if the market momentum captures the Ethereum market also. On the other hand, the moving averages have a difference of only $13, showing that a sharp move from the market will reverse the trend and turn the market into a bullish mode.
Indicators
MACD index remains on the negative side, indicating that there is no time for early celebrations in the market and we should be careful about every move we make in the future. The RSI index has moved to value = 50, indicating mere stability in the next days, a highly impossible scenario as the price fluctuation is expecting to rise even more, according to the market data.
Ripple / US Dollar
Price Analysis
Ripple seems to deliver a slow and steady growth in the market, which is very promising as a previously non-existent support level could the downfall and start the bullish cycle from that point. The price rose from $0.24 to $0.25 and while this is not a big difference, it might turn on the lights for investors to enter the market and take advantage of this possible opportunity.
Ripple made several bottoms during the previous bullish period, showing that speculators are highly effective on the market, taking profits whenever they can. This was more evident during the first bullish phase when the price was corrected two times in a bullish period before the major correction happened. Even if this could happen at this moment also, we believe that this rise is correlated with Bitcoin's rise, as the correlations coefficients suggest at the bottom of the article.
The trading volume remains at levels that depict a stability period while the moving averages are getting closer, indicating that an uptrend in the market might delay if new investors try to hold and not enter the market at this point.
Indicators
MACD index passed on the positive side, sending mixed signals to investors as the price has not made any significant progress. This also could be an early signal for Ripple investors to buy when the price is still at stable mode, before moving up. The RSI index moved to values between 45 and 50, indicating slow potential growth in the next days.
Litecoin / US Dollar
Price Analysis
Litecoin price corrected back at $48 after trying to surge at $51. The support level at this point indicates that the market is still looking for more indicators and supporters that will fuel its momentum and make the surge possible. The market effectiveness is at low points as the correlation with Bitcoin remained at high levels, predicting a smooth transition from the stability period to an optimistic one.
In the next days, we will see if the Litecoin market will continue to remain on the same levels or it will Bitcoin's example. The trading volume remains at low levels regarding the market momentum but that could in the next days if new investors are willing to enter the market and let new capitals flow in the market. On the other hand, the moving averages are still way apart from crossing each, making a "Golden Cross" signal less possible in the next days.
Indicators
MACD index is on the verge of crossing and passing on the positive side, mostly because the price seems stable at this moment. On the other hand, the RSI index rose at values above 40, indicating a fragile situation in the market over the next days.
Bitcoin Cash / US Dollar
Price Analysis
The long-term support level at $230 worked out during the major correction, showing that the market has enough depth at this point to support a move like that. The price moved a little bit during the last days, creating some hopes for investors that will follow the Bitcoin's trend and create profits over the upcoming bullish period.
The next period will be crucial for every altcoin but Bitcoin Cash especially as it has held the long-term position and if it breaks, the price will drop to lower levels, indicating a severe bearish case. In the opposite case, the bullish scenario will be based on Bitcoin's and Ethereum's trend, without any internal help from the fundamentals.
Indicators
MACD index passed on the positive zone, without the respective move in the price. This means that this could be an early signal for Bitcoin Cash investors that look for further support in their positions. On the other hand, the RSI index is crawling above value = 40, showcasing a potential uptrend in the next days.
Correlations
Bitcoin / Ethereum = 0.88 (+ 0.04), Bitcoin / Ripple = 0.95 (- 0.03), Bitcoin / Litecoin = 0.90 (- 0.07), Bitcoin / Bitcoin Cash = 0.95 (- 0.03)
The correlations have not integrated the uptrend move from Bitcoin, showing that the market is still moving towards a united position. The first signals show that Litecoin, Bitcoin Cash, and Ripple are starting to unbundle from Bitcoin, making them weaker and unable to follow the positive trend. This move could hold the market in stagnation and potentially hurt the crypto's surge. On the other hand, Ethereum's correlation is continuing to grow, showcasing that the market effect has not reached yet its power to change the course for that.
