On the 16th of January, we see a similar situation play out as the bulls were equally resisted by the bears, restricting the price change for the day to 0.01%, translating to $43,104 per coin. The wick above the candle suggests the highest trading price of $43,497, while the wick below the candle indicates the lowest trading price of $42,600 per coin.
Following consecutive sideways action over the last two days, we see the bears attempting to take control of the market on the 17th of January. So far, the Bitcoin market is by 0.54%, bringing the Bitcoin price to $42,870 per coin. The highest and lowest price points achieved stood at $43,200 and $42,353, respectively. However, with the market still being early, we might see more volatility in the day.
The 50-day moving average of Bitcoin stands at $47,716. Over the last three days, we’ve seen the Bitcoin price trade consistently below this value, maintaining the Bitcoin market in a downtrend over this period.
Indicators
Concerning the sideways action seen on the 15th and 16th of January, we see the relative strength index stand at 39 over these days, indicating the sideways price action across these days. At the start of the 17th of January, the bearish action saw the relative strength index fall to 38, indicating growing influence in the market.
With the relative strength index over the last three days being below the 50 mark, the market momentum favours the bears.
The MACD is placed below the zero line, which signifies the effects of the bears in the market; however, we see a deflection to the upside in recent times, reflecting the growing bullish activity in the market, and this is correlated by the histogram, which shows increasing positive activity in the market.
Ethereum / US Dollar
From the above chart, we can see that the Ethereum market over the long term remains in a downtrend, consistently trading below its 50-day moving average of $3,846.
On the 15th of January, we see that the bears attempted to gain control of the market; however, bullish resistance to the bearish momentum resulted in the rejection of further decline in the ETH price, placing the lowest trading price point of the day at $3,260 as indicated by the wick below the candle. We saw the ETH price rise by 0.53% with continued bullish action, bringing its price to 3,328 per coin. The wick above the candle indicates bearish resistance to further price growth, restricting the highest trading price of the day to $3,373 per coin.
On the 16th, we see the bulls continuing their momentum, resulting in a 0.64% increase to bring the ETH price to $3,349 per coin, with the highest and lowest trading prices standing at $3,360 and $3,238, respectively.
At the start of the 17th of January, we see the bears establishing their dominance over the market, pushing back gradual gains seen in the market over the last few days. With the market being in its early hours, we can expect more volatility in the market; however, as of the writing of this piece, the ETH price is down 1.95%, bringing its price to $3,284 per coin, with the highest and lowest price points achieved being $3,360 and $3,238, respectively.
Indicators
With the gradual bullish activity seen on the 15th and 16th, the relative strength index stands at 41 and 42, respectively, indicating the increasing bullish entry into the market. On the 17th of January, the bearish action at the start of the day resulted in the relative strength index falling to 40.
Over the last three days, we see the relative strength index stand below the 50 mark, indicating the dominance of bearish selling against bullish action.
In correlation to the RSI, the MACD is placed in the zero line, indicating the overall bearish trend the market is currently in. However, the histogram shows growing bullish action in the market, reflecting on the MACD as a deflection to the upside.
Ripple / US Dollar
The above chart is a clear reflection of the long-term downtrend seen in the market, consistently hitting lower highs and lower lows and also trading below the 50-day moving average of $0.844.
On the 15th of January, we see that the bulls dominated the market, influencing a 0.79% increase to bring the XRP price to $0.779 per coin. From the chart, we can tell that the bulls flipped an initial bearish momentum at the start of the market day, as indicated by the wick below the candle, limiting the lowest trading price in the market to $0.768. In contrast, the highest price point indicated by the wick above the candle stands at $0.789.
With the bullish action of the previous day, we see the bears initiating a pushback on the 16th of January. However, a lot of volatility can be seen as the bulls resisted further price drop, limiting the loss seen on the day to 0.12%, bringing the Ripple price to $0.778 per coin. Due to the bullish resistance to a further price drop, we see the lowest price point before bullish rejection at $0.768, while the wick above the candle indicates the highest trading price of $0.784 for the day.
At the start of the 17th of January, we see the bears capitalising on their previous momentum, influencing a 1.75% drop, bringing the XRP price to $0.764 per coin. With the market still in its early hours, we can expect to see more volatility; however, the highest and lowest price point seen so far stand at $0.780 and $0.755, respectively.
Indicators
Over the last three days, the relative strength index maintains values below the 50 mark, indicating the overall dominance of bearish selling against bullish buying. On the 15th, 16th, and 17th, we see the relative strength index stand at 43,43, and 42 across these days.
The MACD is placed below the zero line correlating with the RSI over the long term indicating bearish dominance; however, the recent bullish action has resulted in a deflection to the upside, correlated by the histogram, which shows growing bullish action presence.
Litecoin / US Dollar
On the 15th of January, we see the bulls flip and initial bearish action as indicated by the wick below the candle. With this momentum, we see the LTC price rise by 2%, bringing its price to $147 per coin, with the wick above and below the candle corresponding to the highest and lowest trading prices seen during the day, standing at $150 and $144 per coin.
Following the bullish action, we see a bearish pushback on the 16th of January, influencing a 0.84% drop to bring the LTC price to $164 per coin. The wick above the candle indicates the bearish flipping of initial bullish action, placing the highest trading price for the day at $149. The wick below the candle indicates the lowest trading price of $143 for the day.
As a response to the bearish action of the previous day, we see the bulls mounting a response on the 17th of January, influencing a 1.32% increase, bringing the LTC price to $148 per coin, with the highest and lowest price points seen so far at $151 and $145, respectively.
With the value of LTC across the last three days being below its 50-day moving average of $154, the market remains in a downtrend.
Indicators
With the sustained bullish action Over the last three days, we see the relative strength index placed above the zero line on the 15th,16th, and 17th of January, corresponding to 51, 50, and 52, respectively. With these values, we can determine the dominant force in the market as bullish activity surpasses bearish activity in the market.
In correlation to the RSI, we see the MACD continue its ascent to the zero line, above which will indicate a positive outlook for the market. This is also correlated by the histogram, which shows growing bullish activity in the market.
Bitcoin Cash / US Dollar
The above chart shows that the Bitcoin Cash price still trades below its 50-day moving average of $441, placing the market in the downtrend. On the 15th of January, we see the bulls influence a 1.33% increase, bringing the Bitcoin Cash price to $390 per coin, with the highest and lowest price points seen in the market standing at $393 and $383, respectively.
On the 16th of January, we see the bears mounting a pushback, resulting in a fall of 0.65%, bringing the Bitcoin cash price to $388 per coin, while the highest and lowest price points seen stand at $393 and $382, respectively.
In light of their momentum, the bears are seen on the 17th of January following up on their momentum, influencing a 1.63% drop to bring the Bitcoin Cash price to $382 per coin. With so much time left on the clock, we could see more volatility; however, as of the writing of this piece, the highest and lowest price points seen so far stand at $389 and $378, respectively.
Indicators
On the 15th of January, the bullish action resulted in the relative strength index of 40.97. However, the bearish action seen on the 16th and 17th of January has resulted in the fall of the relative strength index to 40.19 and 37, respectively, indicating growing bearish activity in the market.
The MACD over the long term is placed below the zero line, reflecting the long-term downward action seen in the market. However, due to recent bullish action, we see the MACD make its way to the zero line, in correlation with the histogram, which shows increasing bullish entry into the market.
Cardano / US Dollar
On the 15th of January, we saw a failed attempt by the bears to crash the ADA price as bullish resistance limited the price loss to 0.07%, translating to $1.292 per coin. The wicks on both sides of the candle illustrate the struggle for market dominance seen during the day and a high level of volatility. Following the failed bearish attempt, we see the bulls restarting their momentum on the 16th of January, which resulted in a 9.26% increase, translating to a price of $1.411 per coin and bringing the ADA market back above its 50-day moving average of $1.346 which indicates the market recovering from the downtrend.
At the start of the 17th of January, we see the bulls continuing their momentum, influencing a 9% price gain, translating to $1.541 per coin. However, we can expect these values to change with so much time left on the clock.
Indicators
Following significant and sustained bullish action, we see a consecutive bullish increase in the relative strength index on the 15th, 16th, and 17th of January, corresponding to 49, 56, and 62, indicating massive bullish entry into the market.
In correlation to the RSI, we see the MACD place slightly above the zero line, indicating the slight bullish dominance of the market. The histogram agrees to this, which shows growing bullish activity in the market, portraying a positive outlook for the asset.
Dogecoin / US Dollar
Since getting rejected, the Dogecoin bulls have gradually lost ground to the bear. On the 15th of January, we see the bulls influence a 0.65% increase, bringing the Dogecoin price to $0.184 per coin. However, the large wick above the candle suggests a bearish rejection of extended bullish action, placing the highest trading price seen in the market at $$0.178 per coin. The wick above the candle indicates the lowest trading point at $0.167 per coin.
Following the bullish action of the previous day, we see the bears dominating the market on the 16th and 17th of January, succeeding in bringing the market back below its 50-day moving average of $0.175. The Dogecoin price as of the 17th of January is down a further 3.40%, translating to a price of $0.170 per coin, with the highest and lowest price points seen so far being $0.178 and $0.168, respectively.
Indicators
The Dogecoin market remains in the bullish zone; however, we see the bulls losing ground to the bears with the recent consecutive bearish action seen in the market. The relative strength index on the 15th,16th, and 17th of January stands at 59, 53, and 49, showing a consecutive decrease, indicating growing bearish activity in the market.
Following consecutive bearish action, we see the MACD flatten out, ending its ascent. This is correlated by the histogram, which shows reduced bullish intensity in the market. However, since the MACD generally places below the zero line, the bears still have a slight hold on the Dogecoin market, which can be overturned by consecutive and sustained bullish action over the next few days.
Correlations
- Bitcoin / Ethereum = 0.81
- Bitcoin / Ripple = 0.80
- Bitcoin / Litecoin = 0.68
- Bitcoin / Bitcoin cash = 0.70
- Bitcoin / Cardano = 0.40
- Bitcoin / Dogecoin = 0.59
Keynotes for today
- Bitcoin at $42,870 per coin.
- Ethereum at $3,284 per coin.
- Ripple at $0.764 per coin.
- Litecoin at $148 per coin.
- Bitcoin Cash at $382 per coin.
- Cardano at $1.541 per coin.
- Dogecoin at $0.170 per coin.
