Following previous rejection initiated by the bears to drop the Bitcoin price down from touching range of $58,000, the Bitcoin bulls have established themselves as the dominant force by pumping the BTC price back above the $57,000 in 48 hours.
As of the 14th of October, the Bitcoin price stands at $57,320, which translates to a 24 hour gain of 3.09% and 7.11% in the last seven days.
From the above chart, the BTC price attained $57,986 before experiencing resistance from the bears. The $58,000 price mark seems to be established as a strong resistance point with the bears trying to maintain this mark.
The bullish run of BTC comes amidst several positive fundamental developments, one of which is the rumours of the proposed Bitcoin ETF getting approved. With the approval, more institutional and individual investors will be allowed to gain exposure to BTC without owning a single cryptocurrency; instead, they trade the ETF shares.
The overall BTC fundamentals portray a positive outlook, which is also reflected in the BTC trading volume (a total of 638,704 BTC was traded in the last 24 hours), which shows an increase in the bulls' buying momentum.
As of the 15th of October, the BTC bulls have been able to break past the $58,000 resistance to trade at $59,257 per coin, translating to a 2.14% price pump, which serves as a bullish signal as eyes are set on breaking past the $60,000 mark.
The Relative strength index shows a market well in control by the bulls. However, the RSI is above 70, which means that Bitcoin is currently in an overbought scenario, and as with previous occurrences of such, the BTC price is primed for a sell-off as many would like to take out some profits.
In correlation with the Relative strength index, the MACD illustrates a market with a bullish momentum; however, the bullish momentum seems to be reduced in intensity (showed by the reduced intensity of the corresponding histogram).
As with Bitcoin, several altcoins also experienced gains as of the writing of this price analysis, and ETH is one of them.
The ETH bulls push towards the $4,000 with a current price of $3,797 corresponding to a 24-hour change of 5.24%, with as much as 5,124,916 ETH being traded and a seven-day change of 5.05%. With the above, we can say that the bulls remain in control of the ETH market, also correlated by the increasing (though slowed) buying momentum shown by the trading volumes on the chart.
Analysts predict a bullish outcome for the smart contract platform, with predicted prices at the end of this bull run pegged at $10,000 per coin or even higher. Still, with the previous level of resistance set at $4,000, the bulls will have to break out over it against attempts by the bears to keep the ETH price below $4,000.
ETH logs in a price of $3,807 on the 15th of October, therefore, edging closer to the $4,000 mark. With the bullish momentum seen on the market, we should expect this forward action in the next few days.
The relative strength index of ETH shows a market momentum being dominated by the bulls with an RSI above 50. However, with the RSI currently making its way to the overbought, a potential sell-out could be on the cards at any point in time as the bears try to regain dominance.
Currently, ETH trades well above the 50-day moving average, which means that ETH has a positive outlook in the midterm. However, the Macd being above the zero line shows a bullish action that reduces but is currently being revived gradually by the bulls.
Therefore, we can deduce that there is a positive trend in the ETh market but also under the watchful eyes of the bears.
Not experiencing as many gains as other altcoins, the current price of Ripple stands at $1.13 as at the writing of this price analysis, translating to a 24-hour price change of 0.64% and a seven-day change of 5.96%. The chart also illustrates a decrease in the purchasing intensity of the bulls (with the amount of XRP traded in the last 24 hours standing at 2,825,267,623), which could be due to scepticism concerning the outcome of the court case.
Previous ripple RSI shows a constant struggle between the bulls and bears with each balancing out. The current relative strength index illustrates a slowed down momentum though in control of the bulls. However, the bears noticeably still affect the market.
The MACD corresponds to the relative strength index illustrating a market with reduced momentum. Being close to the zero line shows a state of near stability; however, this creates an opportunity for the bears to shift the momentum to the negative side.
From the above chart, we can tell that $186 has served as a crucial resistance level on three different occasions. On the 14th of October, the bulls, in a slow manner, tried to push the price of LTC over this resistance but met strong resistance initiated by the bears.
As of the writing of this analytical piece, the price of Litecoin stands at $183, translating to a price change of 3.21% in the last 24 hours and a seven-day change of 5.09%.
Trading volume indicates gradual buying (the total amount of Litecoin traded in the last 24 hours is 15,237,845 LTC), correlating with the subtle approach taken by the bulls to get past the resistance.
If the bulls can break out from the $186 resistance, it is expected that some positive momentum would be seen on LTC.
The relative strength index of 58 translates to a stable bullish market, indicating more individuals buying LTC. This RSI can also indicate an accumulation period where several individuals buy more LTC to increase their holdings. However, looking at previous RSI history, LTC's last spike in buying momentum was in September, and to repeat this, the resistance of $186 will have to be broken.
After a previous day of reduced buying intensity, the histogram shows an intensified buying momentum corresponding to an increased accumulation of this asset. The MACD line emerges from the zero line upward, signifying a possible positive momentum coming to the market.
As with several other altcoins who benefitted from the positive momentum of Bitcoin, Bitcoin Cash also saw a significant increase in the buying volume over the last few days as the bulls struggled to get the upper hand over the bears.
As of the 15th of October, the Bitcoin cash price stands at $626.31, a 4.96% increase over the last 24 hours and a seven-day percentage increase of 5.32%.
With increased trading volumes, the BCH bulls seem to be heading for the $640 price mark, the highest point from which it was rejected.
The RSI on the 14th illustrated a market slightly controlled by the bull; however, as of the 15th of October, the RSI now gives a more confirmed bullish dominance of the market, showing individuals increasing their stores of BCH.
The MACD line emerging from the zero line on the 14th signified a possible upward movement for Bitcoin Cash. This has been confirmed by the move experienced by BCH on the 15th, therefore, setting a positive outlook to the market in correlation with the relative strength index.
The cardano price still struggles as the bears maintain a steady hold on the market. ADA price stood at $2.18 on the 14th of October but currently has a price tag of $2.15, corresponding to a price change of 1.80% in the last 24 hours and a seven-day change of 5.15%.
From the above chart, we can see that the bears have dominated the market for the past five days. As at the writing of this price analysis, there is still a bearish outlook though the selling volume is reduced.
Therefore, if the bears continue to be the dominant force in the market, the price target of $2, which has served previously as an area of support, would be relied on for support, if the bears still break to the downside, then even lower price targets are expected.
Before the market downtrend, the launch of smart contracts on the ADA network was expected to provide a long-term bullish outlook; while this is still possible in the long term, the short term outlooks negative.
The ADA relative strength index also correlates with the trading volume, with a value of 46.98 showing a bearish market and indicating the selling of ADA holdings by the bears.
Despite this bearish market, an opportunity to accumulate more ADA presents itself.
The current price of ADA trades below both the short and midterm moving averages, indicating an opportunity for selling but a bearish momentum. In correlation to the moving averages, the MACD line trades below the zero line indicating a negative momentum to the market.
With the signal and macd line meeting, an area of stability in this market seems to have been met.
Dogecoin still lies on the back foot with Shiba Inu trying to catch up. As of the 14th of October, Doge experienced an increase in the buying pressure, which translated to a 0.95% gain and a price tag of $0.21. The 15th of October presents a better price tag of $0.22; however, Dogecoin remains in the red, dropping by 3.72% in the last 24 hours, translating to a loss of 7.16% in the last seven days.
Rumours relate the poor performance of Dogecoin to the bullish action of Shiba Inu, as several investors speculate that Shiba would replicate the gains experienced by Dogecoin.
The Doge army seems to be staging a stable comeback, evident by a gradual increase in the purchasing volume.
The relative strength index on the 14th stands at 50, meaning the bulls have a slight advantage over the bears. The RSI also signifies (also correlated by the trading volume) an increased accumulation by the bulls.
On the other hand, the RSI on the 15th falls below the 50 range showing an increased selling by holders of Doge and a dominance of the bears correlating to the fall across the last 24 hours.
The MACD line falls below the zero line, which indicates the reduced trend momentum (negative momentum). Initially, the macd would be primed for a positive break to the upside, but with the bears in control of the market, the use of the MACD as a singular determinant of the next market move will be risky over the short term.
On the 15th of October, the total market outlook illustrates a green market; however, coins like ADA and Doge still experience downward action. The amount of cryptocurrencies traded in the last 24 hours is up 8.90%, with the Bitcoin dominance up by 1.18%, placing its superiority at 46.34% over the cryptocurrency market.
