Fears over a multi-year bear market are still looming

indicators

With the market being red, the relative strength index portrays a market in favor of the bears as the momentum results in an RSI below 50. On the 27th of January, bullish action resulted in a minute rise of the RSI to 32; however, with the bearish action ongoing on the 28th of Janaury, the Bitcoin market is likely to fall into an oversold region if it breaks below its current RSI of 30.
The histogram showed reducing bearish activity in the market; however, it is placed below the zero line with the MACD, indicating bearish dominance over the market at portraying a negative outlook for the Bitcoin market.

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Ethereum / US Dollar

As with the Bitcoin market, the Ethereum market still trades below its 50-day moving average of $3,464 per coin, keeping the market in a bearish downtrend. The downtrend seen in the market is continued on the 27th of January as the bears flipped an early attempt by the bulls to gain control of the market, placing the highest trading price of Ethereum for the day at $2,521 per coin as indicated by the wick above the candle. Following a successful takeover of the market momentum, the bulls influenced a 1.59% drop in price, bringing the Ethereum price to $2,425 per coin. The price drop seen comes from the bullish rejection of further price drop as indicated by the wick below the candle, placing the lowest trading price of Ethereum for the day at $2,315 per coin.
At the start of the 28th of January, the bulls attempted to gain a headstart; however, the bears quickly resisted the move and flipped the market in their favor, resulting in the highest trading price of Ethereum for the day being set at $2,475 per coin. With the day still yet to end, we expect to see more volatility in the market. Nevertheless, as of the writing of this piece, the Ethereum market is down 2.50%, bringing the value of the asset to $2,365 per coin, while the lowest price point seen so far stands at $2,358 per coin.

Indicators

Following the bearish action over the last few days, the Ethereum market remains oversold as its relative strength index is below the 30 mark. We see a consecutive drop in the relative strength index on the 27th and 28th of January, corresponding to RSIs of 26 and 25, respectively.
In correlation to the relative strength index, the MACD and the histogram remain below the zero line, a clear indication of bearish dominance of the market, casting a negative outlook over the market.

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Ripple / US Dollar

Following the bearish rejection of bullish momentum on the 26th of January, the 27th sees the bears establish their momentum after toppling another bullish attempt at a headstart to the market. The bears closed the day as the dominant force with this move, influencing a 1.91% price drop, bringing the Ripple value to $0.608 per coin. The highest and lowest price points seen during the day were $0.627 and $0.589, respectively.
On the 28th of January, we see the bears falter bullish attempts as indicated by the wick above the candle, placing the highest Ripple price for the day at $0.613 per coin. With the bearish momentum established and the day far from its close, we could see more bearish action. Nevertheless, as of the writing of this piece, the Ripple market is down by 2.11%, placing the XRP value at $0.595 per coin, while the lowest price seen in today’s market stands at $0.591 per coin.
With the price action over the last two days, the Ripple market remains well within bearish dominance as it trades below its 50-day moving average of $0.788 per coin.

Indicators

The Ripple market has fallen into the oversold region with a relative strength index below the 30 mark with consecutive bearish action over the last two days. Due to the bearish action on the 26th and 27th of January, the RSI shows growing selling pressure in the market, resulting in RSI values of 29 and 27 on these days.
In correlation to the relative strength index, the MACD and the histogram remain below the zero line, effectively placing the bears in control and maintaining the bearish outlook for the market. However, a positive could be the histogram which shows a consecutive reduction in the bearish intensity in the market.

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Litecoin / US Dollar

The chart above shows that the Litecoin market on the 27th of January was fairly stable as both parties fought equally for dominance over the market. The wick above the candle denoted bearish rejection to price growth. In contrast, the wick below the candle corresponds to bullish rejection to further price drop, corresponding to the highest and lowest litecoin trading price for the day at $110 and $102, respectively.
As earlier stated, the market remained relatively stable; however, the bears had a slight dominance of the market, influencing a highly contested 0.07%, translating to a Litecoin price of $106 per coin.
Unlike several assets on the 28th of January, which are bearish, the Litecoin market remains positive, with the Litecoin bulls influencing a 1.22% gain, translating to an LTC price of $108 per coin with the highest and lowest LTC price for the day being $108 and $105, respectively.
Despite the price action over the last two days, the Litecoin market still trades significantly below its 50-day moving average, effectively maintaining the market in a downtrend.

Indicators

The bullish action on the 28th of January has saved Litecoin from an oversold region as it brought the LTC’s relative strength index to 31. On the 27th of January, bearish action saw the LTC market head below the 30 mark with a value of 30, which would have placed LTC in an oversold market.
The MACD and histogram remain below the zero line, confirming bearish dominance over the market and a negative outlook. However, the histogram shows reducing bearish activity in the market, which can be seen in previous days, indicating bullish momentum attempts though not significant to impact the market.

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Bitcoin Cash / US Dollar

The chart above shows the Bitcoin Cash market in an extended downtrend, and the Bitcoin Cash market has consistently traded below its 50-day moving average of $398 currently. On the 27th of January, we see the bulls come out on top in a tight battle for market dominance against the bears. With this, the bulls experienced heavy resistance, limiting the day’s gain to a minute 0.14%, translating to Bitcoin Cash price of $289 per coin, with the highest and lowest LTC trading prices for the day as indicated by the wick above and below the candle being $295 and $277, respectively.
On the 28th of January, the bears respond to the bullish activity of the previous day, following them overturning an initial bullish momentum at the start of the market, denoting the highest trading price of Bitcoin Cash for the day at $295 per coin. The bears have successfully influenced a 0.69% decrease in the Bitcoin Cash price, translating to $287 per coin with this momentum. With the market yet to close, we expect to see more volatility as the bears could mount resistance in an attempt to gain control of the market.

Indicators

The relative strength index of the Bitcoin Cash market is placed below the 30, denoting bearish dominance of the market and placing the BCH market in the oversold region. As a result of the above statement, the relative strength index on the 27th and 28th of January stands at 23 and 22, respectively.
In correlation to the RSI, the MACD and histogram are placed below the zero line, indicating bearish dominance for the market; however, the histogram shows this bearish action is not of full strength and might be bullish resistance insufficient to take control of the market.

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Cardano / US Dollar

On the 27th of January, the ADA market experienced significant bearish action, which saw its price reduce 3.30%, translating to $1.04 per coin. From the chart, we see that the price drop would have been more; however, the bulls rejected the price drop from the $1 market, maintaining it as the lowest trading price for the day, while the highest trading price for the day stood at $1.08 per coin.
On the 28th of January, we see the bears reestablishing their momentum; however, wicks above and below the candle signify a struggle with the bulls trying to resist further price drops and probably gain control of the market. With the volatility in the market, the ADA market as of the writing of this piece is down 0.80%, translating to a price of $1.03 per coin, while the highest and lowest trading prices achieved stand at $1.05 and $1.00, respectively.
The ADA market is back in a downtrend since breaking above its 50-day moving average as the market trades below its current 50-day moving average of $1.27 per coin.

Indicators

The relative strength index of the ADA market remains below the 50 mark, reflecting the dominance of the bearish selling against bullish buying in the market. In this light, the RSI on the 27th and 28th of January stands at 39 and 38.
In correlation to the relative strength index, the MACD and histogram remain bearish; however, the histogram shows a much reduced bearish activity in the market.

Swap to ADA

Dogecoin / US Dollar

We see consecutive bearish action on the 27th and 28th of January from the chart above. On the 27th of January, we see bearish dominance of the market, with the bears successfully influencing a 1.19% drop, bringing the Doge price to $0.14 per coin. The wick above the candle suggests constant volatility in the market due to both parties fighting for dominance. These wicks denote the highest and lowest trading prices of Dogecoin at $0.146 and $0.136, respectively.
On the 28th of January, we see the bears continue their momentum after faltering an initial bullish attempt at the start of the day, influencing a 2.12% drop, bringing the Dogecoin price to $0.138 per coin with the highest and lowest trading price for Dogecoin being $0.142 and $0.137, respectively.
With the Dogecoin price over the last two days, the market remains in a downtrend as it trades below its 50-day moving average of $0.165 per coin.

Indicators

Following bearish action on the 27th and 28th of January, we see the relative strength index fall on these days to stand at 39 and 37, respectively, denoting dominance of bearish selling against bullish buying in the market.
The MACD and histogram both place below the zero l line in correlation to RSI, confirming bearish dominance over the market. However, the histogram shows a reduced bearish intensity in the market.

Swap to DOGE

correlations

• Bitcoin / Ethereum = 0.92
• Bitcoin / Ripple = 0.90
• Bitcoin / Litecoin = 0.90
• Bitcoin / Bitcoin cash = 0.85
• Bitcoin / Cardano = 0.82
• Bitcoin / Dogecoin = 0.88

Keynotes for today

• Bitcoin at $36,502 per coin.
• Ethereum at $2,365per coin.
• Ripple at $0.595 per coin.
• Litecoin at $108 per coin.
• Bitcoin Cash at $287 per coin.
• Cardano at $1.03 per coin.
• Dogecoin at $0.138 per coin.