Bitcoin / US Dollar
The price remained at high levels today, laying around $23,000. This fact means that investors are willing to take more on the current situation and didn't liquidate their positions, expecting another uptrend that will bring much more value to their portfolios. We have to underline that the market is much more mature in the current situation than it was back in late 2017. Any investor that was active back in those days, will remember that there was a crazy situation where you can find any kind of supporter or guru, that they know everything about "Bitcoin" and "crypto mania" and they try to get rich as quickly as possible.
This phenomenon has appeared to a much lower extent, indicating that the investors didn't bite from any random guys about getting rich overnight. This time, they followed people who had data and experience in the financial/crypto space. The entrance of many institutional investors have also made the market more mature as this kind of investors will not liquidate their positions until there is a really bad outcome in the market. They usually have a long-term outlook in their investment strategy.
The longer the price is sustaining at levels above $20,000, there are more possibilities for the bullish trend to continue for higher levels, even before the year's end. This will be determined from the transaction volumes in the market and how far the price can go without investors jumping to abandon their positions.
The trading volume has surged to unprecedented levels, indicating that there is a strong interest from investors' perspective. The moving averages have started to stray away from each other and form a more bullish position.
In the short-term diagram, we can observe that there is a common pattern in the barrier break around $20,000. As we have written in past articles, there would be a need in the market for a sharp move that will bring the price above $20,000. This became a reality and establish the Bitcoin price at the current levels.
Indicators
MACD index continues to grow in the positive field, showing that the momentum will bring more attraction to the market. On the other hand, the RSI index continues to move at the "sell" levels, which will correct only if the market is stable for the next period.
Ethereum / US Dollar
Ethereum made another positive step today, landing at $650. This means that the price has entered a positive channel and it will try to capitalize on any positive momentum from the Bitcoin market. Yesterday, the price surged up to $675, showing that the next goal for Ethereum price should be the $700 point.
All of the above should be a part of the ultimate goal, the all-time high level around $1,000, which will become a predictable goal if Ethereum tries to double its accumulating returns that derive from Bitcoin's dynamics. At this point, we should clarify that it is difficult to separate the causes of the current surge as the launch of Ethereum 2.0 and the ICOs trend has also affected Ethereum's fundamental elements.
We expect the price to move along with the rest of the market, while a delayed surge is possible in the next day's period. The trading volumes have also surged, following the investors' interest while the moving averages are on the same spot through the last 3 days at least.
Indicators
MACD index continues to grow, taking the market off the negative momentum trend while the RSI index moved at value = 65, showing that there is more room in the market for further uptrend.
Ripple / US Dollar
Ripple was considered to be the contrarian asset in the previous period, as its downtrend was opposite with high levels of sustainability performed from the rest of the crypto market. The asset is trying to reach the bullish levels again and it seems to be successful at it. For now, it rebounded in the stability zone around $0.60, which was the first correction after topping at $0.90.
The $0.60 level was not a single point that the market was trying to return but rather an average of the volatile formation that makes the market to consolidate over a single point.
As long as the bullish feeling is evident in the market, we believe that Ripple will try to sustain at the current levels but we don't know if investors are willing to believe it again for long-term investments. The trading volumes have taken the high road, showing that many investors joined the bullish trend while the moving averages have remained at bearish positioning, indicating that there are to be done before a trend reversal.
Indicators
MACD index is continuously surging but it remains in the negative field. As we describe in the previous paragraph, the contrarian role of Ripple in the previous period made the technical indexes to behave like that. The RSI index moved between values 55 and 60, indicating that there would stability in the market but with a positive outlook.
Litecoin / US Dollar
Litecoin is considered to be the winner of the day, surging more than any other cryptocurrency today, accumulating a 10 % return for its investors. The price lands at $110, creating another green candle in the diagram and setting the base for a great continuity in the current bullish trend.
The price will try to establish a set of high prices in the next period, creating more market depth and delivering more value to its holders. Every day, the coin is setting a new 2020 high level, making investors consider it as a verified investment vehicle for their capitals.
The trading volumes have established new high levels for them and the moving averages crossed each other to form a "Golden Cross" and enter the market in its bullish phase officially.
Indicators
MACD index grows for the third day in a row, showing that the investor's interest is alive and will make their life much easier. On the other hand, the RSI index moved in the "overvalued" zone, indicating that some investors will consider selling their assets in the next days.
Bitcoin Cash / US Dollar
Bitcoin Cash makes some positive steps, breaking the $300 barrier and landing at $315. The next goal for Bitcoin Cash is the 2020 high level at $350, which will bring Bitcoin Cash on the same page with the rest of the crypto market. Breaking the 2020 high level will bring the next goal for the coin, which is its all-time high level.
Until then, we expect Bitcoin Cash to follow the dominant trend in the market, adapting the changes at a slower pace than other coins, considering its dynamic and positioning compared to other crypto assets. The trading volumes are surging during the last days, indicating that there is real interest in the market for it. At this point, we should point out that yesterday was a negative day for Bitcoin Cash with large transaction volumes. This means that many investors were trying to get rid of it as soon as it reaches a high level.
The moving averages crossed again, forming a "Golden Cross" and making the market to enter a bullish phase again.
Indicators
MACD index continues to thrive for the third day in a row, making momentum to work for more uptrend while the RSI index moved above value = 60, predicting another uptrend shortly.
Correlations
Bitcoin / Ethereum = 0.91 (- 0.02), Bitcoin / Ripple = 0.07 (+ 0.06), Bitcoin / Litecoin = 0.94 (+ 0.03), Bitcoin / Bitcoin Cash = 0.80 (- 0.01)
The correlations remained on the same levels for the majority of altcoins, showing that after the general surge in the crypto market, there is no one left behind. More specifically, Ethereum, Litecoin, and Bitcoin Cash are all in a "strong" position against Bitcoin, indicating that there would be a consolidating move in either direction during the next period. The only exception in the current point remains the Ripple case, which has developed a unique dynamic in the market and it would be the hardest asset to predict its price.
Key Notes For Today
Bitcoin remained around $23,000
Ethereum retained the $650 level
Ripple remained just below the $0.60 point
Litecoin surged for another day, at $110
Bitcoin Cash made a small step at $315
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Remitano. Every investment and trading move involves risk. You should conduct your own research when making a decision.
