The compression continues to thrive in the Bitcoin market, showing that the $47,000 level has been proved stronger than it was expected from many market analysts.
The market looks that there is not enough power to break the resistance level at $47,000 and create another sustainable bullish trend for the next period.
The compression always leads to a new status for the market, and this time the point has been more crucial than ever.
A bullish signal could make the market establish a higher all-time high level in a few months or days, while a bearish turn of events could bring the market to stagnate in the zone between $36,000 - $40,000.
This scenario could bring new clouds in the ecosystem as the major force will look weak and unprepared to establish a new bullish framework for altcoins.
The expectations might lay on the bullish side, but there is a need for another story that could shake up the market and bring the price to higher levels.
The trading volumes have been on the same level while the moving averages are about to cross and form a bearish signal.
In the short-term diagram, the compression is much more evident, and we expect that the next move will not be late, leading to new results in the market structure.
MACD index has remained on the negative side, indicating no momentum in the market to extract a new bullish approach. The RSI index has remained around value = 55, indicating that the price will remain on the same spot for now.
Moving on the opposite side from the rest of the market, Ethereum managed to break the current stagnation and climbed to $3,500, making its investors smile again.
The resistance level around $3,300 was tested 2 or 3 times before being smashed out, confirming the theory that a support or resistance level tested several times will break eventually.
The expectations at this moment have been particularly high for Ethereum as it is the only coin in the market that makes its market look bullish enough.
The next goal will be the all-time high level around $4,400, making the market look more optimistic than ever before.
Of course, we will see if Ethereum can manage to achieve this kind of performance even if it remains lonely on the bullish path.
The correlation examination could bring more light to that case. The trading volumes have remained on the same spot, without any differences.
The moving averages are practically on the same spot and didn’t cross each other, delaying the bearish signal for now.
MACD index is on the rise but still on the bearish side, indicating a need for more uptrend before momentum enters the price action.
The RSI index has climbed to value = 65, showing more space for growth in the next period.
Ripple has taken more ups and downs in the last period than any other coin, flirting with the $1.00 point, which stands as the edge between the bullish and the bearish outlook for it.
The stability has been particularly well for Ripple as its price of around $1.19 has been a tremendous opportunity for many investors to make the price fly high, even at $2.00.
Another fundamental story on the line was the Ripple Foundation sued SEC for investigating if any SEC employee has XRP tokens on hold.
This story might drop positive feedback for Ripple, as the story will continue for more months. The price looks more compressed now on the technical side, and we can expect another change soon.
The trading volumes have no difference since the last time while the moving averages meet each other, creating a bearish signal that will need confirmation from more factors to get activated.
MACD index remains on the negative side, with low potential for a change, while the RSI index has dropped between values 55 and 60, proving that the next days will remain calm.
The stability has become a normal situation for the Litecoin market as the price has not moved towards a stable route since last month.
The price seems stuck on the compression average at $175, showing that the larger compression zone between $125 and $200 has more establishment than before.
The expectations for the next moves are low, and everyone hopes for a jump at $200 for the market to take another bullish boost from this move.
The trading volumes have made a minor step upwards while the moving averages crossed each other and formed a bearish signal, worsening the current market situation.
MACD index has remained on the negative side while the RSI index moved to value = 55, indicating that the market will remain on the same spot for now.
Bitcoin Cash has also shown that its market has been remarkably stable, whose price has not moved from the $640 point.
This stability is not attracting enough traders as no action could generate profits in the short-term period.
As the vibe absorption has been low, Bitcoin Cash will probably remain at those levels for a longer period before starting to get influenced by other coins.
Until then, stability will be the main scenario. The trading volumes have not progressed while the moving averages cross and prepare the market for a bearish turn.
Indicators
MACD index has been steadily on the negative side while the RSI index moves around value = 50, indicating that the price will not move from this spot for now.
After exploding during May and June 2021, Dogecoin has sustained a less volatile approach in the price formation, moving around $0.30.
The compression triangle shows us that a turning move will probably happen in the next few days, making the market shakeup and delivering new investors.
The trading volumes don’t show anything interesting in particular while the moving averages are on the same spot, predicting a bearish change in the price formation from this point and on.
MACD index has been on the negative side during the last week while the RSI index has remained around value = 50, showing that the price’s stability will stay on those levels.
Cardano has performed in high levels of volatility during the last months, acquiring more and more traders and investors that want to get exposure in more risky assets and deliver impressive results in their portfolios.
Cardano’s price has skyrocketed during the last month, touching the $3.00 point while now it remains around $2.80, an all-time high level for it.
As Cardano shows more ambitious plans than any other coin, more investors are willing to follow it and try to catch the bull from its horns.
The trading volumes have risen since last week, while the moving averages are positioned in bullish formation for now.
MACD index passed on the negative side, showing that the momentum phase might end up now. The RSI index returned to value = 65, showing that the market could rebound now to higher levels.
Bitcoin / Ethereum = 0.53 (- 0.30), Bitcoin / Ripple = 0.34 (- 0.30), Bitcoin / Litecoin = 0.61 (- 0.20), Bitcoin / Bitcoin Cash = 0.31 (- 0.34), Bitcoin / Dogecoin = 0.08 ( 0 ), Bitcoin / Cardano = 0.72 ( 0 )
The correlations have started to look in different directions during the last period.
Bitcoin seems to have a less powerful position and less momentum to deliver in the market.
Most altcoins have passed on the medium correlation zone, showing that they will get more independent action in the next period.
Some coins like Ethereum, Litecoin, and Cardano have a stronger dependence, while others like Ripple and Bitcoin Cash show that they can achieve more independently.
Last but not least, Dogecoin seems to have a price action, irrelevant from the rest of the market, proving itself as the market contrarian.
