So far, the bears haven't responded with the periodic corrections, but it's still too close to call.
BTC/USDT daily chart. Source: TradingView
However, looking at the pattern about 24 hours earlier than today shows that the bears haven't been able to sink the price far below $59,000 for a while now, and the bulls are firing it up to create some kind of upside-down Head and Shoulders trend. This is a good sign for holders as the pattern is supposed to keep going in favour of the bull and with strong momentum.
The second shoulder movement has already been observed clearly. Judging by observations, it is supposed to take BTC above the $65,000 mark and probably to $70,000, its first calculated target. The second possible mark for the BTC/USD pair, given the current momentum, is $80,000.
These predictions will only be feasible in a case where the bearish trend doesn't offset the current bullish anytime soon and dips it below a 50 days average (SMA) of $54,000. Such a correction will most likely fall deeper.
Indicators
The MACD indicator being in the green shows that the bullish momentum has been resilient over a few days, coming from the negative side, and sends out a buy signal. The RSI is just around 67 and may likely approach the 70's which is considered a signal to sell due to over-buying. All round, the BTC/USD pair is currently at a good spot on the market.
Ethereum/ US Dollar
For the past few days, Ethereum (ETH/USD) has been struggling with resistance just above the $2,000 - $2,100 mark, but it finally broke out around mid-day on April 13th and has since gone up by about 10%+. Like with BTC/USD, this pair had also drawn some inside bar patterns earlier in the week due to market uncertainties and eventually followed the bullish pattern to break out.
ETH/USDT daily chart. Source: TradingView
The price of ETH has always been moving in tandem with BTC, and even with the arrival of the alt-season, most traders believe that it won't be any different. In contrast, some others still believe ETH follows a fairly different trend and could very well surpass Bitcoin's ROI to date. These investors act as the market bulls.
Attaining a new All-Time High is usually met with heavy resistance. Still, having moved further away from its 20 days average (EMA), the ETH/USD pair will most likely move past its current position at around $2,300 and possibly reach close to $3,000. However, in an unlikely scenario where the bears take charge and bring the trend below $2,000, any hopes of seeing $3,000 will have to wait until after a deep correction happens.
Indicators
The MACD trend here has been fluctuating in the positive area since the beginning of this month. Although that is a good signal, any drop from current heights won't be a good look. The relative strength index (RSI) has crossed into 71 for the fourth time this year and the second time this month. Although this indicates that the bulls are in charge, crossing 70 is also an indication of traders over-buying the asset, which could force a deep correction.
Ripple/ US Dollar
Over the past two weeks, Ripple (XRP) has led the bullish market with a 220% uptrend from its previous height and a daily average of about 10% over the past five days. The bull run hasn't been without daily contractions that eventually get corrected. So was the case from April 9th to April 12th before the trend moved past $1.50. Looking at the live candlestick chart and observing the usually long wicks on the candle means that traders don't seem to be dropping their daily profit levels.
XRP/USDT daily chart. Source: TradingView
Only recently, the SEC case against XRP’s parent company, Ripple, has taken a few turns in favor of the company. A few weeks ago, the judge upheld the motion for investors to intervene in the case. Most recently, the judge gave Ripple’s lawyers the go-ahead to dig deep for exonerating evidence that will show where the SEC has formerly referred to XRP as a security. All of these happenings have had some obvious effects on the price of XRP, even though the exchanges that delisted the asset haven’t put it back on.
Within a space of 3 hours today, it has gone up to $1.95 and shot back down to $1.75. This isn't much of a correction, but the bulls' hesitation to move past resistance and pass the $2 mark leaves investors with little guarantee of what to expect. Any correction that goes below this point to the $1.20 mark will certainly drive a deeper correction.
Indicators
MACD has remained very positive, increasing gradually over the past month, and this is a good indication that the bulls are in the driver's seat and a lot of buying is going on. The RSI has reflected the MACD indicator and remained above 70 at the "overbought" section. While many traders still believe that $2.50 is possible with the current momentum, we can only anticipate what happens.
Litecoin/ US Dollar
The bulls led the LTC/USD pair trend for a while from April 6th to 7th and then gave in to a bearish correction. It was stuck at a resistance level of $220 - $227 for two days before breaking out to continue its run on the 10th. Today, the market opened with LTC/USD at $267 and has since been fluctuating around that axis, reaching as high as $283 and currently $267 at the time of writing.
Although it is yet to reach its ATH of ($360.66) 3 years ago, traders are still hopeful on the attainable heights. From the length of the candle's wick at midday today, it's obvious that traders have higher predictions for the pair and its bullish momentum.
LTC/USDT daily chart. Source: TradingView
However, the bullish predictions are still in the balance because any correction that goes below $245 will probably dip deeper. If the bulls (buyers) can reverse this correction to $270, then it will probably get up to $300 and even higher depending on the momentum.
Due to the nature of the crypto market, it's always too early to call, but we can keep an eye on the 20 days moving average (EMA) for better predictions. Keeping it higher than the EMA at $218 will favour the uptrend, but anything below that range won't be a good look for buyers.
Indicators
With the RSI dancing above 60 and just below 70, the upside will favour the trend a lot more since it means there is a healthy number of buyers. MACD also stayed in the green, where it has been since the beginning of the month, which means that the buyers are still keeping the bullish trend.
BitcoinCash/ US Dollar
As at the time of writing, the BCH/USD pair just broke out from a few hours' corrections that saw its price go from $820 - $765. Still a few dollars higher than where it started the day at $722. Observations show that the Bitcoin and Ethereum markets have a significant bearing on BitcoinCash, but this effect is usually on short-term price movements.
A strong trend from either of the two will certainly throw any short-term analysis out the window. Still, a long way from its ATH of $3,700+, the pair (BCH/USD) has a loyal community of traders, and from the candle wick on the chart, they believe the momentum of today’s bullish will last long enough and still go higher. Although not without the usual corrections, BitcoinCash has maintained a rally in the past few days that could surge past $850.
Indicators
The MACD index here has been able to stay above 0 (zero) for a few weeks. Although this is a good spell for the bulls, the RSI is also indicating an overbought asset as it has spiked above 70 for the first time since February 12th-19th, which saw it make a long correction afterward. Although there has been some selling pressure over the past few weeks leading up to the bull trend, BitcoinCash still enjoyed some good news that probably fueled the bull run, including the integration of BCH for PayPal merchants.
Correlations
- Bitcoin / Ethereum = 0.85 (-0.09)
- Bitcoin / Ripple = 0.69 (+0.34)
- Bitcoin / Litecoin = 0.65 (-0.21)
- Bitcoin / BitcoinCash = 0.61 (-0.28)
*Bracketed is a 5-day difference.
The Bitcoin market has been making bull runs and mild corrections all week. This trend has shown the most correlation with Ripple, which wasn't the case a few days ago. With the asset experiencing a major comeback and getting more bullish news to fuel the trend, it will most likely copy any major bullish move on the market or even lead it. The figures are certainly looking a lot different than what it was at barely three weeks ago, and XRP holders are getting the best of it yet.
Ethereum hasn’t dropped so much and is still very much in the correlation zone. Litecoin and BitcoinCash have not been experiencing the same luck, but their charts still maintain the bullish positions for now.
Key Notes For Today
- Bitcoin has been sitting comfortably around $63 - $64,000
- Ethereum has spiked above $2,325
- Ripple has dropped 2.4% in the last 24 hours and stands at $1.70
- Litecoin is still around $263 after opening at $262
- BitcoinCash made a rebound to $788 after a correction at $824
