Bitcoin / US Dollar
Price Analysis
Price Analysis : The bulls start to run in the BTC market, will they make the market run with them?
The price broke out of the small parallel channel between $11,200 and $11,500, landing at $11,800. This breakout enables the market to continue the bullish trend and establish new high levels in the next period. We have to remind ourselves that the previous high for 2020 was around $12,400, just $600 below the current price. This means that a bullish trend might end to reach 2020 high and correct again for psychological reasons. It is possible for the price, after reaching the $12,400 to correct again before entering the new phase of development.
We are optimistic in this part as we can see that Bitcoin has set the pace in the crypto market for the new bullish trend. The market will help Bitcoin to attract more interest while it could be developed along with it. The shaped situation in the current form shows us that Bitcoin could be completely independent of the rest of the market and define the market dynamics. The next days will determine if the entire market will move towards a bullish trend or Bitcoin will shine by itself on the boards. Of course, everyone in the market is looking at the $12,000 point and if Bitcoin will reach them
The trading volume was at the same levels as the previous positive days, showing that a steady amount of investors are flowing on the market as new entrants or as investors that increase their positions in the market. The moving averages are way apart from each other, showing that the market momentum is bullish and growing.
In the short-term diagram, we can observe that the market is on the bullish momentum for at least 3 weeks, with small stops and steps during this period. A typical bullish trend has always corrections on the process and we believe that there would be steps for achieving new high levels in the market.
Indicators
MACD index starts to rise again, showing that the momentum in the market is still vibrant and well-formed, enabling the price to gain more and more field every day. On the other hand, the RSI index has reached almost value = 70, which is just a step before entering the "sell" zone, indicating a potential correction in the next days if the price continues to climb at this pace.
Ethereum / US Dollar
Price Analysis
The price continues to correct today, reaching $370. This means that Ethereum could not follow Bitcoin in the market trend, creating doubts about how Ethereum will manage to reach the previous bullish levels and build the price above them. It is possible for the current period, there might be a delay in the market dynamics and how Ethereum's price is formed. This time, we believe that the market will follow but there is no technical indicator to support this statement. As we have highlighted several times during the last days, if Ethereum's price didn't manage to rise to $390 or $400 in a couple of days, it would be very difficult to say that it is back on the bullish trend.
The trading volumes are shrinking during the last days, which is a bearish signal, showing that the price might be overvalued and not attractive for many investors to dive into the market. The moving averages have a difference of 12 points between them, so a further drop in the price might spark a bearish signal from the technical indicators. This signal could affect the market in negative ways but it could also be a fake signal if the market starts to implement bullish elements from the Bitcoin market.
Indicators
MACD index remains on the positive side but the chances are that it will flip on the negative side if the price continues to drop in the next days. The RSI index dropped at value = 50, indicating that this moment is crucial for the Ethereum market as it will choose the proper direction for the next period.
Ripple / US Dollar
Price Analysis
The price remained stable at around $0.24, showing no evident effect from the current Bitcoin's bullish trend. The support level at $0.24 proved to be strong enough for not letting the price slip further and establish a current level of trendsetting in the market. Even if there is a delay in the market, we believe that the price should climb up to $0.26 to be considered to join the bullish market again.
The market, like the majority of the rest cryptocurrencies, has significantly lower volatility levels comparing to the previous bullish period. If we are going to enter a new bullish phase, the volatility will play a critical role in price development. More volatility will mean more activity in the market and possibly more buy and sell activities.
The trading volume is moving at low levels, showing that the investors wait for something to happen to enter the market again. The moving averages are about to cross and probably will during the next days. This could mean that the market will face a turning point that might occur as a fake signal for the market.
Indicators
MACD index moved to the negative zone, indicating a further deepening in the bearish momentum. The RSI index has its ups and downs, landing at value = 46, which indicates a stability period for the next days.
Litecoin / US Dollar
Price Analysis
The support level at $47 was activated and it held the price at this level for some days. The expected support from the market is a positive signal as it didn't reach lower levels around $45 - $46. This support level could be the starting point for a bullish trend along with Bitcoin's trend. The first point for going back to the bullish market is to break the $50 point and starts to climb again to previous bullish levels.
The trading volumes have not any significant traction for the last days as the investors want to wait for the next boom. The moving averages have started to bend to each other and will form a reverse "Golden Cross", activating different reactions from market investors.
Indicators
MACD index hit the value = 0, showing that any momentum in the market has been disappeared and the next move will probably lead the price to lower levels. On the other hand, the RSI index moved to value = 46, showing relevant stability for the next few days.
Bitcoin Cash / US Dollar
Price Analysis
The $250 point broke down during today's session, indicating that the market has not stabilized yet at a certain support level. We are not certain if the next support level will be around $225, the previous long-term support level, or it would be affected by market dynamics and change direction again. We expect Bitcoin Cash to follow the rest of altcoins by reaching $265 at a first point and developing further for entering a new bullish period.
The trading volume is not sufficient for turning the market up while the moving averages are moving in parallel positions, indicating a stable outlook in the upcoming period.
Indicators
MACD index has started to decrease and the two lines will probably cross each to change the momentum tracker in the market. On the other hand, the RSI index has moved towards value = 50, showing that the market has no specific direction at this point.
Correlations
Bitcoin / Ethereum = 0.91 (- 0.01), Bitcoin / Ripple = 0.34 (- 0.13), Bitcoin / Litecoin = 0.71 (- 0.11), Bitcoin / Bitcoin Cash = 0.87 (- 0.04)
The correlations start to drop after the Bitcoin price's surge and the fact that no other coin followed it. This delay could end up against Bitcoin price's development as the market will not support further positive action. Being the lonely star in the crypto market will make Bitcoin to carry the investors' hopes for more profits and returns during the next period. Ethereum and Bitcoin Cash have remained on the strong side of the correlations while Litecoin has dropped in the "medium" category for correlations. Last but not least, Ripple has dropped, even more, getting closer to the 'low' correlation category, showing that its relation with Bitcoin continues to fade out.
Key Notes For Today
Bitcoin re-enters the bullish market, aiming for higher price levels
Ethereum corrected even more
Litecoin, Bitcoin Cash, and Ripple stay stable, looking for new dynamics in the market
Comments (8)
Guest
lorettachinasa
6 years ago
Bitcoin has started the bullish run.
It's price will increase considerably
Bitcoin as the King of crypto making the bull run, others will follow suit as it all happen
ugospecial
6 years ago
BITCOIN PRICE ANALYSIS: Bitcoin broke out between $11,200 and $11,500, reaching $11,800, thus allowing the market to keep on in it's bullish trend thus establishing a new high level in the next period, a bullish trend might end reaching 2020 high wich is $12,400 and correct again before a new face will be entered. Bitcoin price has set the pace and it's market attracting more interest, BTC is independent and defines the market dynamics and could move towards a bullish trend.
ETHEREUM PRICE ANALYSIS: Ethereum price leaped correcting itself reaching $370, indicating it could not follow BTC price market price creating doubts about how ETH could reach the previous bullish level and building price above them, if Ethereum's price didn't manage to rise to $390 or $400 in few days, it would be very difficult to say it is back on it's bullish trend. ETH price might be overvalued in the market and not attractive for many investors to enter, thus may affect it in a negative way but could also be a fake signal if the market starts to implement a bullish sign from Bitcoin market.
RIPPLE PRICE ANALYSIS: Ripples price is still stable around $0.24, showing no effect from current BTC bullish trend. $0.24 support level seem to be strong not letting price to slip more establishing a current level of trend setting in the market, Price is believed to climb up to $0.26 joining the bullish market again. Ripples market has significantly lower volatility levels compared to the previous bullish period and the volatility will play a critical role in price development if a new bullish market is attained, more volatility in the market equals more activity and more buy and sell activities.
LITECOIN PRICE ANALYSIS: Litecoin price support level at $47 was activated wich held it's price at same level for some days, this is a positive signal as it didn't reach lower levels around $45 - $46 that could be a breaking point for a bullish trend along with Bitcoin's trend. Litecoin going back to it's bullish market is to break $50 point and start climbing to previous bullish levels.
BITCOIN COIN CASH: Bitcoin cash price has not yet stabilised itself at a certain support level shown by BCH at $250 point, it is not certain if it's next support level will be $225, (previous long-term support level) or if it could be affected by market dynamics and change direction. It is expected to reach $265 at first point, developing further to enter a new bullish period.
amacy
6 years ago
Bitcoin is really exhibiting a form of bull inflation following the increase in the stock exchange
whenayon
6 years ago
The Bitcoin price broke out from $11,500 and it landed at $11,800. This breakout helps in the continuation of the bullish trend. We should be expecting the establishments of new high levels in the next period.
In 2020 the highest bitcoin has gone is $12,400,and the current price bitcoin price is closer to the $12,400 resistance, there is a posibilty that the price will still get there. This means that a bullish trend might start to reach 2020 AT high and correct again for psychological reasons. It is possible for the price, after reaching the $12,400 to correct again before entering the new phase of development.
Investors are looking at the $12,000 point for bitcoin to reach in the next few days
The trading volume are still in a steady move just like the levels of the previous positive days, showing that a steady amount of investors are flowing into the market as new entrants or investors.
freshprinx
6 years ago
In other news, a survey by Statista shows that only 7% of Americans have used or owned Bitcoin (BTC).
This figure is far less than Nigeria where the penetration rate is 32%, but also higher than Germany and Japan. This shows that the asset class has a long way to go before it can truly become a ‘mainstream’ currency.
Currently, the bearish sentiment that dominated the markets for the past month appears to be alleviating as Bitcoin price moves closer the the $12K level.
Let’s study the charts of the top-10 cryptocurrencies to spot the ones that may perform well in the short-term.
BTC/USD
Bitcoin (BTC) has risen to the resistance line of the ascending channel where it could face selling pressure from the bears. However, the upsloping 20-day exponential moving average ($11,201) and the relative strength index above 67 suggests that bulls are in command.
If the bulls can exploit this advantage and push the price above the channel, the up-move could pick up momentum and quickly rally to $12,048.05. A breakout of this level may challenge the yearly highs at $12,460.
However, the bears are unlikely to give up without a fight. They will try to stall the rally at the resistance line. If the price turns down from the current levels but stays above $11,500, then the BTC/USD pair could slowly grind higher inside the channel.
The first sign of weakness will be a break below $11,178, and the trend will turn in favor of the bears if they can sink the price below the support line of the channel.
ETH/USD
The bears could not sustain Ether (ETH) below the moving averages on Oct. 16 and 17. This attracted buying and the bulls will now try to push the price above the overhead resistance at $395.
The 20-day EMA ($368) has started to turn up slowly, and the RSI has risen above 57, which suggests that bulls are attempting a comeback.
If the bulls can push and close (UTC time) the price above $395, it will complete an ascending triangle pattern. This bullish setup has a target objective of $478, just below the 52-week highs at $488.134.
This positive view will be invalidated if the pair turns down from the current levels or from $395 and plunges below the uptrend line. Such a move could keep the pair range-bound between $308.392 and $395 for a few more days.
XRP/USD
Although XRP broke below the moving averages on Oct. 15, the bears could not capitalize on this advantage and sink the price to the bottom of the range at $0.2295. This suggests a lack of sellers at lower levels.
The bulls have currently propelled the price back above the moving averages. If they can sustain the higher levels, there will be another attempt to clear the $0.26 hurdle.
A breakout and close (UTC time) above $0.26 is likely to start a new uptrend that may reach $0.2905 and then $0.303746.
However, the flat moving averages and the RSI just above the midpoint suggest a balance between supply and demand. If the XRP/USD pair turns down from the current levels or $0.26, the range-bound action could continue for a few more days.
BCH/USD
The bulls have held the critical support at $242 for the past two days, and Bitcoin Cash (BCH) is now attempting to resume its up-move.
The upsloping 20-day EMA ($241) and the RSI above 58 indicates that the bulls are in control. The first target on the upside is $266.46, and if that is scaled, the up-move can reach $280.
However, if the bulls fail to push the price above $266.46, the BCH/USD pair could remain range-bound for a few days. A break and close (UTC time) below the moving averages will indicate weakness and could pull the price down to $200.
LTC/USD
Litecoin (LTC) has bounced off the uptrend line and the bulls will now try to push the price above the moving averages. If the buyers can sustain the price above the moving averages, a move to the overhead resistance zone of $51–$52.36 is possible.
However, the bulls are unlikely to have it easy as the bears will try to defend the moving averages. If the LTC/USD pair turns down and breaks below the uptrend line, a drop to $42 will be on the cards.
Currently, the flat 20-day EMA ($47.99) and the RSI at the midpoint suggests a balance between supply and demand. Hence, the price action could remain volatile for the next few days as both the bulls and the bears try to dominate proceedings.
A breakout and close (UTC time) above the resistance zone will complete an inverse head and shoulders pattern that may signal the start of a new uptrend.
exodusab
6 years ago
The price of Bitcoin (BTC) had to hold the crucial support level between $11,100-11,300, and it did. After this support test, the price of BTC continued to surge upward on Oct. 20, reaching the crucial resistance area between $11,900-12,200.
This upward move came along with weakness in the dollar, as the U.S. Dollar Currency Index (DXY) dropped substantially. A correlation that’s been effective throughout 2020 already.
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