Bitcoin / US Dollar
Following the massive rally up by the bulls to new all-time highs at $69,000, the bears attempt to reassert their hold on the market, and this is reflected by a 3-day increase in selling volumes which have resulted in the fall of the Bitcoin price.
As of the 11th of November, the bears took charge of the market with increased selling volumes, resulting in a drop of 0.16% in the last 24 hours, bringing the price to $64,809. We expected the recent sell-off as individuals wanted to secure profits, and the bears were seeking control, leading to several panic sales by retail investors. Currently, the BTC bulls aim to make the $64,000 mark the level of support; however, they will have to seize control from the bears to achieve this.
On the 12th of November, we saw an increase in the buying volume. However, the candles show the volume is not enough as the candle is barely significant. Currently, the Bitcoin price stands at $64,810. However, price change stands at a break-even (+0.00%).
With the recent volatility in the market, many individuals suspect we have just seen the top of the market; however, historic data suggests that this bull run could be slowing down in late December. With that said, we can expect the bulls to rally up to challenge the $70,000 price mark and move towards the $100,000 price tag by the end of the year.
Indicators
After Bitcoins creation of a new all-time high, the indicators show the recent sell-off, which began as individuals took out a profit. The relative strength index clearly shows the reduction in the buying pressure of the Bitcoin market, and as of the 11th of November, the relative value stands at a value of 59. With the bears currently in control of the market, the next few days will determine if they can sustain the negative momentum or if the bulls will shift the market in their favour.
As expected, the relative strength index on the 12th of November remains stable with a value of 59, showing the break-even nature of the market as of the writing of this price analysis.
The MACD over the last few days portray a market in an overall bullish scenario as it places over the zero line. However, it also depicts the recent bearish action on the market as indicated by the reduction in the bullish hold on the market.
Ethereum / US Dollar
Similarly to Bitcoin, Ethereum also experienced a correction since achieving new all-time highs as individuals took out profits, and the bears seized the opportunity to attempt a momentum shift.
As of the 11th of November, the Ethereum bulls has been able to recover from the attempt by the bears to crash the price, which is shown by an increase in the buying volume, meaning individuals utilized the bearish action as an opportunity to accumulate more ETH. Currently, ETH stands at $4,743, which translates to an increase of 2.41% in the last 24 hours. Therefore, we can say that the bulls are keeping alive their hopes of hitting the $5,000 price mark over the next few weeks.
On the 12th of November, the bulls continued increasing buying volumes, resulting in price growth of 0.50% to $4,745. The $4,800 mark acted as the previous point of rejection by the bears. Therefore, we can see the bulls maintaining the positive momentum to get past that level on their way to $5,000.
Indicators
The relative strength index reflects the sell-off as individuals took out profits. However, the RSI on the 11th of November stands at a value of 64 while recovering from the sell-off. With the current RSI placing above the 50 mark, there is still a bullish sentiment in the market.
On the 12th of November, the relative strength index stands at 65, correlating with the gradual influx of buyers into the ETH market; therefore, we expect the bulls to rally up and challenge the $5,000 in the next few weeks.
The MACD, in correlation to the relative strength index, shows a market well in the control of the bulls, providing a positive outlook to the market.
Ripple / US Dollar
The bears attempted to get control over the Ripple market. However, the wicks above the red candle of the 10th of November show the bulls resist the downward momentum initiated by the bears. This bullish action continues to the 11th of November, increasing buying volumes to raise the ripple price by 2.83% to $1.22. However, the long wicks on the green candle signify that the bears attempt to prevent price increase. Therefore, $1.30 remains a price target for the bulls.
On the 12th of November, we see that the bullish momentum on the previous day ended in a rejection by the bears, who began a downward momentum in the market resulting in a price drop of 0.76% in the last 24 hours to $1.20. With the bears in current control, we suspect their aim is to crash the XRP price below $1.20, devastating the bulls' attempt at $1.30.
Indicators
As of the 11th of November, the relative strength index of Ripple remains in the positive zone (above 50) and is making a recovery from the sell-off experienced on the previous day. Currently, the relative strength index has a value of 58, indicating buys coming into the market.
In correlation to the selling action seen in the market on the 12th of November, the relative strength index falls to a value of 56.
However, the MACD maintains that the bulls are still in control as it places above the zero line, confirming the positive outlook of the token.
Litecoin / US Dollar
Following the massive bull rally, the bears on the 10th of November attempted to bring the prices back down. However, wicks above the candle show the bulls rejecting the movement. On the 11th of November, the bulls attempted to capitalize on their previous momentum, signified by the increased buying volume, and this led the Litecoin price to a 0.94% increase in the last 24 hours, bringing the LTC price to $262 per coin amidst attempts by the bears to prevent upward movement.
The bulls are seen to continue their rally on the 12th of November as the LTC price is up 4.51% in the last 24 hours to bring its price to $274 per coin. However, the wick above the candle suggests the rejection of the LTC price from the $280 mark by the bears.
With this growth, the Litecoin price is now up 31.19% in the last seven days, making it one of the best-performing assets of the week.
Indicators
The relative strength index remains dangerously within the overbought area (above 70) with a value of 76. Therefore, caution should be taken by individuals entering the LTC market at this point as it is primed for a major sell-off.
In correlation to the price and volume growth seen on the chart, we see the relative strength index increase to a value of 78, indicating more individuals are buying into the overbought market despite the risk of a major sell-off occurring.
The MACD, in correlation with the relative strength index, places the bulls in firm control of the market, providing a positive outlook for the market
Bitcoin Cash / US Dollar
Following a bull rally on the 9th of November, the bears have since suppressed the action in an attempt to gain control of the market. On the 11th of November, we saw the bulls attempt to restart the positive movement by increasing buying volumes which saw the Bitcoin Cash price rise by 1.98% to close at $676 per coin. However, the 12th of November shows the bears leading the market with a drop of 0.85% in the last 24 hours to place the BCH price at $670 per coin.
With the market still being in its early hours, the bulls are not out of the race to assert dominance over the market. However, Bitcoin Cash has remained bullish, with a 10% increase in the last seven days.
Indicators
The relative strength index depicts the volatility seen in the BCH market over the last few days, with the bulls putting an end to the sell-off seen on the 10th of November. Followed by a mild buying action. However, as of the 12th of November, the RSI reflects the early start of the bears to gain control over the market with a value of 59.
The MACD, however, still depicts a market in firm control of the bulls.
Cardano / US Dollar
The bears had a lot of hold on the Cardano market for an extended period before the bullish rally up. However, From the above chart, we can see the bears slowly gaining control over the market. On the 11th of November, ADA experienced a 0.97% price drop to close at $2.07, while on the 12th of November, we can see a further 1.07% fall in the price to bring the ADA price down to $2.05 per coin. These series of losses have reduced the weekly gain to a mere 2%, and the ADA price trading below the 50-day moving average of $2.12, illustrating the bearish action in the short term.
The next few days remain crucial in determining if the bears have reclaimed dominance over the ADA market.
Indicators
From the above chart, we see the relative strength index with a value of 49; falling short of the 50 value mark indicates the dominance of selling over buying in the ADA market. If the bears sustain the sell-off momentum, we expect the relative strength index to fall well into the sell region, which also signifies an opportunity to accumulate on Cardano.
The macd still places below the zero line, which shows long term control the bears had on the market; however, the histogram depicts recent attempts by the bulls to flip the market in their favour.
Dogecoin / US Dollar
Following the downtrend experienced in the previous weeks, the bulls attempted to create momentum to gain control of the market; however, this was stopped by the bears.
Over the last two days, we see the bulls creating momentum, evidenced by the consecutive increase in buying volume. As of the 12th of November, the Dogecoin price stands at $0.26 per coin, translating to a 24-hour price gain of 0.81% and a seven-day change of -0.45%.
Indicators
From the above chart, the relative strength index shows that the increase in buying volume seen over the previous two days have caused the RSI to increase to a value of 50, bringing it away from bearish control and signifying the increasing buying in on the market.
The macd places above the zero line, which means that the Dogecoin market still has a bullish outlook. However, the histogram reflects recent bearish action in the market.
Correlations
- Bitcoin / Ethereum = 0.87
- Bitcoin / Ripple = 0.85
- Bitcoin / Litecoin = 0.77
- Bitcoin / Bitcoin cash = 0.81
- Bitcoin / Cardano = 0.86
- Bitcoin / Dogecoin = 0.65 ## Keynotes for today
- Bitcoin falls below $65,000 and currently stands at $64,810.
- Ethereum bulls aggressively challenge the bears, and the ETH price currently stands at $4,745.
- Ripple falls to $1.20 per coin.
- Litecoin bulls maintain momentum, increasing 4.51% to $274 per coin.
- Bitcoin Cash falls to $670 per coin.
- Cardano falls below its 50-day moving average, standing at $2.05 per coin.
- Dogecoin bulls still struggle to get control of the market. Doge currently stands at $0.26 per coin.
