Bitcoin / US Dollar
Price Analysis
BTC price has not moved in a specific direction during the day, adding to the stability line, created during the last two weeks. This stability period is adding more compression and more power in the market, which will possibly lead to a new boom in the next period. As we have described many times in previous articles during the last month, the next goal for Bitcoin is to reach the $11,000 resistance level and break it.
If the price couldn't make to reach the above point, the bears will possibly take up the market and lead the price to lower levels. This scenario will be activated if the price dropped below $10,300 during the next days, leading to more liquidations from fearing investors. In the two scenarios, an important role is laid at the $10,500 point which will work as a resistance or a support level, depending on the activated situation.
We should highlight that the moving averages had crossed again in a two-days period, forming a reverse "Golden Cross", a bearish signal that should be taken into account at this moment for two major reasons. The first reason is that the consequential signals between moving averages are often misleading and don't lead in a certain direction in the upcoming days. The second reason is that the moving averages signals should be taken into account when there is enough volatility in the market to expect a "turn" in it. The stability season is leading to counter-initiative actions regarding the massive entering or positioning in the market.
In the short-term diagram, we can observe that the second compression in the market has been between $10,500 and $10,800, which indicates that a minor breakout will lead to a new bullish period during the next days. If there is an uptrend in the market, a "Golden Cross" will appear in the market, limiting down the previous signal from the 50-day and 200-day moving averages.
Indicators
MACD index has been steadily on the positive side, creating a small bullish momentum in the market that will be transmitted through the positions. The RSI index has been stabilized around value = 50, indicating that any move will direct the market towards any position that might affect the short-term future for the coin.
Ethereum / US Dollar
Price Analysis
The price has not moved in unpredictable ways as it didn't surpass the $350 descending support line, meaning that there is a major possibility for the cryptocurrency to break the line during the next days and pass on the bullish mode, along with the rest of the market. This trending line was predicting that the price will stabilize towards a declining equilibrium during the months included. Overcoming the trending line, the next stop for the price will be around $400, which was the major point for the previous bullish market. We believe that the next bullish market will start from $400 in order to close the uptrend cycle (recovering all the profits) and reach new highs above the previous one (around $480).
The $400 point was crucial for the Ethereum market as many moving averages crosses happened towards the current point. In the opposite scenario, the price will probably reach $320 in no time and there are hopes for more support levels during the descending line.
The moving averages have not crossed yet, creating a waiting period for many investors that want a more clear sign to enter the market and establish their positions in a certain direction.
Indicators
MACD index is still above the zero lines, indicating that the positive momentum in the market is slightly significant at this moment, with little effect on the price formation. On the other hand, the RSI index remained between values 45 and 50, indicating a stability period over the next days.
Ripple / US Dollar
Price Analysis
The only exception in the crypto market is Ripple, which made a breakthrough in the stable market and jumped a little around $0.25. This could be the first point for Ripple's bullish run as the market might spark the other markets to follow on and jump in new levels. The bullish situation must be supported by the corresponding trading volume, which is not visible in this period.
The continuation of the bullish period will be confirmed if the price reaches quickly the $0.26 point and build towards a more sustainable trending line. Given that the cryptocurrency is the first crypto that starts to rise, support from the rest of the market to establish its position. A "Golden Cross" was formed in the chart, creating bullish feelings in the market and possibly sparking the uptrend in the previous days.
A counter-action in the market trend (if the rest of the market doesn't follow) will lead to a price drop around $0.22, giving the opportunity to the market to hold back and gain more power for a future rise.
Indicators
MACD index is showing that the momentum is rising during the last days, increasing the possibilities for a general uptrend in the specific market. The positive signs are coming also from the RSI index, where the value jumped above value = 55, indicating the continuation of the bullish trend for the upcoming days.
Litecoin / US Dollar
Price Analysis
No severe actions took place in the Litecoin market as the price remained on the $46 point, just above the $45 support/resistance level, which lays as the upper line for the long-term support zone. The price was not affected by Ripple's rise and this could be a useful insight that we should take a closer look during the next days.
If the major altcoins in the market like Litecoin and Bitcoin Cash got affected by a major move in the Ripple market (which is not considered a power player in the crypto space), then in similar positions, we would be more conscious and ready to react. In this case, we should be bullish towards these coins and expect them to rise in similar positions and yields with Ripple.
The moving averages have not crossed yet and we believe that there is a severe possibility to happen over the next days, creating positive momentum in the market and possibly a bullish trend over that.
Indicators
MACD index keeps on rising during the last week, indicating that a positive move is on the road for Litecoin and we would see soon a positive breakout during the next days. The RSI index remains around value = 45, indicating stability during the next days but we believe in higher levels to be spotted in the near future.
Bitcoin Cash / US Dollar
Price Analysis
Like Litecoin, Bitcoin Cash remained on the same spot, around $220, creating a stable outlook for the cryptocurrency. The long-term support zone is holding around the $220 point, where it is the lower line of the support zone. This means that a break in this line would lead to consequential problems for the coin.
As we mentioned in the Litecoin section, we would like to see if the two coins will follow the Ripple rise during the next days. If this happens, we will document it as a possible outcome for the next cases. Above that, a "Golden Cross" appeared in the market, creating positive vibes and a potential uptrend like the Ripple's one. This could be an early signal for the upcoming trend and the follow up for the Ripple market.
Indicators
MACD index is still on the positive side, with no significant changes in the momentum trend. This is coming in contrast with the RSI index, where the values lay between 40 and 45, which is rather bearish, taking into account that these values predict a negative outcome.
Correlations
Bitcoin / Ethereum = 0.93 ( 0 ), Bitcoin / Ripple = 0.84 (- 0.07), Bitcoin / Litecoin = 0.89 (+ 0.01), Bitcoin / Bitcoin Cash = 0.85 (+ 0.01)
The correlations remained stable during the day, having no severe impact on the route for the majority of the cryptocurrencies. The only exception was Ripple, whose short-term rise was depicted in a different way, as the correlation was lowered regarding Bitcoin. The differentiation in the market correlations can be viewed as a positive signal for the market as the rise in one market might spark more markets to overcome the stability period and pass in the bullish mode again. The next period will determine if the prices will continue to rise and create a positive environment for the entire crypto market, with significant results in the investing community.
