On the 17th of December, we see the bears capitalising on their bearish momentum as they have sustained the selling pressure. However, the wicks above the candle show that the bulls had the initial push, while the bears orchestrated a pushback, leading to market dominance. On this day, the Bitcoin price opened at $47,634 per coin, and due to the 1.34% price drop seen so far, the Bitcoin price currently stands at $46,993 per coin. The market's highest and lowest price points obtained so far are $48,000 and $46,950, respectively.
Indicators
The above chart shows that the relative strength index on the 16th of December fell to a value of 37.60 from a previous value of 40 on the 15th, indicating increasing selling pressure.
On the 17th of December, the continued selling pressure seen in the market has resulted in the relative strength index falling to 36.43.
Both values fell below the 50 mark and continuously fell, indicating the growing dominance of the bears in the market.
The MACD across the last two days is placed below the zero line, indicating the bears' dominance in the market. However, the histogram illustrates reduced presence as the bar has flattened with the zero line.
Ethereum / US Dollar
Like Bitcoin, Ethereum started the 16th of December with a bullish action as indicated by the long wick above the candle to the respective day; however, the bears flipped the market and turned bearish resistance into momentum. The Ethereum price opened at $4,021 per coin, and as the momentum of the market increased, the bear inflicted a 1.60% price drop to bring the ETH price to $3,957 per coin. The highest and lowest price points obtained in the market during the day are $4116 and $3,952, respectively.
On the 17th of December, the Ethereum bears sustained their selling pressure, resulting in the ETH price dropping by 1.61% to stand at $3,893 per coin. As with the events of the last day, the current momentum comes from the bearish flipping of bullish momentum. However, with so much time left in the day, the ETH bears might increase their dominance while the bull could buy in the dips to provide suitable resistance in the market.
With the record from the last two days, we can see that the ETH prices trade below the 50-day moving average of $4,336, illustrating the bearish downtrend seen in the market.
Indicators
Due to the bearish action across the last two days, we see the ETH relative strength index fall showing generalised selling off in the market and increasing bearish dominance.
On the 16th of December, bearish momentum seen in the market resulted in a value drop to 44 from an initial of 45. While on the 17th of December, the continued bearish action saw the relative strength index fall to 43.
The ETH market remains in bearish dominance, with both values falling below the 50 mark.
From the indicator chart, the MACD is still placed in bearish zones as indicated by placing below the zero line; however, the histogram shows reduced bearish intensity, which signifies the bulls actively resisting the bearish momentum.
Ripple / US Dollar
With the continued bearish action on the overall market, the XRP price has not made a significant bullish push towards its 50-day moving average of $1.02, indicating increasing bearish action.
From the above chart, we see that on the 16th of December, the bears flipped a bullish push and gained market dominance, therefore, putting an end to the bullish action seen across the previous days. We see increasing selling volume on the chart, which translated to a 2.75% price drop to bring the Ripple price to $0.805 per coin. The highest and lowest price points obtained through the day are $0.836 and $0.803, respectively.
On the 17th of December, we see the bulls initiating a pushback, as indicated by green candles. The wick above the candle shows that the bears are resisting further price growth, and with so much time left in the day, the bears might have a chance to gain control.
From the chart, the XRP has experienced a 1.28% price growth to bring its price to $0.815 per coin in the last 24 hours. The highest and lowest price points stand at $0.832 and $0.802, respectively.
Indicators
On the 16th of December, the bearish pushback resulted in the relative strength index falling to 37. While on the 17th of December, the bullish attempt at restarting their momentum has resulted in a rise of the relative strength index to 38.
Despite this increase in the relative strength index across the last two days, the overall value stands below the 50 mark, indicating that the bears maintain superior strength in the market.
The MACD, in correlation to the negative momentum seen in the market over the last few weeks, still is placed below the zero line confirming the overall bearish dominance of the market. However, we can also note that consecutive bullish action has resulted in a deflection to the upside; the MACD might go even higher with sustained bullish action. In correlation to the recent MACD deflection, the histogram indicates a growing bullish presence in the market.
Litecoin / US Dollar
The Litecoin market still trades below the 50-day moving average of $200, and this is due to sustained bearish presence surpassing bullish action in the market. Therefore the overall Litecoin market remains in a downtrend.
On the 16th of December, we saw increased selling action in the market as indicated by increased sell volumes, resulting in a 3.16% decrease to bring the LTC price to $148 per coin. Today's highest and lowest price points are $156 and $148, respectively.
On the 17th of December, we see the bears continuing the momentum by flipping an initial bullish action, resulting in a price drop of 1.55% to bring the Litecoin price to $146 per coin. With so much time left for the bulls to flip the market, the highest and lowest price points achieved so far in the market are $150 and $146, respectively.
Indicators
With the bearish action on the 16th of December, the Litecoin relative strength index fell to 36.29, reflecting increasing bearish selling against a reducing buying pressure. With the continued bearish momentum on the 17th of December, the relative strength index has fallen to 35.45. Before the bulls can effectively gain control of the LTC market, they would be required to flip the market momentum and take the relative strength index value back above the 50 mark, and the bulls can achieve this with a massive bullish rally.
The MACD from the above chart is still placed below the zero line due to the overall dominance of the bears in the market for an extended period, providing a negative outlook for the LTC market. However, the histogram shows that the bearish intensity in the market is decreasing each new day, which can mean an increasing bullish presence in the market. Therefore, sustained bullish pressure can see the histogram flip to the positive zone.
Bitcoin Cash / US Dollar
As with most cryptocurrencies, the Bitcoin Cash maker has experienced two consecutive days of bearish action. On the 16th of December, the Bitcoin Cash price fell by 2.11%, resulting in a closing price of $438 per coin. As with several other cryptocurrencies, the bearish action responded to an initial bullish move at the beginning of the day. The highest and lowest prices achieved during the day are $454 and $437, respectively.
On the 17th of December, we see the bears sustaining their dominance of the market so far, and this has resulted in a 1.79% price drop, bringing the Bitcoin Cash price to $430 per coin. As of the writing of this piece, the highest and lowest levels achieved so far are $441 and $430; however, with so much time left on the clock, these values are subject to change depending on which party becomes the dominant force.
With both values trading below the 50-day moving, the Bitcoin Cash market remains down over the mid-term.
Indicators
As a clear reflection of the market momentum across the last two days, the relative strength index shows increasing bearish selling against buying by the bulls as they both stand below the 50 mark, and RSI values of 35 and 34 indicate this the 16th & 17th of December respectively.
The MACD line is placed below the zero line, correlating with the overall bearish dominance of the market; however, it has flattened out over the last few days. To understand the reason for this, we see the Histogram portray a consistent reduction in the bearish intensity in the market. Nevertheless, the overall Bitcoin Cash market maintains a negative outlook.
Cardano / US Dollar
From the 50-day moving average in the above chart, it becomes increasingly apparent that the Cardano market is on a downtrend. It consistently creates lower lows and lower highs over an extended period.
On the 16th of December, we see that the bears solidified their hold on the market, influencing a 5.48% price drop to bring the ADA price to $1.239 per coin. The wick above the candle suggests that the bulls attempted to continue their previous day's momentum. Still, resistance by the bears turned into momentum significant to flip the market in bearish favor. The highest and lowest price points achieved are $1.331 & $1.235, respectively.
On the 17th of December, we see a struggle between the bulls and bears for market supremacy, as indicated by the wick above the red candle, which means the bears flipped an initial bullish action. Still, with the resistance from the bulls to a further price drop, the loss has been reduced to 0.23% to bring the ADA price to $1.236 per coin in a market whose outlook for the day is not confirmed. As of the writing of this piece, the highest and lowest price points achieved are $1.258 & $1.233, respectively.
Indicators
As a reflection of the bearish dominance of the market across the last two days, we see the relative strength index fall to 35.80 & 35.70 on the 16th and 17th of December, respectively. However, with the bearish activity not being significant enough on the 17th of December, the RSI is still open to change depending on what party becomes dominant.
Due to the extensive bearish action seen in the ADA market, the MACD is placed below the zero line; however, we see a deflection to the upside, which corresponds to the histogram’s portrayal of increasing bullish presence in the market.
Dogecoin / US Dollar
Since its rejection on the 14th of December, the Dogecoin price over the short term has been in a downtrend with consecutive bearish action across the last few days.
On the 16th of December, we see the Doge price fall by 4.36%, bringing the Dogecoin price to $0.173 per coin.
On the 17th of December, we see the bears attempt to capitalise on the previous momentum, which has resulted in a 0.58% price drop to bring the Doge price to $0.172 per coin. The highest and lowest price points seen so far are $0.176 & $0.172, respectively.
Indicators
As a reflection of the bearish action across the last two days, the Doge relative strength index is down on the 16th & 17th of December but remains relatively stable at a value of 40. With this value below 50, the bears remain the dominant force.
The MACD shows a deflection to the upside, which correlates to the histogram depicting a growing bullish presence.
Correlations
- Bitcoin / Ethereum = 0.87
- Bitcoin / Ripple = 0.74
- Bitcoin / Litecoin = 0.89
- Bitcoin / Bitcoin cash = 0.87
- Bitcoin / Cardano = 0.86
- Bitcoin / Dogecoin = 0.82
Keynotes for today
- Bitcoin stable below rejected from $50,000. Current price at $46,993 per coin.
- Ethereum at $3,893 per coin.
- Ripple at $0.815 per coin.
- Litecoin at $146 per coin.
- Bitcoin Cash at $430 per coin.
- Cardano at $1.236 per coin.
- Dogecoin at $0.172.
