Bitcoin / US Dollar
After correcting during the previous week, Bitcoin rebounded during the weekend and reached $34,300 today. As we have stated in previous articles, the $30,000 price level was important for the current trend as many institutional investors have entered the market around this level and they won't "touch" their positions until there are more serious reasons than a small price fluctuation.
The $30,000 support level proved to be the first resistance in the bearish market and cleared the market from investors that want to have cash in the hand, to exploit any other undervalued coins in the crypto market. The first goal in the current situation for reverting the bearish trend is the $36,000 point, which was the previous compression price level. The previous point will the first step for the market to try to create a new bullish market that will reach new all-time high levels.
The next trend is vague on what it will be as there no current signals that indicate that the price will turn bullish or bearish during the next days. The next days will give a clearer view of what we should expect in the next period and what forces will be dominant in the market.
The trading volumes have been lowered since the last week, indicating that the investors are looking for the next trend to be established to move their capital along. The moving averages are at bearish positioning, meaning that there is a need for further uptrend that will bring positive vibes to the market.
In the short-term diagram, we have entered the $30,000 zone and above, indicating that there is more market depth creating in those levels. The more market depth is created, the higher probabilities we have to see new all-time high levels in the next period. As we stated above, the $30,000 zone will be tested soon and it will determine the short-term future for the Bitcoin market.
Indicators
MACD index has started to recover, showing that the positive momentum is trying to get back in the market to create a bullish potential for them. The RSI index is moving between values 50 and 55, indicating that the price stability has a positive outlook for the future.
Ethereum / US Dollar
Ethereum is reaching its all-time high levels, landing above $1,400. Its first effort to break its all-time high-level last week was unsuccessful as the price corrected around $1,100. The second effort seems to be more successful but we will see if the trend could be established at those high levels.
Reaching its previous all-time high level was a major goal for Ethereum as it can match Bitcoin in terms of success and investment picking when it comes to all-time returns. The independence from the Bitcoin trend will give Ethereum a positive run in the short-term future, showing that there is independent momentum that will bring over-returns in the market and drive the price to new levels.
The trading volumes have made a small surge during the last days, indicating that there is interest in the market that could be capitalized in the charts. The moving averages are at bullish positions, indicating that Ethereum has achieved to stay on the bullish path, without any severe changes in the market structure.
Indicators
MACD index is gaining more field since the weekend, indicating that the positive momentum can come back in the market and continue the bullish trend. The RSI index climbed around 65, indicating that there is potential in the market for a further uptrend shortly.
Ripple / US Dollar
Ripple's price remained on the same spot for another day, around $0.27, indicating that the fundamental crisis has not passed yet. Any decisive move in the coin will be held if there is a change in the status that has been formatted since the SEC's decision to press charges against Ripple's founders for "illicit financing and fraud against investors".
As we have mentioned in previous articles, the price won't establish a new trend and will follow a stable trend until there is a resolution, positive or negative, in the case. A definite answer, in this case, will enable the market to look better in the situation and extract the new valuation for the coin. The stability is also a product of liquidity loss, which is derived from several exchanges' decision to halt Ripple trading from their platforms.
We look forward to the news that will enable us to see the market with new eyes as the trading volumes have remained on the same level, without any surprises. The moving averages are close enough to create more crosses in the future, without any meaning at this point.
Indicators
MACD index is moving every day towards the zero lines, indicating that there is no momentum in the market and the value will reach 0 soon. The RSI index is adding some more pessimism in the analysis as the projected stability in the current situation has a negative outlook for the next period.
Litecoin / US Dollar
Litecoin is making a rebound move, after touching the $130 support level and following Bitcoin's trend. The price reaches $145, trying to reach the previous compressing point, just like Bitcoin. The previous compressing point around $150 will be the starting point for a new bullish trend.
We expect Litecoin to continue its pair with the Bitcoin trend and establish a stronger relationship with the pass of time. These expectations will bring Litecoin as the identical altcoin in the crypto market for Bitcoin, creating new supporters during the bullish phase and a first-liquidator in a bearish situation.
The trading volumes have remained at low levels, indicating that the current try is weak and can't bring new standards in the market but there are more to be done here. The moving averages are at bearish positioning, showing that there is more to done for a positive reversal.
Indicators
MACD index is trying to recover since the last correction but this needs to be accomplished in the next few days as the bears are ready to return and the situation is fragile. The RSI lays around value = 50, predicting that the price will remain on the same level for the next period.
Bitcoin Cash / US Dollar
Bitcoin Cash is trying to copy Litecoin's moves as it hit a local bottom around $420 and recovers at $460 today, bringing hopes in the market that a new bullish trend will emerge. The fact that the compression price is a little bit far from the current point, laying around $500, is a bearish signal. The bearish signal is that Bitcoin Cash is particularly weak to capitalize on the bullish rebound that the market is trying to impose at this moment.
If the trend continues at the same pace, we expect Bitcoin Cash to make small moves towards the compression point, creating a small margin value in the holders. The trading volumes have remained at stable levels while the moving averages are at bearish positions, confirming the above situation description.
Indicators
MACD index lays in the negative field, indicating there is a need for further uptrend shortly for reversing the current situation while the RSI index lays around value = 50, showing a stability trend in the next period.
Correlations
Bitcoin / Ethereum = 0.01 (- 0.50), Bitcoin / Ripple = 0.74 ( 0 ), Bitcoin / Litecoin = 0.85 (+ 0.20), Bitcoin / Bitcoin Cash = 0.57 (- 0.05)
The correlations have moved in different directions, showing that the market will not move in the same direction if there is a decisive move in the Bitcoin market that will shape the next trend. The most exciting and unexpecting part of the current trend is that Ethereum has gained complete independence from Bitcoin's trend, showing that reaching new all-time high levels has brought new vibes in the market structure. Litecoin has built a stronger correlation with Bitcoin, trying to depict the same momentum in its market. Ripple's inactivity has sustained its correlation in the same levels. On the other side, Bitcoin Cash has sustained its medium correlation and shaping a milder trend in its market.
Key Notes For Today
Bitcoin climbed at $34,300, creating a rebound trend from the $30,000 local bottom
Ethereum reaches its all-time high levels around $1,400
Ripple remained at $0.27
Litecoin made small steps at $145
Bitcoin Cash made small steps at $460
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Remitano. Every investment and trading move involves risk, you should conduct your own research when making a decision.
