From the BTC price across the last few days, we see that the market still trades well below its 50-day moving average of $49,607, confirming the downtrend in the market.
Indicators
Due to the bearish action over the last few days, we see that the Bitcoin market fell briefly into the oversold region as the asset's relative strength index fell below the 30 mark. However, the bullish action on the 8th and the start of the 9th of January, the relative strength increased to 29 and 31, respectively, and this has resulted in the Bitcoin market being brought out of the oversold market nevertheless, with the relative strength values across the last few days being below the 50 mark, the BTC market remains in a situation in which bearish selling surpasses bullish buying. Nevertheless, several individuals are utilising this opportunity to increase their asset holdings. With the bullish start to the 10th of January, we see the relative strength index increase to 31.20; however, this is subject to change with the market in its early stages.
Following the sustained bearish action, the MACD correlates to the relative strength index, confirming the market's negative momentum; however, due to the bullish action seen on the 8th and 9th of December, the histogram now portrays a market with reducing bearish activity.
Ethereum / US Dollar
On the 8th of January, we see that the ETH bears reestablished their momentum of the previous day, as indicated by increased trading volumes seen on this day. Due to the bearish action, the ETH market fell by 3.70%, translating to a price of $3,080 per coin, while the highest and lowest price points seen in the market stood at $3,247 and $3,000, respectively.
Following the bearish action on the 8th of January, we see that the ETH bulls are making a headstart on the 9th of January, influencing a 1.58% gain to bring the ETH price to $3,129 per coin. However, the market remains in its early hours; therefore, the above values highly depend on what party becomes the dominant force of the market. Already, we see a struggle between the bulls and bears for market supremacy, as indicated by the wicks above and below the candle.
From the chart, we see the bulls making an early move in the market, influencing a 0.49% increase, bringing the ETH price to $3,167 per coin. Though the market on the 10th of January is in its early hours, we can expect some volatility.
The above chart shows that the ETH market still trades below its 50 moving average of $3,978, effectively placing the asset in a downtrend..
Indicators
As we can expect, the bullish action on the 8th of January resulted in a fall in the relative strength index, bringing it further into bearish control with a value of 26, effectively placing the ETH market in an oversold scenario. However, with the bullish follow-up at the start of the 9th of January, we see the relative strength index rise to 28, indicating growing bullish activity in the market as individuals attempt to increase their Ethereum holdings. With the bulls beginning a move on the 10th of January, we see the RSI increase to 30.74, indicating gradual bullish entry into the market.
In correlation to the long-term outlook of the relative strength index, we see the MACD remains in bearish territory as it is placed below the zero line. At the same time, the histogram shows growing bearish activity in the market.
Ripple / US Dollar
On the 8th of January, the bears made an early move for market dominance as indicated by the wick below the candle; however, the wick also indicates bullish rejection to further price fall in the market. The wick above the candle shows that the bulls did get control of the market at some point; however, the bears resisted the bullish momentum, which turned into bearish dominance. Nevertheless, as at the day's closing, the Ripple price fell by 2.38% to bring its price to $0.744 per coin.
At the start of the 9th of January, we see the bulls attempting a rally up in response, influencing a 0.95%, bringing the Ripple price to $0.752 per coin. With the market still in its early hours, the highest trading price of $0.776, and the lowest trading price of $0.723, there is enough time for the momentum to shift in favour of either party.
Following the bullish close on the 9th, we see the bulls making an early move on the 10th of January, so far influencing a 0.48% increase to bring the Ripple price to $0.756 per coin. Despite this price increase, the Ripple market remains in a downtrend over the midterm, as indicated by the market trading below its 50-day moving average of $0.876.
Indicators
Following the bearish action on the 8th of January, the XRP relative strength index fell to 34, while the budding bullish momentum on the 9th of January has increased to 36. Despite this increase, the relative strength index is placed below the 50 mark, indicating the market's negative momentum, placing the bears in control of the market. With the continued bullish action as of the writing of this piece, we see the RSI on the 10th of January stand at 36.84 with the market in its early hours.
In correlation to the relative strength index, the MACD, which is placed below the zero line, indicates a bearish outlook for the market; however, the histogram below the zero line shows a reduction in the bearish activity seen in the market.
Litecoin / US Dollar
From the chart above, we see that on the 8th of January, there was a struggle for dominance in the market between the bulls and bears, as indicated by the wicks on both sides of the candle for the day. The candle shows a bullish start to the market; however, the bears rejected the LTC price from the highest trading price of $134. As a continuation of their resistance, we see the bears flip the market in their favour, with the bulls being only able to limit the loss of the respective day to 1.39%, bringing the lowest trading price points seen in the market to $125 per coin, and the Litecoin price to $129 per coin
On the 9th of January, the bulls are making an early move for market dominance, which has influenced a 1.13% growth in the LTC price, bringing it to $130 per coin. However, with the market still in its early hours, the bulls must sustain their momentum or lose ground to the bears, as seen on the previous day. As of the writing of this analytical piece, the highest and lowest trading prices seen so far stand at $131 and $128, respectively, with each being subject to change in the day.
The Litecoin market is seen to still be in a downtrend as it trades below its 50-day moving average of $163, and this is continued on the 10th of January as the LTC market though experiencing a 0.22% growth which brings the price of its asset to $131 per coin, still has not made a significant push to challenge the 50-day moving average.
Indicators
The bearish action on the 8th of January resulted in the LTC market falling into an oversold market (relative strength index below 30) as the relative strength index of the day stood at 29. However, the bullish action seen on the 9th of January has successfully gotten the LTC market out of the oversold zone. Despite the clear indication of bullish entry into the market, the LTC market remains under bearish control as the relative strength index is below the 50 mark. With the sustained bullish action seen in the early hours of the 10th of January, we see the RSI increase to 32, showing growing bullish activity. However, the market remains predominantly bearish as the RSI is below 50.
The MACD and histogram remain below the zero line, which confirms the bearish outlook for the market.
Bitcoin Cash / US Dollar
As with several crypto assets on the 8th of January, the Bitcoin Cash market also experienced bearish action, which saw its price fall by 3.27% to $372 per coin. The chart also shows the bulls initiated the day's momentum getting to trade at a daily high of $391, from which it was rejected as indicated by the wick above the candle. Following the bearish rejection, the bears succeeded in gaining market control. The wick below the candle indicates bullish rejection of further price drop, placing the daily lows at $361 per coin.
On the 9th of January, we see the bulls responding to the bearish movement of the previous, so far, influencing a price growth of 1.41% in the last 24 hours to bring the Bitcoin Cash price to $378. With the market yet to end for the day, we could see more volatility in the market. Nevertheless, as of the writing of this piece, the highest and lowest price points seen so far stand at $380 and $367, respectively.
On the 10th of January, we see the bulls attempting a headstart to control the market in its early hours. So far, the push has yielded a 0.20% growth to bring the Bitcoin Cash price to $377 per coin. However, with the market still in its early hours, we could see the market flip to favour the bears.
Indicators
As expected, the bearish action significantly affected the relative strength index, which saw the Bitcoin Cash market fall into the oversold region with a value of 27. With the bullish response on the 9th and 10th of January, we see the relative strength index increase to stand at 30, placing the market on the borderline between an oversold market (RSI of 30) and normal selling momentum.
We see the MACD fall further into the bearish region (below the zero line) in correlation to the RSI. This is correlated by the histogram, which shows increased bearish activity in the market.
Cardano / US Dollar
The ADA market remains well below its 50-day moving average, illustrating the downtrend the market has been on, and this is continued on the 8th of January, as the ADA market fell by 2.20%, bringing its price to $1.182 per coin with the highest and lowest price points achieved being, $1.254 and $1.126, respectively.
Following the bearish action of the previous day, we see the bulls dominating the market on the 9th of January as the ADA price is up by 0.57%. The price gain comes amidst a struggle between the bulls and bears for market dominance as the bears rejected the ADA market from its daily high of $1.997. In contrast, the bulls rejected the bearish attempt to crash the ADA price, placing the lowest trading price for the day at $1.147per coin.
From the chart, we can see that the bears succeeded in closing the 9th of January as the dominant market force; with this, we see the bulls attempting another move on the 10th of January, which has so far seen an increase of 0.59%, bringing the ADA price to $1.776 per coin. With the market still in its early hours, we could see the bears attempt to regain control of the market in the day.
Indicators
The relative strength index on the 8th of January fell to 38 due to the bearish activity seen in the day; however, the bullish momentum seen as of the time of writing of this piece on the 9th of January has resulted in the RSI increasing to 38.69. With time left in the market, we could see a shift in the market momentum. At the start of the 10th of January, the RSI has seen growth to 38.11, reflecting the response of the bulls to losing control of the market in the previous day.
Nevertheless, with the RSI across the last few days being below 50, the bears still dominate the market.
In correlation to the RSI, we see the MACD below the zero line, which means negative momentum in the market, and this is agreed by the histogram, which shows growing bearish activity in the market.
Dogecoin / US Dollar
From the chart above, we see that on the 8th of January, the Dogecoin bulls led the market; however, the bears rejected the price increase and gained control of the market, leading to the formation of the wick above the candle, indicating the highest price obtained for the day as $0.157 per coin. Following the success of the bears, the Dogecoin market fell by 2.64%, bringing the Dogecoin price to $0.151 per coin.
On the 9th of January, we see the bulls responding to the previous bearish momentum in a move that has so far resulted in a 1.52% increase to bring the Doge price to $153 per coin, with the highest and lowest trading prices seen so far at $0.153 and $0.148, respectively.
By the close of the market on the 9th, the bears snatched control from the bulls, and this has led to the bulls attempting to establish a hold on the market in the early hours of the 10th of January, influencing a 0.80% increase to bring the Dogecoin price to $0.151 per coin. However, the market remains in its early hours, and the bulls are not out of range for the bears.
Indicators
With the bearish action on the 8th of January, the relative strength index fell to 32; however, with the bullish response on the 9th of January, we see the RSI stand at 34. With the bulls losing control of the market in the closing period of the 9th and the bulls attempting to regain control on the 10th of January, we see the RSI rise to 33.38.
As the value of the RSI over these last few days remains below the 50 mark, there is a dominance of bearish selling against bullish buying at the time, showing scepticism in the market.
In a similar light to the RSI, we see that the MACD is still placed below the zero line, making a deflection to the downside. At the same time, the histogram is also placed below the zero line, confirming the bearish momentum seen in the market.
Correlations
- Bitcoin / Ethereum = 0.83
- Bitcoin / Ripple = 0.88
- Bitcoin / Litecoin = 0. 87
- Bitcoin / Bitcoin cash = 0.83
- Bitcoin / Cardano = 0.83
- Bitcoin / Dogecoin = 0.87
Keynotes for today
- Bitcoin at $41,986 per coin.
- Ethereum at $3,167 per coin.
- Ripple at $0.756 per coin.
- Litecoin at $131 per coin.
- Bitcoin Cash at $377 per coin.
- Cardano at $ per coin.
- Dogecoin at $ per coin.
