Price Analysis: The positive outlook in the market was transformed into stability moves, waiting for the next period !!!

This day should be considered as a small win for the Bitcoin market as it started to move back to previous bullish fields. This shows that the market is trying to make another comeback in the bulls and deliver positive results on ongoing periods. Keeping a local high level for a long period could be tiring for the market and the investors as they see that there is not enough traction to drive the price at higher levels.

The next level at $14,000 is the next goal for the bullish market and if it's not achieved during the next period, we should anticipate a bearish reaction in the market. The bearish trend will be determined from the support levels that will meet in the process. As we mentioned in previous articles, the support level in the current situation lies at $12,800, where it was the previous step in the bullish market. The next support level lies between $11,800 and $12,000, which was the initial step for the current bullish trend and the high level for the previous bullish trend.

Last but not least, the last support level lies a little above $10,000, which is the last frontier for the current situation. Any price given under $10,000 point, will be considered as a total reverse in the market and it will prove that the bears are in charge and the price will be driven to even lower prices. At this moment, an initial traceback/correction at $12,800 is possible if the investors start to liquidate their positions at a massive pace.

The trading volumes have been significantly lower than in previous days, showing that investors tried to take back a step and reconsider their positions. The moving averages are still apart but the 200-day moving average starts to get closer in the current positions.

In the short-term diagram, we can observe that the bullish trend has not been halted at all and there is a continuous bullish move in the market for the last 3 weeks, creating larger profits than before.

Indicators

MACD index still remains on the positive side on the diagram but it slowly decreases over the last days. This means that the market momentum has not great effects on the market and the possibility of bearish moves is evident. On the same page, the RSI index moved back to the "overbought" area and sends a "sell" signal to investors.

Ethereum / US Dollar

Price Analysis

Ethereum's price remained stable during today, showing that there were not severe moves in the market. The price stayed at $380, showing that the first support level between $370 and $380 has not been tested yet and another round of bearish moves might need for that.

If there are enough tests at this support level, it will possibly break sometime in the future, creating an established bullish trend. If the support level break in the future, there is the rolling support line around $340 to $350, which will become effective in case of a severe bearish trend. The ultimate goal of $400 will be difficult to reach, especially when the bulls are sleepy.

The trading volumes have not reached a sufficient level at this point, showing that investors are still in waiting mode for the next move. The moving averages have already met and tomorrow, we will observe a reverse "Golden Cross", which will indicate a bearish spark in the current market. We believe this is a turning point for the Ethereum market as there might be another move that will change the market perspective.

Indicators

MACD index continues to plummet during the last days, dragging the market to lower levels while the RSI index moved to value = 50, showing that there will more stability in the market for the next days.

Ripple / US Dollar

Price Analysis

The price of ripple recovered from the previous round below $0.24 and returned at $0.24. This point will remain crucial for the market as this support level will be the start of another bullish or bearish trend. If there is a bullish trend on the way, the $0.24 point will be the support level for fueling this to higher levels. If there is a bearish trend on the way, the $0.24 point will be the point of turning back from the lower levels.

As have been mentioned in previous articles, the next support level in the market lays at $0.20, where there was the previous resistance level for the bearish trend. If we observe prices near $0.20, we will be heading towards a more heavy liquidation process among investors.

The trading volumes have been continuously low since the last months while the moving averages continue to move in negative trends, showing that the bearish market has already started.

Indicators

MACD index is continuously on the negative side, showing that the bearish trend is trying to get established and deliver more effective results in the market. On the other hand, the RSI index moved to value = 45, indicating that there is a negative outlook in the current stability trend.

Litecoin / US Dollar

Price Analysis

Litecoin's price didn't move today, making the trend formation much harder than before. The outcome in both cases, bullish and bearish, is considered to be predictable as described below. The bullish, and less likely scenario, indicates that the price will reach $57, which was the high level for this bullish trend. The bearish, and most likely scenario, will meet the first support level around $50, which is top-level for the stability period, and $45, which was the low level for the stability period.

Another characteristic in the Litecoin market was the continuous volatility during the bullish period. Those ups and downs create more volatility in the market and create more opportunities for short-term investors. If the current trend continues, we might observe the same situation, exploiting Litecoin's price formation and opportunities for the market.

The trading volumes continue to remain at higher levels than normal, giving out the opportunity for investors to take advantage of the liquidity to make smarter moves. The moving averages have started to converge, showing that there might be another round of bearish moves in the market.

Indicators

MACD index is making a deeper move on the negative side, starting a bearish trend that might last for several time. The RSI index moved to value = 50, indicating stability in the market for the next days.

Bitcoin Cash / US Dollar

Price Analysis

Bitcoin Cash makes a severe correction today, breaking the short-term support level at $245. This means that Bitcoin Cash is constantly moving on the bearish side, without any support level in the current situation. The next support level lays at $220, which was the long-standing support level.

This support level was really hard to break and it held firmly during hard times. This could become effective this time also, creating a certain level of stability in the market and to Bitcoin Cash's investors.

The trading volume was increased during the last days due to major liquidations while the moving averages will probably meet in a couple of days, creating another bearish signal in the market.

Indicators

MACD index moved strongly on the negative side, creating a more bearish mood in the market while the RSI index reached values between 40 and 45, creating a negative outlook in the stability period.

Correlations

Bitcoin / Ethereum = 0.58 (- 0.06), Bitcoin / Ripple = 0.05 (- 0.03), Bitcoin / Litecoin = 0.84 (- 0.03), Bitcoin / Bitcoin Cash = 0.54 (- 0.15)

The correlations went down today, mostly on slight changes but it becomes more and more effective during the last days. Ethereum continues to stay in the "medium" correlation zone while Litecoin remained in the "strong" correlation zone with small negative changes. The small changes didn't affect Ripple's independence from the rest of the market, which becomes more and more a reality in it. A significant change happened in Bitcoin Cash's case, which dropped a lot, diving more deeply in the "medium" correlation zone. The correlations show that there is a significant portion of the market is moving towards a different direction from Bitcoin and it will act differently from it in case of another established trend.

Key Notes For Today

• Bitcoin retained its powers and price remained stable.

• Ethereum and Litecoin remained on the same levels

• Ripple came back at the long-term support line at $0.24

• Bitcoin Cash corrected majorly, breaking the first support level between $240 and $250