The second wave for the altseason is on the rise, creating multiple opportunities for crypto investors around the world. The investors that rise their positions during the last days, see their investments to pay off and gain profits from every position. Most altcoins have positive returns while Bitcoin followed the trend, showing that the positive period is on the way. Some coins have larger returns over some others but the market in total is on the green. This means that many investors will try to liquidate their positions and claim their profits while we should wait and see if more new investors will enter the market and bring new money in it.
Bitcoin / US Dollar
Price Analysis
Bitcoin price takes the uptrend during the last days, breaking the internal support/resistance level around $9,200. The price reached the $9,600 point, showing an increasing momentum that takes the entire crypto market on the green. The recent uptrend brought a second "Golden Cross" signal after a reverse "Golden Cross" signal. The first signal proved to be fake while we should be very careful about the second signal that was formed 2 days after the first.
The volume was increased during the uptrend, showing that increased volume is often related to major moves that could shape the market's future. The Bitcoin market is at a crucial point, even if the spotlights are on other cryptos at this moment. Bitcoin will try to break the mighty $10,000 resistance level multiple times this year and a failure in that will mean that a bearish trend is possible to establish for the next period. We are not sure if there is enough "fuel" in the market to reach the $10,000 point but we expect a focus in the altcoins area during these days.
In the short-term diagram, the price compression broke positively and formed a new trend for the short-term horizon. We can observe that during the day, the price reached almost $9,700, showing that the momentum was enough to give a boost in the market and drive the price at higher levels. Intraday trading is a minor factor for long-term investors but it could provide us for useful information about our analysis.
Indicators
MACD index moved on the positive side, both in terms of values and line positioning. This means that the market could rely on the momentum to establish the new trending while the RSI index is at a crucial point as it moves over the value = 60, meaning that there is a little more space for rising during the next days.
Ethereum / US Dollar
Price Analysis
The definite winner from the second wave of the altseason is Ethereum. The price laid yesterday over $270, claiming profits over 20 % over the week. The price jumped during the last two days while the reverse "Golden Signal" was avoided this time. As we have mentioned in these articles before, the $240 point was reached 4 times, indicating that a sharp move will happen in the upcoming days.
The new trend was positive and this was combined with new highs in the volume that drive the price in new directions. The positive trend is far more optimistic than other times, showing the market will correct at some point during the next period. The correction that will happen, is going to be a retrace from the current positive trend in previous support levels.
Indicators
MACD index moved in a huge gap, showing that the momentum is pretty heavy on the market, which is similar to the positive trend that was shaped during April. On the other hand, an overbought signal, showing that the market is overreacting to the altseason and Ethereum is overvalued at this time. We expect a small correction over the next days until there is a huge entrance from new investors in the market that are willing to buy more Ethereum tokens and drive the price on new levels.
Ripple / US Dollar
Price Analysis
Another surprise was made in the crypto market from Ripple this time. After the second parallel channel, formed over the main parallel channel, the price broke both of them and create new profits for its investors. The price reached $0.21 and this time, the "Golden Cross" signal becomes a reality. The second parallel channel broke positively and the second jump during the last two weeks became a reality.
The volume remained at high levels, showing that the Ripple market remains an interesting place for crypto investors who are willing to diversify their portfolios and buy uncorrelated assets with Bitcoin. The new price levels seem to indicate a price correction in the next days but Ripple might be able to follow the rest altcoins during the hype period.
The $0.21 price level was reached a couple of months before but the market was in a bearish mode and it couldn't last for a long time. We expect Ripple to follow the rest of the altseason in terms of trending while the fundamentals are on the rise, regarding the news.
Indicators
MACD index remains positive for the last month and the market momentum drives the market in the new trend formation. On the other hand, the RSI index is on the rise during the last weeks, flirting with the overbought signal that will indicate a potential drop in the price during the next period.
Litecoin / US Dollar
Price Analysis
Litecoin price rose like every cryptocurrency during the last days but the rise could be considered as conservative. The price level of $45 wasn't rare for Litecoin as this price level was reached several times during the previous bearish period. The parallel channel is holding strong during the altseason, showing that the altseason wasn't influential enough to change the bearish mood in the market.
The market is formed with two consecutive bending curves, one negative and one positive, showing that the market is moving like a roller coaster, moving up and down, always inside the parallel channel. Another reverse "Golden Cross" signal was formed in the market, showing that the market will be negative in the next days. The signal was proved wrong for the short-term period as the price climbs at predictable levels. The volume is at higher levels than previous periods, correlated with the price moves.
The trend formation is much more conservative in the Litecoin market and the change in that would mean a major throwback in other areas for the coin, indicating a new ear for the coin.
Indicators
MACD index remained on the same positive levels as the previous days, showing that the positive momentum affected the market and create positive returns for the coin. On the other hand, the RSI index remained on the safe area between value = 60 and value = 50, showcasing that the market will remain stable for the next days, without any sharp move to wait from the investors.
Bitcoin Cash / US Dollar
Price Analysis
A similar picture to Litecoin moves could be observed in the Bitcoin Cash market. The market is following two different bending curves, one positive and one negative, while the price moves like a roller coaster. The price formation hasn't broken the parallel channel yet, showing that the altseason didn't influence the price on a heavy basis.
The volume remained at relatively low levels, showing that investors prefer other altcoins from Bitcoin Cash. The moving averages cross a couple of days before was a reverse "Golden Cross" signal that was proved wrong in the next days. Bitcoin Cash seems to follow Litecoin (or vice versa) and the two of them, could be used for pair trading strategies.
Indicators
A similar picture to Litecoin indicators could be observed in the Bitcoin Cash market. MACD index is moving positively and the upper line seems to move the zero line, creating positive vibes for the market. On the other hand, the RSI index is moving between value = 50 and value = 60, predicting a stable price level for the next period.
Correlations
Bitcoin / Ethereum = 0.94 ( 0 ), Bitcoin / Ripple = 0.64 (+ 0.01), Bitcoin / Litecoin = 0.78 (- 0.07), Bitcoin / Bitcoin Cash = 0.71 (- 0.09)
The correlations between the altcoins and Bitcoin seem to remain stable during the second wave of the altseason, showing that the market is not as integrated as previous periods. Ethereum seems to be the most correlated asset with Bitcoin while the rest cryptocurrencies are on the downturn showing that the market tends to be more diversified, even during the altseason. Mixed correlations is a positive signal for the market as the investors are looking to minimize their risk from the crypto investments.
