The resistance levels at $47,000 have been reached and the market has been full of ambitious plans about its next steps in the future.
As many of you will remember, the $47,000 level was the entry point for Tesla’s massive purchase of Bitcoin, worth around $1.5 billion.
That move made the price jump to $60,000 in no time, boosting the hype around cryptocurrencies worldwide and bringing joy to crypto investors.
The large boom went through a correction period, breaking the support level at $47,000 and railing towards a lower compression zone.
This comeback has found the $47,000 as a resistance level. The next move for Bitcoin will be crucial as a step-back in the current situation will bring the market to the $40,000 point, without much market depth to absorb it.
A breakthrough move above the $47,000 line will mark the new bullish period for Bitcoin as it will overcome any psychological barriers that were established in the last period, correlated with Elon Musk’s behavior around crypto.
The expectations are pointed towards a bullish direction but this should form in the market to approve it.
In any case, every resistance level has a profit-taking period, when the price remains stable.
After this period, there is a need for a massive move that could break the resistance level and establish a new bullish action.
The trading volumes have been increasing through the last days while the moving averages have no difference during the last period, with a bullish formation.
In the short-term diagram, we can observe that the bullish trend has made two stops in the meantime, one at $40,000 (a major stop) and $44,000 (a minor stop).
Those stops indicate that the market has passed some profit-taking actions successfully and the best case scenarios are on the way.
MACD index has remained on the positive side for many days, showing that the market is adding more momentum in the price formation.
The RSI index is moving back and forth on the “overvalued” side, indicating that the price will try to jump again if it manages to sustain itself on the higher end of this trend.
Ethereum’s price has managed to sustain the bullish attitude during this period, remaining above the $3,000 line and building more market depth in those levels.
As we have written in previous articles, the area between the $3,000 point and the all-time high level of around $4,400 had remained unexplored in terms of market actions.
That fact means that there are little things you can say about how the price will move in those levels from a technical perspective.
The expectations for this period are for Ethereum to capitalize more on the EIP-1559 or the London fork and the Bitcoin momentum to reach the previous all-time high level at $4,400 and find a new way to establish a bullish trend above them.
As we have found from past data, most altcoins achieved their all-time high levels altogether, passing the overall positivity in the market.
We believe that Ethereum will follow Bitcoin in the uptrend (if there is one), providing more feed for achieving a new all-time high level in the short-term future.
The trading volumes have been sustained at higher levels than before showing that the investors have not been taken down from the summer mood.
The moving averages have remained on the bullish side, bringing the formation to the long-term plan.
MACD index has remained on the positive side for now and this is expected to continue for the next days while the RSI index has landed around value = 70, indicating that the market will probably make a stop for now and continue its uptrend later.
Ripple experienced a massive growth wave during last week that many analysts didn’t expect to see.
The coin jumped from $0.80 to $1.12 in just a few days, creating a 40 % profit margin for every investor that was willing to jump on the Ripple train at the last moment.
The most important fact that happened during this week was the $1.00 breakdown that made the market look more bullish than ever.
From this point and on, it is really hard to predict any move in the Ripple market as the previous period above the $1.00 line was intensely volatile, without any clear signals about support and resistance levels.
Those uncertainties have opened the path for new evolutionary ways that the Ripple price could be developed.
The only sure thing is that the market will try to catch the locally high levels around $1.60 and $1.80, which will mark the new bullish period for Ripple.
Of course, there will be a profit-taking period that will make the market squeeze but we should be careful with the established correlations, leading to different results than expected.
The trading volumes have made a small jump from the normal period while the moving averages have sustained a bullish formation for now.
MACD index is growing day by day, adding more momentum to the price formation process. The RSI index has grown around value = 80, indicating that the market grows too fast and there is a potential for a correction in the recent period.
Litecoin has made improving moves during the last few days, showing that it can absorb more power from the dominant coins in the market.
The price returned at the average point of $175, formed in the middle of the compression trend between $125 and $200.
This compression zone has made Litecoin’s price move slowly, trying to adapt to the bullish trend surrounding the crypto market.
The next goal for Litecoin will be at $200, breaking the compression zone and trying to reach higher levels.
The expectations are on the bullish side but there is a need for more power absorption to attract better results.
The trading volumes have made an increasing break during the last days while the moving averages are close to each other, on bullish formation.
MACD index has remained on the positive side, showing that the market is moving in a positive direction.
The RSI index has moved almost to value = 70, indicating that the bullish market might stop for a while and continue later.
There is a positive development in the Bitcoin Cash market as the price continued to surge to $650, hunting the first major goal at $700.
Reaching the levels between $700 and $800 will establish a full bullish trend, bringing the price up to $1,000.
The $1,000 level has been the ultimate goal for the current period and the achievement will be confirmed if there is more absorption from the Bitcoin power.
The dynamics in the market can be confirmed from the slight changes in the trading volumes that can be identified in the charts. The moving averages are close to each other in bullish formation.
MACD index has remained on the positive side, indicating that the market will absorb enough positivity from the rest of the market momentum.
The RSI index has reached value = 70, indicating that the market might have reached an end towards the positive trend.
Bitcoin / Ethereum = 0.91 (+ 0.01), Bitcoin / Ripple = 0.84 (- 0.11), Bitcoin / Litecoin = 0.95 (- 0.03), Bitcoin / Bitcoin Cash = 0.91 (- 0.04)
The correlation space has not changed drastically in the last period, indicating that the market will continue to move towards the same direction for more time in the future.
The majority of the altcoins (Ethereum, Litecoin, and Bitcoin Cash) have sustained a correlation value over 0.90, indicating that Bitcoin has affected the rest of the market, fluctuating the market with more positivity.
The absorption of this positivity is different for every coin. Ripple has taken this positivity and boosted its price development to higher levels.
This means that Ripple has absorbed more power from the Bitcoin trend and has established another bullish trend.
