On the 9th of February, we see the bears capitalizing on their resistance created on the previous day, resulting in the creation of a bearish momentum candle in an attempt to bring the Bitcoin market back below its 50-day moving average. With many hours to the close of the market for the day, we see the bears leading the market after toppling a bullish start to the market as indicated by the wick above the candle (denoting the highest trading price of BTC for the day at $44,371 per coin), influencing a 0.87% decrease in the Bitcoin value, bringing its price to $43,700 per coin. The wick below the candle indicates bullish resistance to further price fall, placing the lowest BTC trading price at $43,155 as of the writing of this piece.
We expect to see more volatility in the day as the Bears seek to gain control of the market to bring the Bitcoin market below its 50-day moving average. As the moving average serves as a key point, the bulls still have a slight hold on the market; however, they could lose their position with sustained bearish action.
Indicators
With the Bitcoin market still above its 50-day moving average, the indicator chart portrays a market still within bullish control as the relative strength index places well above the 50 mark over the last two days. On the 8th of February, the bullish action resulted in a rise of the relative strength index to 63, while the bearish push back on the 9th has resulted in a fall of the relative strength index to 61.
The MACD and histogram show a market in bullish control; however, the bearish action on the 9th of February has reduced the bullish hold on the market as indicated by the histogram of the respective day. Nevertheless, the Bitcoin market maintains a positive outlook as the bulls retain control.
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Ethereum / US Dollar
Following the bullish action over the last few days, the bears attempted to push back the Ethereum price as indicated by the bearish candle on the 8th of February, reflecting a market fall of 0.71%, bringing the ETH price to $3,119 per coin. The wick above the candle reflects a bearish rejection of initial bullish momentum and the highest trading price of ETH for the day at $3,234 per coin. In contrast, the wick below the candle reflects a bullish rejection of further downward action, placing the lowest price point for the day at $3,027 per coin.
With the bearish move of the previous day, we see the bulls building up momentum at the start of the 9th of February, resulting in a 0.39% increase in the ETH price, translating to $3,131 per coin. With much time left to the close of the market for the day, we could see a shift in the market momentum depending on the dominant for in the market at the close of the day. Nevertheless, as of the writing of this piece, the highest and lowest ETH trading price achieved so far stand at $3,135 and $3,057, respectively.
Due to the bullish action over the last few days, the Ethereum market draws closer to its 50-day moving average of $3,209 per coin, reflecting reducing bearish authority over the market. However, for the bulls to gain full control of the market, they must get the ETH price back above its 50-day moving average.
Indicators
As a reflection of sustained bullish action over the last few days, we see the relative strength index above the 50 mark, indicating bullish control of the market momentum. The relative strength index on the 8th and 9th of February increases, standing at 57 and 58, respectively.
As a reflection of the bullish action in the market, we see the MACD within touching distance of the zero line, above which indicates bullish market dominance. The histogram though bullish, shows bearish influence, resulting in reduced bullish action on the 8th and 9th of February.
Buy and sell ETH on Remitano
Ripple / US Dollar
On the 8th of February, the bulls capitalized on their massive momentum of the previous day, gaining full control of the Ripple market as indicated by the market trading well above its 50-day moving average of $0.754. With the bullish momentum on this day, the Ripple market rose by 5.10%, translating to an XRP price of $0.874 per coin, with the lowest trading price for the day standing at $0.792 as indicated by the wick below the candle. With the strong bullish momentum, the bears attempted to reduce the gains for the day, resulting in the formation of the wick above the candle, indicating the highest trading price of RIpple for the day at $0.915 per coin.
With the Ripple price edging closer to $1, we see the bears beginning an early pushback on the 9th of February, resulting in a 1.64% drop in the Ripple price, translating to $0.860 per coin. However, with the market well before its close, we could see a shift in the market, but as of the writing of this piece, the highest and lowest price points achieved so far stand at $0.904 and $0.844, respectively.
Indicators
Due to massive buying pressure in the Ripple market, the market was pushed into an overbought scenario ( relative strength index with a value above the 70 mark), priming it for a sell-off to an area of relative stability. On the 8th and 9th of February, the relative strength index stood at 72 and 70, reflecting the bearish action on the latter.
Despite the bearish start to the day, the bulls remain in control of the market momentum.
In correlation to the RSI, the MACD and histogram place above the zero line with increasing bullish action, indicating a positive outlook for the asset.
Buy and sell XRP on Remitano
Litecoin / US Dollar
In a similar manner to the general crypto market, the Litecoin market remains in the control of the bulls as the bulls maintain the market above its 50-day moving average of $133, indicating a possible start to a market uptrend.
On the 8th of February, the bears initiated a pushback in response to the gains seen in the Litecoin market on the previous day, resulting in a market drop of 2.63%, bringing the LTC price to $133 per coin. With the wick above the candle showing previous bullish action at the market start and the wick below the candle indicating bullish rejection of further downward action, we see the highest and lowest price points achieved for the day at $143 and $130, respectively.
On the 9th of February, the bulls established a solid lead in the market, influencing a 4.01% growth, bringing the LTC price to $139 per coin. With much time left to the close of the market for the day, these values are subject to change due to volatility. Nevertheless, as of the writing of this piece, the highest and lowest price points achieved stand at $139 and $132, respectively.
Indicators
The relative strength index indicates a market in bullish control with its value above the 50 mark. On February 8th and 9th, the relative strength index shows consecutive increases corresponding to 58 and 61, indicating increasing bullish activity. However, with continued bullish action, we could see the relative strength index get above the 70 mark, effectively placing the Litecoin market in an overbought scenario, priming it for a sell-off to an area of relative stability.
In correlation to the RSI, we see growth in the MACD, bringing it back above the zero line, indicating bullish dominance of the market. The histogram reflects this, indicating bullish entry into the market and a bullish outlook for the asset.
Buy and Sell LTC on Remitano
Bitcoin Cash / US Dollar
Following consecutive bullish action over the last few days, the Bitcoin Cash bulls are seen reigniting their push towards the market’s 50-day moving average of $367 per coin, indicating a reducing bearish hold on the market.
On the 8th of February, the bears initiated a push back, resulting in a 2.20% decrease in the Bitcoin Cash price, translating to $335 per coin, with the wick above the candle signifying bearish rejection from the highest trading price of $355 per coin before flipping the market in their favor, while the lowest trading price for the day as indicated by the wick below the candle stands at $325 per coin, indicating bullish resistance to further downward price action.
After toppling an early bearish move on the 9th of February, the bulls have so far influenced a 1.61% growth in the Bitcoin Cash price, translating to $340 per coin, with the highest and lowest price points seen in the market at $341 and $328, respectively, with the market far from its close of the day, we likely would see a bullish attempt at getting the Bitcoin cash market back to its 50-day moving average.
With the Bitcoin cash market still below its 50-day moving average, the market is yet to break out of its extended downtrend, requiring sustained and consecutive bullish action.
Indicators
Due to the bullish action over the last few days, we see the relative strength index on the 8th and 9th of February stand at 52, and 54 show growing bullish activity in the market. With the RSI value over the 50 mark, the bulls have gained dominance over the market momentum, and this is correlated by the histogram and MACD, with the MACD continuing its ascent towards the zero line, above which effectively places the bulls in control of the market momentum, creating a positive outlook for the market if the MACD gets above the zero line.
Buy and sell BCH on Remitano
Cardano / US Dollar
Following the bullish action over the last few days, the bears attempted to push back the ADA price as indicated by the bearish candle on the 8th of February, reflecting a market fall of 1.89%, bringing the ADA price to $1.176 per coin. The wick above the candle reflects a bearish rejection of initial bullish momentum and the highest trading price of ADA for the day at $1.263 per coin. In contrast, the wick below the candle reflects a bullish rejection of further downward action, placing the lowest price point for the day at $1.133 per coin.
With the bearish move of the previous day, we see the bulls building up momentum at the start of the 9th of February, resulting in a 1.02% increase in the ADA price, translating to $1.188 per coin. With much time left to the close of the market for the day, we could see a shift in the market momentum depending on the dominant force in the market at the close of the day. Nevertheless, as of the writing of this piece, the highest and lowest ADA trading prices achieved so far stand at $1.191 and $1.152, respectively.
Due to the bullish action over the last few days, the ADA market draws closer to its 50-day moving average of $1.237 per coin, reflecting reducing bearish authority over the market. However, for the bulls to gain full control of the market, they are required to get the ADA price back above its 50-day moving average.
Indicators
The indicator chart portrays a market still within bullish control, with the ADA market experiencing bullish action over the last few days. The relative strength index places above the 50 mark over the last two days, indicating bullish control. On the 8th of February, the bearish action resulted in a fall of the relative strength index to 51, while the bullish response on the 9th has resulted in a rise of the relative strength index to 52.
The MACD and histogram show increasing bullish entry into the market; Nevertheless, the ADA market remains slightly within bearish control as indicated by the MACD below the zero line.
Swap to ADA
Dogecoin / US Dollar
On the 8th of February, the bears initiated a pushback in response to the gains seen in the Dogecoin market on the previous day, resulting in a market drop of 4.23%, bringing the Dogecoin price to $0.158 per coin. With the wick above the candle showing previous bullish action at the market start and the wick below the candle indicating bullish rejection of further downward action, we see the highest and lowest price points achieved for the day at $0.170 and $0.153, respectively.
At the start of the 9th of February, the bears continued their dominance over the market, influencing a 0.95% drop, bringing the Dogecoin price to $0.156 per coin. With much time left to the close of the market for the day, these values are subject to change due to volatility. Nevertheless, as of the writing of this piece, the highest and lowest price points achieved stand at $0.160 and $0.154, respectively.
Indicators
The relative strength index indicates a market in bullish control with its value above the 50 mark. On February 8th and 9th, the relative strength index shows consecutive decreases corresponding to 54 and 53, indicating increasing bearish activity.
In correlation to the RSI, we see the MACD flatten out, causing a stall in its ascent towards the zero line, reflecting the bearish action seen over the last two days. This is reflected on the histogram, indicating more bearish action in the market.
Swap to DOGE
Correlations
- Bitcoin / Ethereum = 0.91
- Bitcoin / Ripple = 0.72
- Bitcoin / Litecoin = 0.78
- Bitcoin / Bitcoin cash = 0.73
- Bitcoin / Cardano = 0.87
- Bitcoin / Dogecoin = 0.87
Keynotes for today
- Bitcoin at $43,700 per coin.
- Ethereum at $3,131 per coin.
- Ripple at $0.860 per coin.
- Litecoin at $139 per coin.
- Bitcoin Cash at $340 per coin.
- Cardano at $1.188 per coin.
- Dogecoin at $0.156 per coin.
