Bitcoin / US Dollar
Price Analysis
The Bitcoin price moved up the internal support/resistance level at $9,200, gaining small profits since the "reverse Golden Cross" signal. This fact shows that the market is moving at a stable pace, without any major breaks. The altseason might be halted for now but some investors are happy with their profits and want to invest back in Bitcoin.
The price will remain stable around the previous levels (from 9,400 to $9,200) while there is a small possibility to run at $10,000 after the end of the altseason. This possibility can be improved if there are strong fundamentals in the market that shows new investors to enter the market to buy Bitcoin and other altcoins. The volume wasn't high over the last days, showing that most investors still choose to trade altcoins for better outcomes and profitability.
The moving averages should be taken into concern when there is more volatility in the market as a major move will prove right the signal. In this case, the recent signals didn't follow the market, leading to possible losses. The extended volatility will be accompanied by a change in the trend for Bitcoin, showcasing the moving averages' ability to predict future signals for buying / selling Bitcoin.
In the short-term diagram, we can observe that the price compression has been intensified in the last 3 weeks, showing that the end of the altseason will bring a major move in both directions. It's not the first time that a price compression led to major moves in the Bitcoin market. During the last two months, the price has been relatively stable, without letting macro investors think about liquidating or increasing their positions. This means that when a major move happens, we will see if investors and traders are willing to liquidate or bet on higher levels.
Indicators
MACD index turned again on the positive side, showing that the momentum strategy could be used for micro-moves, leading to profitable ideas on the field. On the other hand, the RSI index seems to predict stability in the market for the next period, without giving any specific signal about it.
Ethereum / US Dollar
Price Analysis
Ethereum returned to positive returns after looping during the last days. The price has reached an important level of around $240, which is considered the local high for 2020. The $240 is considered a crucial point for Ethereum's market as it has been reached already 4 times this year. The "quadruple high" is a rare formation that we didn't meet often in the technical analysis as the price for any asset has reached 3 times, then there is a high possibility for a bearish trend formation. As we can observe, this wasn't proved right and Ethereim's price returned from the bending curve. The moving averages haven't met yet, showing that we could avoid a cross that will erupt the market with fake signals.
We have to be extremely careful about the local highs formed during the last two months, showing Ethereum's weakness to break the resistance level. At this point, if the altseason continues for the next week, Ethereum can break the long-term resistance level and form a new trend for the market.
Indicators
MACD index returned to positive values, above the zero lines. Ethereum is one of the last coins that remain above the zero lines, showing that the momentum is moving positively for the entire market in the long-term. On the other hand, the RSI index moved between value = 50 and value = 60, showing that an uptrend is possible in the next days to break out.
Ripple / US Dollar
Price Analysis
As expected, the Ripple price didn't move at unexpected levels, showing relative predictability in the market. The market moves between the second parallel channel formed during the last week, between $0.20 and $0.19. The moving averages have still a notable gap between them, showing that the cross between them might delay for some days.
The main parallel channel has a bearish trend while the second minor parallel channel has also a descending trending but at a higher level. This fact means that Ripple may have overcome the bearish trend and try to move to the bullish trend. The pass from the bearish to bullish trend will be determined from the rest fundamentals in the market. Also, this pass from one trend to another will shape the future of the altcoin, as the altseason will affect the price in any case.
The price compression is still at normal levels, making any sharp move slightly possible, and knowing that, we expect that the price will follow the trend of the rest altseason, breaking the minor parallel channel and forming a new trend in the market.
Indicators
MACD index remained on the positive side (it didn't turn on the negative side like the other coins) while the two lines are getting closer to each other. The RSI index moved to values between 50 and 60, showing that there is a possibility for uptrend shortly.
Litecoin / US Dollar
Price Analysis
Litecoin's price is moving in loops, always between $41 and $46. The parallel channel is moving in a bearish mood, while the price is compressing even more during the last days. The last days have formed a small positive bending curve that was the next after the negative bending curve. Those bending curves are often followed from a move in a different direction, which was proved right a couple of days before.
Another signal that appeared during the last day was the "reverse Golden Cross" signal. This signal is often bearish but in terms of the altseason phase, we expect this signal is to prove fake. The previous "Golden Cross" signal was proved wrong and many analysts have warned that this signal could be fake. We don't expect any major move in the Litecoin market, as the volatility is lowering and the price moved in smoother moves.
Indicators
MACD is on the zero while the two lines are moving towards zero values. This fact means that the market momentum is zero and the volatility will have zero effect at the price for the next period. The RSI index moved in value = 50, showing that the market is going to remain stable for the next days, without signal for a possible rise to be very weak at this moment.
Bitcoin Cash / US Dollar
Price Analysis
Nothing special happened in the Bitcoin Cash market as the price moved slightly up from the lower boundary of the parallel channel. This means that the price has still the potential to rise more during the possible upcoming altseason. This move is coming after the "reverse Golden Cross" signal which was proved wrong (until this moment) and the negative bending curve that shaped the opposite direction during the last days.
We expect a small rise in the price according to the overall trend of the altseason, which indicates that the second wave of altcoin rising will appear, claiming investors more profits and rising positions in the market.
Indicators
MACD index is still on the negative side, showing that the market momentum is still inefficient and can't depict the current situation in the market. This could erase a problem in the technical analysis field as it will give opposite signals for the traders. The RSI index is still under value = 50, showing that the index won't follow the market trend in case of a major uptrend. We believe that in case of a second altseason wave, Bitcoin Cash isn't ready for capitalizing the full possibilities of it and might turn up with smaller returns than other altcoins.
Correlations
Bitcoin / Ethereum = 0.94 (+ 0.06), Bitcoin / Ripple = 0.63 (+ 0.04), Bitcoin / Litecoin = 0.85 (- 0.02), Bitcoin / Bitcoin Cash = 0.80 (- 0.09)
The correlations coefficients moved positively for Ethereum and Ripple, showing signals for restoring the integrity in the market. Ethereum seems to be the more integrated coin at this moment, laying over at 0.94. On the other hand, Ripple continues to be the least correlated from the major coins, remaining the top differentiator in the market and the most possible choice for diversified portfolios. Litecoin remained stable on high levels while Bitcoin Cash dropped at 0.80, showing that the market remains divided after the first part of the altseason. The mixed correlation moves show us that we should be able to diversify our investments in the next days to claim as many profitable positions we can and reduce risky positions.
