BTC Tests $50K Mark in What Seems like a Bearish September

Alts will rally, traders only need to remain and observe with patience to see if there will be any sideways movement in #BTC for September, but alts still can move higher.

At this writing, BTCUSD is currently trading at 49399.27, after opening at 49279.38, with intraday highs and lows of 49747.95 and 48349.66, respectively.

Bitcoin saw a small drop over the past few hours - and bounced off the 48,000 dollar area again.

This range has proven relevant several times over the past few days, but traders don't feel comfortable entering along here because Bitcoin dropped below 48,000 dollars a few days ago.

The market is respecting the support and resistance levels very well.

No big support is broken yet, so the market is still bullish. BTC needs to break the resistance of $51,000 to become ultra bullish.

Indicators

MACD index is in the positive space, bringing more ambitions in the investing community about its short-term future.

The RSI index moved to value = 60.36, showing that the market will remain stable in the next few days, with little or no probability of going down.

ETH/USD

Why is ETH so relevant to our current market conditions? Because ETH is the middleman between BTC and all other alts in this market.

The ETH network effect has already made its 'brand' synonymous with the entire industry, and it is almost impossible for it to lose its cultural relevance at this point.

While BTC is generally the first asset to move in any direction, ETH determines if all other coins will move in the same direction as BTC, in the opposite direction, or will remain still with a pre-move that most traders generally overlook.

We're closely looking at this, especially now, as we're expecting more than a "decent move" in the next couple of days.

And you guessed it… we'll be the first ones to catch it.

At this writing, ETH is currently trading at 3803.66 with intraday high and low of 3825.96 and 3710.59, respectively.

ETH/USD has an hourly closing of 3791.98, an hourly price change of -0.17%; 6-hour volume trends downwards; and trading above 200 hr MA ($3350).

Indicators

MACD index is positive, creating better vibes in the market regarding the short-term future.

In contrast, the RSI index moved between values 70 and 72, depicting a stable short-term future with little potential negative outcomes.

XRP/USD

XRP is currently printing the obvious bull flag formation, so it is apparent that there is a very obvious resistance that is holding the pair back at about $1.30.

XRP has been trying to break above this resistance for the last two to three weeks.

Ever since the 15th of August, you can see that whenever the 4-hour candle pokes above the line, we often get rejected either within the same 4-hour candle or the subsequent 4-hour candle.

Upon getting rejected, we start to sell-off towards the downside, so we try to break above it on about 4-5 separate locations so far.

Whenever we hit the line, we get a rejection, and traders sell off to us on the downside.

The major resistance that XRP needs to break above is the $1.30 mark.

If XRP can break above this level and hold it as support for a few hour candles (break above the support and open & close maybe about 2-4 hour candles comfortably above it), the XRP would have convincingly broken through the resistance.

The next target for XRP would be the length of the bullfight formation printing.

The probability of XRP breaking out towards the upside is quite high.

We are in a very obvious option on the 4-hour time frame, so you can see that traders are forming consecutive higher highs and consecutive higher lows, which is a very obvious option bullish structure.

The pair is printing a blue flight formation which is also a bullish continuation pattern, and we are also above most of the key MAs, so if you take a look at the MAs on the 4-hour timeframe.

Indicators

The MACD index is slightly on the positive side, showing positive momentum in the market that could be capitalized on in the next few days.

The RSI index has moved around value = 62, which means the price will pump for the next period.

LTC/USD

At this writing, LTC was trading at 192.56 with a profit margin of +3.40% with an intraday high of 193.44.

Litecoin price analysis shows heavy buying action. On the 1-day chart, the LTCUSD pair has been trading in a bull trend recording a 3% price increase.

Taking a look at the chart activity of Litecoin, we had a big huge uptrend. Then the pair came down, broke that trendline to the downside.

We were traveling in this pattern, basically like what a lot of other coins have been doing similar to like Ethereum.

So we broke the trendline going to the upside, and now we're forming some of the patterns that almost looks like a rising wedge.

Indicators

The MACD is firmly in the positive field, proving its correlation with the rest of the market. The RSI index moved between values 60 and 65, indicating that the price will move on the same space.

BCH/USD

For Bitcoin Cash, the Moving Average indicator plays a key role, and it is currently showing a value of 679.46.

At the time of this writing, the intraday high and low of BCH is 685.00 and 651.30.

We have lingering overhead resistance at 681; if we can break through that level to 684, then BCH is primed to hit the 700 marks once again.

Now, remember that the last RSI top out is 70.

Indicators

MACD index is back to creating better vibes in the market regarding the short-term future while the RSI index moved between values 58 and 60, depicting a stable short-term future with potential negative outcomes.

DOGE/USD

Doge has had a stellar movement for a few days, moving from 0.27 to 0.31, even though the price later decreased slightly.

Yesterday while looking at the Dogecoin chart, I was concerned that the value was low.

However, it has been picking up dramatically over the last 12 hours. So far, the value for today is almost double the price of the prior days.

This is a very encouraging sign of buyers increasing to step in and driving the price up.

Now, if we compare how the price is behaving right now versus when it was in consolidation around the April-May timeframe, these patterns are behaving very similarly.

There was this run-up, and then the price retraced and dropped below the 10-day MA.

The price then consolidated, found inner momentum, crossed over the ten days MA for a couple of days, traded sideways for a couple of days, and then spiked up.

This pattern is similar to what we're experiencing now.

Taking a look at the chart, for the past five days - Doge has been in consolidation within the symmetrical wedge.

Yesterday, the price broke out and very much ran through our target price, and since then retracted.

If we look at the hourly chart, Doge is forming another symmetrical wedge.

It will probably take another 2-3 days to reach near the apex (when the price either breaks out or breaks down).

Doge tends to trade after Bitcoin, so if BTC stabilizes and trades higher, Doge will break out of this wedge and run to our target price.

Indicators

MACD index returned in the positive space, indicating high chances of breaking out of $0.30.

The RSI index moved to value = 55.20, showing that the market will remain stable in the next few days, with a small probability of going down.

ADA/USD

In previous days, Cardano was trying to break out of the blue-flag formation.

The resistance that ADA had to break above was the $2.91 mark.

So ADA did break the resistance quite convincingly; we had a bit of follow-through to about $3.10.

However, we ended up putting in a local top over at the 3 dollar mark and are currently rolling back down towards the downside.

As of the time of writing, ADA is trading at about $2.94.

The current major support that Cardano needs to hold at all costs is at $2.91.

This was the previous resistance that the pair broke out from and also the previous resistance that was holding ADA back during this consolidation (from the 23rd of August to today).

If Cardano starts to trade below this level once again at about $2.91, this would have ended up being a fake-out for Cardano.

If that scenario plays out, the target that we were looking at, about $3.40, will no longer be valid.

Cardano will probably use a style of back down toward the downside.

So keep a lookout for this level; this is the level traders need to hold right now.

On the 5-minute chart, you can see that Cardano is attempting to bounce off this old resistance at the time of writing.

So keep a lookout for this; if Cardano closes a few one-hour candles back below the resistance of $2.91, then there is quite a high probability that this would end up being a fake-out.

We will probably have a seller back down towards the downside.

If that scenario plays out, the support to look out for would be at the $2.71 mark.

The coming days will be key to how ADA performs, which is predicted to be meeting the $3.40 mark.

Indicators

MACD index is in the negative field, indicating that the bears are getting some leverage.

The RSI index moved around value = 58.38, indicating that the price stands a little chance to slip further at lower levels.

Correlations

• Bitcoin / Ethereum = 0.80
• Bitcoin / Ripple = 0.82
• Bitcoin / Litecoin = 0.77
• Bitcoin / Bitcoin Cash = 0.82
• Bitcoin / Dogecoin = 0.81
• Bitcoin / Cardano = 0.70

Key Notes For Today

• Doge is experiencing a similar movement to the April and May patterns.
• BTC needs to break the resistance of $51,000 to become ultra bullish.
• XRP is currently printing this obvious bull flag formation right now.
• BCH is showing signs of bearish vulnerabilities.