BTC Hits 52K Mark as Major Altcoins Move Towards Price Independence

Bitcoin has been going sideways for a couple of days now and earlier today broke through the resistance around the $50604 mark. The consolation of a breakout was that we close a few 1-hour candles above the resistance at about $50604, alternatively, if BTC closes a 1-hour candle on a high above the previous consolidation at $51100, then Bitcoin would have convincingly broken the range towards the upside, and the target would be about $54500.

Indicators

RSI is coming from an oversold position and maybe in the best shape for a breakout rally soon enough. However, the bulls still have the advantage deep in their territory. MACD lines are positive and have been so for the past month.

ETHUSD

Recently the crypto market has potentially started to decouple from Bitcoin's price dependence. Ethereum had gone up in value by over 10% in the last week and 40% over the past month, with a total market cap of over 443 billion dollars, and that is increasing by the day. 62% of Ether hodlers speculate that we are now seeing a more pronounced separation of crypto assets from Bitcoin's price.

So the major support for ETH is at 3840, which was formerly the major resistance for ETHUSD till the pair broke it, and we had this huge move to around the 4000 mark. At the time of writing, we've retraced this breakout to building support of the old resistance, so Ethereum mustn't start trading below the support at about 3840, as that would mean that we would potentially have a structure reversal in place as we would have failed to hold the old resistance as support. If that scenario plays out, Ethereum will probably have an extended sell-off towards the downside, and the next support to look out for will most likely be 3730.

ETHUSD is currently trading at $3924.38 with a price change of -0.15% in the last hour.

Indicators

Currently, at 60.44, the RSI reading has been steady between this point and 65. This signifies the dominance established by the bulls. MACD histogram is positive, with the moving averages trying to stay above 10.00. This shows an advantage to the bulls.

XRP/USD

At the time of this writing, XRP is trading at $1.29 with an intraday high of 1.29980 (+2.95%) after opening at 1.25510, and for some time now, the pair have been in a very bullish structure of consecutive higher highs and consecutive higher lows.

Ever since we broke above the resistance on the 28th of July, XRP has been forming higher highs and higher lows in the 4-hour time frame. In terms of moving averages, we're trading comfortably above all the key moving averages, as well as they are pumping upwards aggressively.

Indicators

RSI is at 62.43 and keeping a straight face. This means that the bulls are in control and also confirms the resistance forming on the chart. MACD is positive; the MACD and the signal lines moved above the middle about a couple of weeks ago, the histogram has been relatively stable there since last month.

LTC/USD

Analysts and speculators have differing opinions on the price of Litecoin in ten years. Some anticipate that the price of Litecoin will rise to $15000 in the next ten years, while others are more optimistic, forecasting that the price of Litecoin will rise to $20000 in the next ten years. Litecoin will go down in history as one of the most creative cryptocurrency initiatives.

Litecoin has had a nice surge. It has been up by over 5% in major parts of today, matching the lofty feat it reached in June with a big breakout move higher which is now really expected because Litecoin has been lagging its peers by a significant amount lately.

In terms of volume profile, we should see Litecoin having an easier time moving up than down until we get to probably around the 235 and 266 areas.

LTC is currently trading at 226.04 with intraday highs and lows of 229.50 and 210.57, respectively.

Indicators

The RSI here shows a comfortable dominance by the bulls. MACD is also positive here, with both moving averages moving at a quickly diverging pace.

DOGE/USD

The co-creator of Ethereum - Vitalik Buterin, recently joined the Dogecoin development team, and he made some positive suggestions for Dogecoin. This portends great things for Dogecoin investors in the long term.

Doge has formed a healthy-looking cup and handle pattern. The next stop will be 0.42 - 0.44 (+33%).

With major support and resistance at $0.263 and $0.3 - $0.34, respectively, Dogecoin is strongly in the bullish trajectory. Since the retracement phase rounded off with its continued bull rally, the pair is delicately poised to reclaim the 30 cents mark (to the joy of many investors).

Indicators

RSI indicates that the bulls have the upper hand, with the value at 59.44., the bears also seem to be giving a weak resistance at lower levels indicating that they are indeed selling. MACD histogram is also positive as it has been since last week but seems to be getting weaker in this region.

ADA/USD

Cardano hasn't done a lot with regard to movements on the trading chart. There was a little bit of an upside yesterday (to the 2.95 mark) when BTC went up.

On the 4-hour chart, ADA pumped to the 2.96 mark, but then the sellers stepped in again as soon as we approached the 2.97 resistance line. It is a bit slow with Cardano at the moment. Still, for some traders, the really good sign is that Bitcoin made a new high, which consequently douces the rising concerns that if it doesn't get above the 3.10 mark again soon and if Bitcoin is struggling to make new highs, then that could affect Cardano as well. It is always important to be aware that ADA is currently in a bullish trajectory.

At the time of writing, ADA opened the trading day at 2.91350000 and is currently trading at 2.91260000 with an intraday low of -0.42%. There is still a strong possibility that we could see ADA reach 3.50 before the 12th of September, but this is only if this move to the upside continues and if Cardano makes its way to the 3.10 mark again. We have seen again later that there have been struggles to make new higher highs, even though making higher lows hasn't been a challenge.

Indicators

MACD index is in the positive field, like many other cryptocurrencies, indicating that the market is ready to take another boost and reach higher price levels. The RSI index moved around value = 64, indicating that the price could pump further at higher levels.

BCH/USD

The last local top of Bitcoin Cash was experienced on the 12th of May, and then we saw the big crash that resulted in almost all cryptocurrencies plummeting in value. We are going with an expectation of the total market cap reaching 7-10 trillion.

BCH is currently trading at 775.90 with intraday highs and lows of 780.94 and 741.61, respectively. From the current standpoint, there would be another 324-506 increase, and then we would come to a price of 3010 to 4302.6 with an average price of 3656.30 by the end of the year.

Indicators

MACD index is positive, creating better vibes in the market regarding the short-term future, while the RSI index moved between values 70 and 75, depicting a stable short-term future with more positive outcomes.

Correlation

• BTC/ETH : 0.73
• BTC/XRP : 0.46
• BTC/LTC : 0.34
• BTC/DOGE : 0.47
• BTC/ADA : 0.47
• BTC/BCH : 0.28

At this moment, every major altcoin (Ethereum, Ripple, Litecoin, and Bitcoin Cash) seems to gradually be gaining independence from Bitcoin's price movement with a seemingly weaker correlation with Bitcoin. This means that the market will probably not move in the same direction if there is another bullish wave in the short-term future. We expect that the compression will lead to a further decrease in the correlation field in the next few days.

Key Notes for Today

• Bitcoin is on track to have 1 billion users by 2024.
• Ethereum will probably have an extended sell-off towards the downside, and the next support to look out for will most likely be 3730.
• XRP has been forming higher highs and higher lows in the 4-hour time frame.