Price Analysis (30 November):A New Support Level was Established over the Weekend and the Market is Bullish Again ! Will Bitcoin Hit a New All-Time High this Time?

At this moment, a part of investors that want to claim their profits have opted out of the market and are happy with what they have received. From now on, the remaining investors will wait for larger returns and will probably push for higher price levels in the next period. The current goal of breaking the previous all-time high level and establish a healthy position above $20,000, a fact that will define the next era for the entire crypto ecosystem.

The trading volumes haven't grown at the same rate as they did in the same price levels a week ago but they are still promising. The moving averages have come closer to each other, raising concerns about how explosive the next bullish trend will be.

In the short-term diagram, we can observe that the correction last week was not so important in the end as the price didn't fall in any previous support level but it rebounded, showing that there are investors that believe Bitcoin will surge even more in the future.

Indicators

MACD index is still on the negative side in the diagram but it is continuously increasing, creating prospects for new bullish entrants in the upcoming days. The RSI index moved in value = 65, showing that there is still room in the market for a further uptrend in the next days.

Ethereum / US Dollar

Another winning weekend for Ethereum as it fully recovers from the previous downtrend and establishes itself at the same levels, near the local high level, at $600. It will be difficult for the coin to surpass the $600 point by itself and it should be accompanied by an overall positive feeling in the market.

From this point and on, the ultimate goal for Ethereum is to reach an all-time high level near $1,000. This could be achieved in the current bullish trend, if the coin forms its own dynamics and receives a boost from the Ethereum 2.0 launch that will take place in December 2020 and the later phases will be deployed during 2021. All these should be discussed after $600 will be considered as a past situation.

The trading volumes are staying at normal levels, indicating that the second try was not hyped for a bullish uptrend but as a natural process. The moving averages are still way from each other, creating hopes in the investing community about the next steps in the market.

Indicators

MACD index returned back in the "green" area, showing that the comeback near the $600 point was enough to bring the market momentum back on the positive side and create more evidence about what will happen in the future. On the other hand, the RSI index moved between values 65 and 70, indicating that a potential uptrend in the next period will bring a new "selling" wave in the market.

Ripple / US Dollar

Another rebound in the crypto market was made from Ripple. Ripple's price surged above $0.60, retaining the investors at promising levels. In addition to that, Ripple managed to accumulate the best returns in the current situation as it overcomes 100 % in the previous days, making investors happy for doubling their positions.

Of course, the goal for the current bullish trend would be to acquire more capital from the market and try to reach $1 again. This number has not been found in the market since late 2017 and any Ripple investor is wishing to see it again. This goal is acceptable if and only if Ripple acquires its sole dynamics under control and manage to establish a growing potential in the next period. The overall positive mood for the crypto market should be capitalized in ways that would benefit the entire ecosystem and create attractive investment vehicles for any willing individual and institutional investor.

The trading volumes have been lowered since last week but there are much higher than the holding period. While the moving averages are still way apart from each, raising no concerns for a potential reversal in the trend.

Indicators

MACD index continues to drop but it remained on the positive side, giving the chance to market momentum to continue thriving in the current situation. The RSI index is on the margin for being considered as an "overbought" asset, creating a bearish perspective for the next period.

Litecoin / US Dollar

A mild recovery became evident in the Litecoin market as the price, after hitting a local bottom point around $70, bounced back at $80. The bounce-back didn't fully recover the lost field from the correction stood at a good point for taking place at the next step.

The lost field gain is the first goal for Litecoin to be replaced in the current situation. Breaking the $90 point will make the difference in the current bullish and Litecoin will probably head for another bullish trend above $100 this time. This is very difficult to establish in the market, especially if Litecoin cannot establish its dynamics in price development.

The trading volumes have been grown during the last days, indicating that a decisive move could be the next in the market but the moving averages are converging towards each other, bringing more confusion in the market and regarding the next steps.

Indicators

MACD index remained on the negative side of the diagram, indicating that the price has not recovered yet from the correction mode while the RSI index moved between values 55 and 60, showing that there is a stable trend in that situation, with a positive outlook for the future.

Bitcoin Cash / US Dollar

The same picture with Litecoin can be depicted in Bitcoin Cash's case. The local high level reached at $350, where the correction reached even $265. The support level indeed brings impact in the market and the general surge in the market helped Bitcoin Cash to raise again in bullish levels. The price reached $290, with a short-term goal for breaking the $300 point.

This signal will bring more bullish momentum in the market and help Bitcoin Cash to grow organically and sustain the high levels for a longer time. The situation is considered as semi-bullish as it could not fully exploit the bullish potential in the price formation.

The trading volumes have remained at higher levels than before, creating more hopes among investors while the moving averages are converging to each other, bringing mixed feelings in the market.

Indicators

MACD index has remained near zero, indicating that the price will remain at the same levels for the next days. On the same page, the RSI index is laying at value =55, creating stability in the market with a positive outlook in it.

Correlations

Bitcoin / Ethereum = 0.83 (- 0.01), Bitcoin / Ripple = 0.69 (- 0.03), Bitcoin / Litecoin = 0.93 (- 0.03), Bitcoin / Bitcoin Cash = 0.70 (+ 0.07)

The overall bullish feeling during the weekend made the correlations hold at the same point for the last days. Ethereum and Litecoin remained on the "strong" correlation zone, creating a stronger position for them in case of Bitcoin surpasses the all-time high level and establish new standards in the crypto market. Ripple also remained in the "medium" correlation while Bitcoin Cash seems to gain traction every day and establish itself in the same zone, creating more perspectives for another bullish episode in the current situation.

Key Notes For Today

• Bitcoin made a bullish jump in the weekend, reaching a step before $19,000

• Ethereum and Ripple made also jumps establishing bullish price levels at $600 and $0.60 respectively

• Litecoin and Bitcoin Cash made progress on price development but didn't manage to reach previous positions.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Remitano.
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