The market cleared from non-believers around the $40,000 level and the last few days have been more ambitious than ever before.
The price climbed to $45,800, touching the next checkpoint in the price chart for entering the legendary bullish levels above the $50,000 line.
As we have noted several times in the past, the $47,000 point was the entry point for Tesla and Elon Musk to decide to acquire more than $1.5 billion in Bitcoin and hold it in the company’s balance sheet.
Back then (early February 2021), the market exploded while it made everyone want to acquire some bitcoin and get exposed to the new trending financial tool.
Since then, more institutional investors have entered the market and the situation has been more mature than ever.
This means that the market has faced the previous hype and has possibly got over it by now.
The bullish trend looks more organic than before and the analysts have more experience in examining future trends about those price levels.
This cumulative experience is giving us a bullish perspective in the market that could grow at a slower pace than in the previous period but with more determination about the new achievements.
The $47,000 resistance level will bring new data in the equation regarding how fast the price will react in the news but we expect that the bullish scenario will break this and establish new support levels at a higher level.
The trading volumes had an important growth during the last days, indicating that the market has attracted again the investor’s interest.
The moving averages have formed a bullish position and make the future look bright for now.
In the short-term diagram, we can observe that the bullish run started from July 21st when the market found a local bottom at $30,000. T
his level made the investors think that Bitcoin has been undervalued for the season and moved to more and more purchases, leading to the current bullish run.
The MACD index has continued to grow and add more positive momentum in the price formation while the RSI index has been over the overbought threshold, above value = 70, indicating that we might find the market to correct in the next days.
Ethereum made another price rally during the last days, following Bitcoin’s momentum and trying to establish another bullish trend in the newest period.
The price climbed above the $3,000 line, smashing the $2,500 resistance level and reaching even $3,200.
As Ethereum has passed in an unexplored area, the coin will probably follow a price exploration mode.
This mode is evident when the coin’s price has not developed enough depth in the market at specific price levels and technical analysis has not had enough feedback to give.
Of course, the all-time high level around $4,200 - $4,400 has been the ultimate for the current period but we can see that the next resistance level lies around $3,600, making Ethereum look out for other opportunities.
Until we have more market depth to examine, the next goal remains on the $3,600 point but always looking towards the all-time high level at $4,400.
The trading volumes have sustained at a slightly higher level than in the previous period while the moving averages have remained in the same bullish position from the previous days’ span.
The MACD index has continued to grow during the last days, adding more positivity in the price and the RSI index moved to value = 75, indicating that the market will probably face a downtrend or a minor correction during the next period.
The positive news came also in the Ripple market, whose price made another 15 % increase during the last days, jumping at $0.80.
This jump made the coin establish a crucial step for acquiring the $1.00 point.
The $1.00 point has remained the goal for Ripple for the current situation as the market skyrocketed from that point and on and every Ripple investor wants to achieve similar results.
Climbing towards this level would be slow for the Ripple market as it seems that the liquidity in the market has not been sufficient to establish a clear path at a fast pace.
The accumulated market depth has proven that the market is more mature than before to handle any price reactions at the current levels.
This feature could make the climbing a little bit slower but with more decisiveness about the next steps in the future.
As we have written in previous articles, Ripple will probably adapt slowly to Bitcoin’s actions and we will have a clear bullish path after the $1.00 break.
The trading volumes remained at lower levels and the moving averages remained on the bullish side.
The MACD index has been sustained on the positive side for a long time while the RSI index moved to value = 65, indicating that the price has the potential to grow more in the upcoming period.
Litecoin is experiencing another slow adaptation towards the bullish direction as its price is moving to $155, without any projection about a burst out that could shape the next bullish trend and break the next resistance levels in the price chart.
The next resistance levels in the market that could make a difference in the Litecoin dynamics are the $175 (which was the average return point of the compression trend) and the $200 (the upper level of the compression trend between $125 and $200).
Those points will prove the difference between a sustainable bullish trend or a bullish trap that will make the market dive to lower levels again.
We expect that Litecoin will try to absorb more power from Bitcoin but this could delay for now.
The trading volumes have sustained on the same level while the moving averages converged today, showing that the price adaptation is not as fast as we think for a bullish situation.
The MACD index continues to be on the “green” side while the RSI index has moved to value = 65, showing that there is potential for more growth in the short-term future.
The momentum adaptation has also been slow in the Bitcoin Cash’s case as the price moved to $580, without any clear bullish break that could implement a new bullish start for the market.
The expectation for the current market situation is for the price to climb at $700 and start to grow aggressively towards previous price levels.
The aggressive growth above $700 will become a reality if the market continues to absorb dynamics from stronger coins like Bitcoin and Ethereum.
The best-case scenario for this period is a slow adaptation in the market dynamics that will bring more positivity to the market.
The trading volumes have increased during the last few days while the moving averages are close enough to each to have a reset once there is a bad day for the market.
The MACD index has remained in the “green” area while the RSI index moves between values 60 and 65, establishing that the price could grow more in the next few days.
Bitcoin / Ethereum = 0.90 (-0.02), Bitcoin / Ripple = 0.95 (+ 0.01), Bitcoin / Litecoin = 0.98 ( 0 ), Bitcoin / Bitcoin Cash = 0.95 (- 0.01)
The correlation field has been deployed in the same direction during the last period, making the market shift towards the same momentum and establish a united approach towards the results in this case.
Every altcoin (Ethereum, Ripple, Litecoin, and Bitcoin Cash) has sustained a correlation value above 0.90, indicating that every move from the market leader, Bitcoin will have immediate results in the rest of the market.
We expect that the dynamics derived from the Bitcoin market will make the next dominant trend to break the previous all-time high levels and deliver new exciting results for the entire market.
