Also, we see the formation of a little red candle as the bears succeed in suppressing the bullish action; however, with the price drop being minute, the bulls can still seize control of the market if another move is rallied.
On the 8th of December, we see the progressively increasing bearish dominance on the market, which has resulted in a price drop of 2.72%, bringing the BTC price back below the $50,000 mark to stand at $49,249 per coin.
As a true reflection of the BTC market over the midterm, the price still places below its 50-day moving average of $59,828 per coin, putting BTC in a downtrend over the last few weeks.
Indicators
Concerning the bullish rally in the early hours of the 7th of December, the relative strength index rose to a value of 35; however, with the bearish pushback, we see a flattening of the RSI. Despite the bullish move, the relative strength index still places below the 50 mark, indicating the dominance of selling over buying in the market. For the bearish action on the 8th of December, the RSI is down to 33.
In correlation to the relative strength index, the MACD remains below the zero line, indicating the market's negative outlook. However, the histogram shows a reduction in the intensity of the bearish activity.
Ethereum / US Dollar
The above chart shows that Ethereum has fared very well compared to Bitcoin and several altcoins as it maintained a tight level between its drop and previous price movements. On the 7th of December, Ethereum also saw a price surge which led to the ETH price getting back above its 50-day moving average of $4,350 as it hit daily highs of $4,433. However, as we can see from the chart, the bears provided strong resistance to flip the ETH gains into losses, and this is reflected as a price drop of 1.79%, bringing the ETH price to $4,276 per coin.
On the 8th of December, the bears continued their bearish action, which has led the ETH price to drop by 1.32% in the last 24 hours, bringing the ETH price to $4,253 per coin.
Indicators
With the bullish rally, we see the relative strength index hit the 50 mark; however, with the bearish attempt at rejecting the ETH price, we see a drop of the RSI on the 7th of December to a value of 48, flipping the market in favor of the bears. With the bears striving to gain control over the market, the RSI is seen falling on the 8th of December, currently at 48; however, if the bears sustain this momentum, the RSI could fall even lower.
The MACD line places just below the zero line, and this is due to the relative stability seen despite the market crash due to the constant struggle between the bulls and bears to gain market dominance. With the line not being significantly below the zero line, the bulls still have a chance to flip the market in their favor.
Ripple / US Dollar
The Ripple price still trades significantly above its 50-day moving average of $1.07, despite the bullish momentum initiated on the 6th of December. On the 7th of December, the Ripple bulls pushed the XRP price to a daily high of $0.84 per coin. However, we see that the bears initiated a response to the bullish movement, which led to a 2.38% price drop, bringing the XRP price to $0.816 per coin. The wicks above the red candles indicate the rejection of the bullish momentum by the bears.
On the 8th of December, the bears are seen to be sustaining their push, leading to a drop of 0.32% to bring the XRP price to $0.813 per coin.
Indicators
The Ripple bulls attempted to get the XRP market out of an oversold state with its bullish rally; however, with the bears rejecting and maintaining the selling pressure, the relative strength index on the 7th of is back down to 28 from an initial value of 29, indicating growing dominance selling over buying in the market.
With the sustained selling action on the 8th of December, the relative strength index has fallen to 28th, falling further into the oversold region.
The MACD from the chart above still maintains that the bears control the XRP market, and this is indicated by it being placed below the zero line.
Litecoin / US Dollar
Following the bullish pump on the 6th of December, the bulls attempted to sustain the momentum on the 7th as indicated by the LTC price achieving a daily high of $166 per coin; however, the bears created a rebuttal which has seen them reject further price increase, flip the market, and sustain their momentum on the 7th of December, therefore, inflicting a 0.44% price drop, bringing the LTC price to $160 per coin.
On the 8th of December, we see the bears mount a push back, which has resulted in a 2.02% price drop, bringing the LTC price to $158 per coin.
With the LTC price trading well below the 50-day moving average of $208 per coin, we can say that LTC remains in a downtrend over the midterm.
Indicators
The indicator chart shows that the relative strength index on the 7th and 8th of December stands at 33, which places below the 50 mark, indicating the dominance of selling over buying in the market. If the bears sustain or increase the selling pressure in the market, we could see the LTC market fall into an oversold scenario (RSI below 30).
The MACD, in correlation to the relative strength index, places below the zero line signifying the continued bearish outlook of the market and the dominance of the bears in the market.
Bitcoin Cash / US Dollar
Like several other coins on the 6th of December, Bitcoin Cash also experienced a price run-up which followed through to the 7th of November. However, on the 7th of November, the bears initiated a push back, which led to the bears successfully suppressing the growth. On the 7th, we see a price drop of 0.21% to close at $474 per coin, with the wick above the red candle signifying the resistance initiated by the bears.
From the chart above, we can see that the bears have sustained their push on the 8th of December, leading to a Bitcoin Cash price drop of 0.62%, translating to $471 per coin.
Indicators
In line with the bearish action seen in the crypto market, the relative strength index of Bitcoin Cash on the 7th and 8th of December places below the 50 mark with a value of 33, signifying the dominance of selling against bullish buying in the market. If the selling momentum is sustained at increasing pressure, the Bitcoin Cash market could fall below the 30 mark, effectively placing it in an oversold scenario.
Cardano / US Dollar
The Cardano price has been a source of panic in the crypto world. It lost its rank as the 3rd largest cryptocurrency by market capitalization due to the massive bearish influence on its market, which led to a vicious circle of panic selling. On the 6th of December, ADA experienced a price pump; however, on the 7th of December, the bears inflicted a 2.89% price drop to bring the ADA price to $1.37 per coin.
On the 8th of December, we see the bears attempting to crash the ADA price; however, with the resistance provided by the bulls, the bears have only been able to inflict a 0.33% price drop, bringing the ADA price to $1.375 per coin. With so much time on the clock, the bears can still gain control of the market or lose their position to the bulls.
Indicators
With the little bullish action seen on the previous day, the ADA relative strength index increased; however, since the bearish rejection on the 7th of December, the RSI now stands at 32, with the bears maintaining their dominance over the market. However, with the bears struggling to sustain their push on the 8th of December, we see the RSI remain stable at 32.
Similarly, the MACD is placed below the zero line, confirming the bears' negative momentum in the market.
Dogecoin / US Dollar
Since the meme coin mania involving Dogecoin and its rival, Shiba, the meme coin market has seen significantly reduced attention as individuals invest and trade established assets, resulting in a crash before the general market dip.
Despite this, the bulls on the 7th of December attempted to capitalize on their rally from the previous day but were met with great resistance by the bears, as indicated by the wick above the red candle. With this rebuttal, the bears flipped the market in their favor, inflicting a 1.23% price drop to bring the Doge price to $0.176 per coin.
On the 8th of December, we see a minute 0.51% price drop, bringing the Doge price to $0.175 per coin, and this price comes as a result of the bears rejecting an early move by the bulls as indicated by the wick above the red candle.
Indicators
In a reflection of the bearish action on the 7th of December, the relative strength index stands on the 30 mark, indicating the dominance of bearish selling in the market. With the RSI on the borderline to an oversold market, a further bearish activity could see the Doge market fall into an oversold scenario. With the bearish activity on the 8th of December, we see the Dogecoin market fall into an oversold scenario with a value of 29.
The MACD further confirms the bearish dominance of the market as it places well below the zero line, indicating the strong negative momentum in the Dogecoin market.
Correlations
- Bitcoin / Ethereum = 0.87
- Bitcoin / Ripple = 0.83
- Bitcoin / Litecoin = 0.81
- Bitcoin / Bitcoin cash = 0.70
- Bitcoin / Cardano = 0.81
- Bitcoin / Dogecoin = 0.82
Keynotes for today
- Bitcoin attained $50,000 but was shot down by the bears to $49,249 per coin.
- Ethereum still maintains above $4,000. Currently at $4,253 per coin.
- Ripple at $0.813 per con.
- Litecoin at $158 per coin.
- Bitcoin Cash at $471 per coin.
- Cardano is getting crushed. Currently at $1.375 per coin.
- Dogecoin at $0.175 per coin.
