Price Analysis (6 November): Bitcoin Made the Bulls Run for Another Day, Setting the Rest of the Market on Heat Mode !!!

Bitcoin made a huge jump at the end of the day, passing $15,000 with power and landing at $15,500. The $15,500 was a new 2020 high level that was not evident in the market since late 2017. Like we said in the previous days' articles, the bullish market in 2020 is giving excessive returns for early investors, giving also the opportunity to investors that enter at $10,000 to share a fair amount of profitability.

The entry point for any investor is the key point for measuring success. For Bitcoin, the average entry point in the current situation for many investors lays at $10,000. This means that even investors that bought Bitcoin during the last months have already accumulated a profit of around 50 %, which is 5 times the average return rate of the traditional financial market.

The $20,000 might be the next stop for Bitcoin, which will be also the new all-time high level for the market. This will define a new era for cryptocurrencies as many prophecies for higher levels will be accomplished, creating new wealth in the market. At this moment, we are in a crucial position, where many analysts believe that the price will move to new high levels while another portion in the market believes that the trend will collapse and the market will correct to previous levels.

In any case, we will observe the situation, making adjustments to our current strategy to take advantage of any situation that will occur. As the trading volumes are showing, a sell-off is possible to some extent in the next days, just to see that the market is normal and some investors are happy with their accumulated returns. The moving averages are way apart from each other, showing no traceback in bearish trends.

In the short-term diagram, we can observe that the main green days for Bitcoin are coming after a small period with wins and losses on daily basis. This means that some days, the market is indecisive and the investors are looking for the next signal to enter or to exit. For this period, multiple bullish signals came up, making the market to make entry decisions and drive the price at higher levels.

Indicators

MACD index continues to grow, indicating that the market momentum has a strong effect on the price formation. On the other hand, the RSI index moved above value = 80, showing that the asset is "overvalued" and investors should consider selling it.

Ethereum / US Dollar

Price Analysis

Ethereum made the brave action and moved bullish for the first time during the last months. After breaking the $400 level, it lands around $440, making the coin return in the bullish path. The 2020 high level laid around $480, which is not far from the current situation. We believe that if the bullish trend continues for another period, this price will be reached and passed, giving Ethereum another advantage in the crypto market.

The bullish perspective in the market might be halted from previous resistance levels, which is around $440 when the price is corrected back mid-August. If this resistance level breaks in the next days, we believe that $480 will be the next stop for Ethereum's price.

The trading volumes spiked up during the last days, showing that Bitcoin brought many more investors in other coins, which they were considered as undervalued in terms of the current bullish trend. The moving averages are still close but the current bullish trend will probably set them apart for some time.

Indicators

MACD index passed on the positive side after a negative week, indicating that the market momentum could help Ethereum's price to develop even more in the next days. On the other hand, the RSI index reached almost value = 70, indicating that the coin will be quickly in the "overvalued" area and investors will try to sell it.

Ripple / US Dollar

Price Analysis

Another surprise for the crypto market as Ripple turned on green tonight, spreading happiness across crypto investors. The $0.24 support level made its job and the price reached $0.26. The $0.26 level is the starting point for the bullish trend but there is a need for more uptrend in the current situation.

The further uptrend will enable the price to establish a stronger bullish trend and head for a new high level. We should consider the $0.30 as the higher level for 2020 and this should the goal for the current bullish trend. If this level is reached, we will talk about another price trend and formations with different backgrounds.

The trading volumes have remained the same with previous days, showing that the same investors prefer to change positions without many new entries in the market. The moving averages are still in a bearish position, showing that the bullish trend has not been established yet.

Indicators

MACD index passed on the positive side, showing that there is a need for more uptrend for the market momentum to establish it. The RSI index moved to value = 60, indicating that there is more room for an uptrend in the current situation.

Litecoin / US Dollar

Price Analysis

Litecoin made another jump through the last days, continuing the bullish trend after the small correction move. The price broke the resistance level at $57 and landed on the second step around $62. This level is the previous step before reaching the 2020 high level at $67.

The $67 will be the main point for establishing a new trend and new standards for the Litecoin market. We believe that a continuous bullish approach will make this possible and will bring Litecoin to the front page for more crypto trading.

The trading volumes were on high levels again, showing that there is a growing interest in this market while the moving averages start to diverge again, showing that a bearish approach will be delayed for now.

Indicators

MACD index passed also on the positive side, creating new positive vibes for the market and making investors more optimistic about Litecoin's future. On the other hand, the RSI index reached value = 70, which means that the market is considered "overvalued" and it will try to correct in the next days.

Bitcoin Cash / US Dollar

Price Analysis

Bitcoin Cash made a small comeback, bringing the new bullish trend above $250, which was the average point for the previous ups and downs during the stability period. We can observe that the bullish market was not so evident in Bitcoin Cash's case as it was not so intensive as in other coins. As the market has not reached the previous high level, indicating that there is more room to grow.

If these levels are reached, then we will find out if Bitcoin Cash can reach all-time high levels and establish itself as a winner in the crypto market. The trading volumes sparked up, showing that there is some interest in the market for this while the moving averages, having crossed each other and forming a reverse "Golden Cross", have distracted investors for now.

Indicators

MACD index is still on the negative side, making the market weak to current trend-setting as there are more dynamics to be shaped. On the other hand, the RSI index moved to value = 50, indicating stability in the price for the next days.

Correlations

Bitcoin / Ethereum = 0.67 (+ 0.14), Bitcoin / Ripple = 0.04 (+ 0.30), Bitcoin / Litecoin = 0.78 (+ 0.04), Bitcoin / Bitcoin Cash = - 0.01 (- 0.15)

The majority of altcoins kicked today and joined Bitcoin in the bullish market or they try to have a positive flow in it. The major difference in the current market position lays at Ripple, which stops to be on the negative correlation zone and passes again on the positive side, even by a small step in it. Litecoin and Ethereum made positive progress, boosting their correlations with new vibes. On the other hand, Bitcoin Cash passed on the negative side of correlations, making a negative impact on the price formation during the last days. As we can see, the low correlations delayed the altcoins' pass from the stability to bullish mode and create the current situation.

Key Notes For Today

• Bitcoin jumped above $15,000, landing at $15,500

• Ethereum and Litecoin made significant progress in the bullish trend

• Ripple unstick from the $0.24 level and reaches $0.26

• Bitcoin Cash made little progress, comparing to the rest of the market

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Remitano.
Every investment and trading move involves risk, you should conduct your own research when making a decision.