As we all know, the Bitcoin market is highly unpredictable. Following the bearish success in gaining control of the Bitcoin market on the 22nd of December, the bulls launched a rally up on the 23rd of December, resulting in the Bitcoin price getting back above the $50,000 market. On the 23rd of December, the Bitcoin price increased by 4.6%, translating to $50,842 per coin.
On the 24th of December, we see the bulls capitalising on their previous momentum by influencing a 0.53% price increase in the last 24 hours to bring the Bitcoin price to $51,111 per coin. The highest and lowest price points achieved are $51,527 and $50,661.
However, with so much time left on the clock, the Bitcoin bulls still stand a chance to push closer to the 50-day moving average, but the above chart shows the bears actively resisting further price growth as indicated by the wick above the candle. Therefore, by the end of the day, the dominant force will determine the price trajectory.
With these price movements, the BTC price edges closer to its 50-day moving average of $55,241, which, if sustained, could see the Bitcoin market break out of its downtrend. The price movements have analysts maintaining their opinions of the bull run still being in motion.
The above chart shows that the recent bullish action initiated on the 23rd of December succeeded in bringing the Bitcoin market out of a predominantly bearish oversight. On the 23rd of December, the relative strength index broke above the 50 mark to stand at 50.56, and the follow-up bullish action on the 24th of December has seen further growth in the relative strength index to 51.
With both values above 50, we can say that bullish buying has surpassed bearish selling.
In correlation to the relative strength index, the MACD edges closer to the zero line, above which provides a positive outlook for the market. At the same time, the histogram shows a growing bullish presence in the Bitcoin market. However, with the MACD still below the zero line, the bears still hold a key position in the market which requires sustained bullish action to be overruled
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As with Bitcoin and several other altcoins, Ethereum experienced massive bullish action on the 23rd of December. From the chart above, we see the ETH price opened at $3,980 per coin on the 23rd of December, and the wick below the candle suggests the bulls resisted an early move by the bears to gain control of the market. The bulls established dominance resulting in a 3.31% price growth to bring the ETH price to $4,113 per coin. The highest and lowest price points seen are $4,157 and $3,895.
On the 24th of December, we see the bears responding to the bullish action of the previous day after rejecting an initial bullish move as indicated by the wick above the candle; however, the bulls are seen to be resisting further price drop as indicated by the wick below the candle, restricting the price loss in the last 24 hours to 0.32%, bringing the ETH price to $4,099 per coin. The highest and lowest price points seen so far are $4,132 and $4,064, respectively.
The ETH market trades just below its 50-day moving average of $4,275, therefore, still predominantly under bearish dominance. However, with the bulls edging close to the 50-day moving average, we could see a flipping in the market momentum.
From the chart above, the bullish action on the 23rd of December proves significant in flipping the relative strength index to favour the bulls with a value of 50.52. However, the bearish push back on the 24th of December has seen the relative strength index fall to 50.04. With both values at 50, the market has attained momentary stability, which can shift depending on which party becomes the dominant force at the close of the day.
The MACD still makes its way to the zero line, indicating a growing bullish presence, also correlated by the histogram. However, the bears still influence the market as the MACD is below the zero line, requiring sustained bullish action to change this.
On the 23rd of December, the Ripple bulls got the asset back to its 50-day moving average of $0.99. From the chart, we see the bulls got past the 50-day moving average but were quickly rejected by the bears, as indicated by the wick above the candle. On the 23rd of December, the Ripple price increased by 4.23%, bringing the XRP price to $0.994 per coin, while the highest and lowest price points achieved are $1.02 and $0.93, respectively.
On the 24th of December, we see the bears mounting a response to bring the XRP price down from its 50-day moving average of $0.990, resulting in a 1.36% drop to bring the XRP price to $0.980 per coin. However, the wick below the candle suggests active bullish resistance to a further price drop.
With the XRP price testing its 50-day moving average, it is only a matter of time before the Ripple bulls succeed in gaining market control.
Following the bullish rally on the 23rd of December, the relative strength index maintained its rise to a value of 61, indicating a clear dominance of selling over buying in the Ripple market, while the bearish pushback on the 24th of December has resulted in a reduced RSI to stand at 59; however, the bulls remain the dominant force as the RSI remains above 50.
With the consecutive bullish action, the MACD shows the bulls are getting closer to gaining full control over the market as it gets closer to the zero line. Also, the histogram shows a growing bullish presence in the market. Therefore, if such momentum is maintained, the bulls can flip the market in their favour, providing a positive outlook for the Ripple market.
As shown above, the Litecoin market is experiencing its fourth day of consecutive bullish action. However, the bullish momentum hasn't been so significant.
On the 23rd of December, the LTC market experienced significant bullish action, which saw its price rise by experiencing significant bullish action which saw its price grow by 5.34% to bring its price to $163 per coin. The highest and lowest price points seen during the day are $165 and $153, respectively.
On the 24th of December, we see the bulls attempting to capitalise on their previous momentum; however, the wick above the candle suggests resistance to further growth by the bears, resulting in a minute gain of 0.59% in the last 24 hours to bring the LTC price to $164 per coin. So far, the highest and lowest price points seen are $166 and $163, respectively.
Despite consecutive bullish action, the LTC market still trades well below its 50-day moving average of $194, maintaining it within a bearish grasp and downtrend.
The chart above shows that the bullish activity on the 23rd of December significantly impacted the relative strength index, bringing it to 47. As the bulls attempt to gain control over the market on the 24th of December, the relative strength index is up to 48, indicating a gradual increase in bullish presence in the market. However, with both values still below 50, the bears still hold a little grasp on the market.
In correlation to the relative strength index, the MACD shows a deflection to the upside as it makes its way towards the zero line, together with the histogram, showing increasing bullish activity in the market. However, as earlier stated, the bears still have a say in the market as the MACD is still placed below the zero line.
On the 23rd of December, the Bitcoin Cash bulls were seen to initiate a move, resulting in a 3.97% increase to bring its price to $455 per coin. The wick above the candle suggests the bears rejected the Bitcoin cash from its highest price point of $458. In contrast, the wick below the candle indicates the bulls initiated their move after rejecting an initial bearish push for dominance at the start of the day, rejecting the drop at the lowest price point of the day, $434.
On the 24th of December, we see the bulls continue their momentum, resulting in a 0.99% increase to bring the Bitcoin Cash price to $460 per coin. The chart also shows resistance by the bears; therefore, the bulls are expected to sustain their momentum if they are to end the day on top. However, the highest and lowest price points seen at the writing of this piece stand at $461 and $452, respectively.
Despite the sustained bullish action across the last two days, the Bitcoin Cash market still trades below its 50-day moving average of $538, indicating the market's stalling in a downtrend.
As a reflection of the bullish action on the 23rd of December, the relative strength index rose to 44, while the sustained bullish action on the 24th of December saw an increase to 45, indicating increasing bullish entrance into the market across the last two days. However, with both values below 50, bearish selling remains dominant against bullish buying.
In correlation to the bullish action across the last few days, we see the MACD deflect to the upside, and this is correlated by the histogram, which indicates a growing bullish presence in the market. However, the MACD will be required to be placed above the zero line before the bulls can claim dominance in the Bitcoin Cash market.
After weeks without significant bullish action, we see that on the 23rd of December, the ADA market received significant bullish activity, which saw the ADA price rise by 11.02%, bringing its price to $1.47 per coin, while bearish resistance rejected further gain from $1.49.
The lowest price seen stood at $1.30. With this price movement, the ADA market edges closer to its 50-day moving average of $1.62 above, which takes the market out of a downtrend. However, on the 24th of December, the ADA bears have mounted a response, resulting in a 0.63% drop to bring the ADA price to $1.46 per coin.
With the bearish not being too significant, the bulls still have a chance to gain control if they can turn their resistance to further price drop into significant momentum.
Following the massive bullish action on the 23rd of December, the ADA relative strength index has made its way back into bullish territory with a value of 54, while the relative strength index on the 24th of December stands at 53 despite bearish action. With both values above 50, we can say that the bulls are getting a hold of the ADA market.
In correlation to the RSI, the MACD deflects the upside, and the histogram sheds more light on this movement as the entry of bulls into the market. However, the bulls are required to sustain this momentum to control the market, which will be indicated by the MACD moving above the zero line.
On the 23rd of December, the Dogecoin market increased by 6.99%, bringing the Doge price to $0.185 per coin, with the highest and lowest price points achieved being $0.185 and $0.171, respectively. On the 24th of December, we see the bears attempting to gain control of the market, resulting in a 0.43% drop to bring the Dogecoin price to $0.184 per coin.
However, the wick below the candle suggests active resistance by the bulls to further price drop, and with much time left on the clock, the bulls can gain control if they sustain their resistance and transform it into momentum. So far, the highest and lowest price points seen are $0.185 and $0.179, respectively.
With the Dogecoin price still well below its 50-day moving average of $0.20, the market is yet to break out of the current downtrend over the mid-term.
As a reflection of the bullish action on the 23rd of December, the Dogecoin relative strength index rose to 49, which falls just below the 50 mark, which above will mean the Dogecoin bulls gain control of the market momentum. Following the bearish pushback on the 24th of December, the RSI is down to 49.32; however, it is subject to change depending on which party becomes dominant by the close of the day.
The MACD and histogram show increasing bullish entry into the market; however, with the MACD still below the zero line, the bears maintain a hold on the market.
