Price Analysis (9 April): Ripple made the market boom !!!

The profits from the Bitcoin market need to be invested again, to continue to create higher returns. This is possible through investing in altcoins, which have underperformed during the last period against Bitcoin. Investors are moving their capital to altcoin positions, making to thrive to new high levels. On this specific time frame, altcoins’ returns tend to be higher than any previous return in the same market, making any investor look for new expansions at different crypto markets.

The next step after the alt-season is the net profits from the altcoin market to be re-invested back in the major markets. Until now, the major market in the crypto space was Bitcoin but Ethereum has also made important progress towards this situation.
At this moment, we are in the middle of a potential alt-season, indicating that the Bitcoin market will move at a stable trend for now. The trading volumes have made a minor spike in the last days while the moving averages have remained at close positions, sustaining a bullish outlook.

In the short-term diagram, the compression has moved to more intense levels, bringing the short-term view of the absorption to higher levels. As strong as the absorption is, the sharpest the next move will be.

Indicators

MACD index has remained on the negative side, showing that the market cannot capitalize on any positive momentum during the last few days. The RSI index has moved to value = 55, indicating that the trend will remain stable with a positive outlook.

Ethereum / US Dollar

Ethereum’s price has been established above the $2,000 zone, showing that the market has moved in a new phase. After breaking the $2,000 point last week, Ethereum’s price has experienced enough turbulence in its formation, making the price formation more difficult in this period.

The new all-time high levels seem to need more time and market depth to be established, showing that the market will need to adapt to the new dynamics, deriving from the previous experience. As we mentioned in the article above, Ethereum has been established as a major market in the investors’ consciousness, following Bitcoin’s success in the past period.

But Ethereum was established as the major altcoin and as the alt-season is moving on, some investors will try to benefit from that. The fight between investors that believe Ethereum as a major asset (and act like bears as they believe its cycle has ended) and investors that believe Ethereum remains an altcoin (and act like bulls as they believe that a new alt-season is on the rise) will continue to fight for dominance.

It is also a common scenario for every all-time high level to find fierce resistance from the market, trying to establish the new condition under which the market will operate. The trading volumes have made some positive progress, indicating that there is active trading from the investors’ side. The moving averages have remained at a bullish position, making a bold prediction about the coin’s future.

Indicators

MACD index continues to float in the positive area, showing that there is positive momentum in the price formation process. The same is depicted in the RSI index, which lands around value = 60, predicting that the market has not closed the bullish cycle yet.

Ripple / US Dollar

The most surprising asset was Ripple, which was skyrocketed during the last few days, reaching even $1.10. At this moment, the price has reached $1, which is a remarkable point for the market.
As we have stated in previous articles about Ripple, the only thing that could change the negative prospects about the coin and its case regarding “financial fraud” from its co-founders, was spectacular news or a big hit that will make the market see Ripple again as a solid investment option.

The big hit was made after Ripple announced its new vision about partnering with more financial institutions and NGOs to promote better financial inclusion and new opportunities for every user. This was combined with the acquisition of a 40 % stake at the payments firm, Tranglo. Those two moves were enough to make the price reach new high levels, establishing that the market will need more time to sustain those levels.

The situation remains fragile but time will show if the growth will be sustainable or not. The trading volumes made an important jump, showing that the market attracted new investors that were willing to place more capital in it. The moving averages have continued to hold a bullish position between them.

Indicators

MACD index has thrived in the positive area, making the market momentum a crucial factor in the price development process. The RSI index, after passing in the overbought zone, returned to the normality, showing that there is a slight possibility for the market to sustain the $1 benchmark.

Litecoin / US Dollar

Litecoin touched again the all-time high levels at $240 but didn’t manage to sustain them, making the market correct at $225. This level is considered to be the previous step for the Litecoin market before reaching its all-time high level.
The market seems to become weaker in the last period, being unable to capitalize on any strong move from the major markets while it fails to establish new all-time high levels to set new standards for it. We expect that the market will try to be affected by the alt-season and create new bullish turns.

The trading volumes made a jump during the previous days, indicating that the price development was fueled by alt-season scenarios. The moving averages have continued to establish a bullish position, bringing the perspective in the market.

Indicators

MACD index has remained in the positive area, indicating that the market has been affected by the current momentum. The RSI index moved to value = 60, showing that there is future potential in the market development.

Bitcoin Cash / US Dollar

Bitcoin Cash has been placed between two major points in the chart that could become drivers for the next period in its price development. The first point is the zone below $600, which will indicate a pass in the bearish trend while the second point starts from $700 point and above it, which will indicate a clear bullish path for new high levels.

At this moment, the price lays at $640, which is a steady point that could evolve in both directions. If the alt-season momentum continues to exist, we expect that the road to $700 will be the key driver for the short-term price development.
The trading volumes had made a small jump in the last week while the moving averages continue to hold bullish formation for now.

Indicators

MACD index remains in the positive area, establishing a positive momentum for the market. The RSI index moved to value = 60, showing that there is a positive outlook for the short-term price development.

Correlations

Bitcoin / Ethereum = 0.83 (- 0.07), Bitcoin / Ripple = 0.43 (- 0.22), Bitcoin / Litecoin = 0.71 (- 0.19), Bitcoin / Bitcoin Cash = 0.65 (- 0.35)

The alt-season brought a shake-up in the correlation sector, making every cryptocurrency rebuild its relationship with the market leader, Bitcoin. Ethereum has remained on the strongest side of the correlation zone, indicating that the market has been affected by the recent bullish moves from Bitcoin.

The rest of the coins (Ripple, Litecoin, and Bitcoin Cash) have moved in the medium correlation zone, showing that the alt-season has started to disintegrate the market and make each coin shape its price formation process. We expect that the next period will become an alt-season breakout that will bring the market to new levels.

Key Notes For Today

• Bitcoin’s price remained at $58,000
• Ethereum established its position above $2,000, landing at $2,050
• Ripple skyrocketed at $1
• Litecoin continued a bullish position at $225
• Bitcoin Cash remains at a crucial point around $640