Bitcoin / US Dollar
Price Analysis
The weekend was calm and steady (as most weekends in recent Bitcoin history), without major surprises or moves in the market. The price remained stable around $9,150 and the support/resistance level around $9,200 remained as the core indicator for the current trend in the Bitcoin market. As we have told in our recent articles, the $9,200 internal support/resistance level is considered as the major point for our analysis, predicting the next moves for Bitcoin's price.
In the meantime, a "reverse Golden Cross" signal appeared in the market, showing that the previous "Golden Cross" signal was fake and didn't prove right in the market. It is important to highlight that technical signals should be considered twice in the crypto space and always combined with other indicators and factors that affect the current situation in the market. At this moment, the "reverse Golden Cross" signal is a bearish signal, showcasing a potential downtrend in the next days for Bitcoin.
We expect the market to remain stable over the next days, given that there are no major events happened in the market. We should note that the majority of the technical signals show that the next trending line will be bearish and the price will follow a downtrend, stopping at the remaining support levels, with most important at $8,600.
In the short-term diagram, the price compression is continued and appears more intensified, as the price moved between $9,400 and $9,100. The lower volatility levels indicate that the price is highly possible to move in a different direction with sharpness at any time. The move will be enforced through an event or a technical signal that will spark parallel events in the market.
Indicators
MACD index remained in the negative zone, without a large gap to appear between the lines. This means that the momentum trend might reverse at any time, creating new signals and potential positions in the market. On the other hand, the RSI index moved around value = 45, a bearish move that indicates a possible further drop in the future.
Ethereum / US Dollar
Price Analysis
Ethereum's price rebounded during the weekend, closing around $236 and giving hope to many investors that the market will stabilize around the higher levels. The bending curve was overpassed during the weekend, avoiding a slow downtrend during those days. The moving averages are close to each other, indicating a possibility for another cross during the next days if there is a small downturn in the market.
The "reverse Golden Cross" signal is possible to appear and demolish the previous "Golden Cross" signal that didn't become effective on the market. We have to say that the market is moving towards negative trending, established a bearish feeling for many investors that are not willing to rise their positions in the current situation. This means that the current level of prices will remain until there is a major event that will make investors believe that there is more value in the market and the "fair price" is much higher than the current one.
According to the current technical signals, we don't expect a severe move in Ethereum's market for the next days. This waiting will lead to price compression that might be sparked from an announcement or a single event in the market.
Indicators
MACD index remained negative during the weekend, even if the price rebounded and create a positive feeling during that. The negative MACD index shows that there is no evident momentum in the market that will shape Ethereum's future. This is supported by the RSI index, which moved above value = 50, a stabilizing move for the rest of the market.
Ripple / US Dollar
Price Analysis
Ripple was definitely one of the weekend's surprises. Almost every analyst was expecting Ripple to move below $0.20, a crucial point for Ripple's market as it serves as a psychological point for the investors. Contrasting the expectations, Ripple stood at $0.20 for the entire weekend, showing that it can remain at high levels, even if the overall feeling was bearish in the market.
The price didn't return between the previous parallel channel, which was the major established trend for the previous time-period. The price seems to form another trending channel, higher than the previous, showing a potential turn for investors who want to diversify their portfolios and lower their risk extension in the market. The moving averages are still apart so there is no sign that there will a "reverse Golden Cross" signal in the next days.
Ripple seems to get apart from the rest cryptos' trends and this gives it the advantage for attracting different investors that want to invest in a non-integrated coin that will offer the potential returns in the worst-case scenario.
Indicators
One of Ripple's characteristics is that its MACD index is still positive while the entire market is moving on the negative side. This means that there is still momentum in the market that could drive the price at higher levels than before. Setting itself apart from the rest crypto market is essential for any crypto and it seems that Ripple is in that way. We could also observe that the RSI index falls in values below value = 60, showcasing a possibility for more rise in the near future. In any case, we should consider Ripple as a potential investment in any case.
Litecoin / US Dollar
Price Analysis
The Litecoin market continues to move between the boundaries of the parallel channel as there was no major move that changes the market's momentum and direction. The price barely touched the $43 point, without much support from the volume while the technical signals didn't show any potential major move in any direction. The bending curve was passed during the weekend and the price rebounded to a small level.
The moving averages are moving closer to each other, indicating a "reverse Golden Cross" signal in the next days. This means that the momentum will reverse to the bearish mode and some traders might take that as a sign of weakness and withdraw their positions. We have to note also that the previous "Golden Cross" signal was fake and didn't prove right in the market.
We expect the price to move conservatively in the next time period and follow the rest of the market in any major change that will happen. Facing that, we want to follow the correlation section in these articles that will show how much the market is affected by the major player, Bitcoin.
Indicators
MACD index moved in the negative zone during the weekend, establishing a negative feeling in the market and showing that a conservative approach might be more suitable for Litecoin at this moment. On the other hand, the RSI index moved below value = 45, showing that the bears might take the upper hand in the market and drive the price at lower levels.
Bitcoin Cash / US Dollar
Price Analysis
The "reverse Golden Cross" signal appeared in the market, showcasing that the bearish mood is here to affect the market. Α negative signal for Bitcoin Cash's market is that the "reverse Golden Cross" appeared very close to the lower boundary of the parallel channel, which is the established trend in the market. A potential downtrend in the entire crypto market will devastate Bitcoin Cash as it will break the parallel channel and create a new trend in the market.
The new trend might destabilize the market and create new standards for Bitcoin Cash's market. This move is highly impossible to affect the other cryptos as the coin is not considered an effective player in the market and its moves are not considered heavy in terms of effect.
Indicators
MACD index moved to the negative zone once more, showing that the momentum disappeared in the market, creating new opportunities for bears. On the other hand, the RSI index rebounded a little bit, below value = 45, showing downtrend potential in the next days.
Correlations
Bitcoin / Ethereum = 0.88 (- 0.01), Bitcoin / Ripple = 0.59 (- 0.08), Bitcoin / Litecoin = 0.87 ( 0 ), Bitcoin / Bitcoin Cash = 0.89 (- 0.01)
The correlation coefficients remained stable during the weekend, without major changes that might indicate a reverse integration in the market. The only exception in the current market situation is the Ripple, whose correlation dropped against Bitcoin at value = 0.60. This means that Ripple is establishing a different route in the crypto market, creating diversification opportunities for investors. Although Ripple is the exception from the main cryptocurrencies, the market remains integrated and the majority of cryptocurrencies seem to follow the established Bitcoin trend at any moment, giving narrow opportunities for portfolio diversification and multiple investments on different cryptocurrencies.
