Bitcoin / US Dollar
Price Analysis
Price Analysis : Bitcoin continues to remain on the same levels while the rest of the market continues to correct !!
Bitcoin remained on the same level for the third day in a row, with little volatility. The price landed at $13,300, making many investors consider what will be the next step for the market, and if the bullish trend will continue. The overall momentum in the Bitcoin market is bullish, showing that many investors are willing to hold their positions and prepare themselves for new high levels during 2020.
While the target price for this period is near $14,000, this might be a difficult task for Bitcoin as it will have to bring another bullish round on the table. This means that there is a need for more "fuel" in the market and more new investors that will believe that Bitcoin is still "undervalued". Moreover, several large investment firms have turned a part of their cash reserves in Bitcoin to take advantage of its nature. Those factors can bring another bullish wave in the Bitcoin market, which will determine the longevity of the bullish period.
Remaining at the same level is a positive sign for Bitcoin as it can sustain the price, with small losses on the momentum side while building for the next bullish phase, without losing valuable field in the meantime. The 50-day moving average has just begun to bend over but there is still a lot way to meet the 200-day moving average to create a reverse on the trend. The trading volumes have remained high, showing that investors remain active on the market and they are willing to make decisions about their positioning on it.
In the short-term diagram, we can observe that the market momentum is following a certain pattern in the bullish market. This pattern consists of several days of waiting at the same level and then the price makes a sharp move towards higher levels. This could also happen this time for Bitcoin, making the bullish period even longer. On the other hand, this could be the last time for the trend as it might roll over to a bearish point.
Indicators
MACD index continues to decrease slowly but it remained on the positive side, indicating that investors are still hoping for a better outcome at the end of the day. On the other hand, the RSI index moved in the "safe" zone, indicating that we might expect a bearish move in the next days.
Ethereum / US Dollar
Price Analysis
Ethereum's price continues to drop, reaching $380 and one step closer to the appointing support levels. As we have pointed out in the previous days' articles, the next support levels will stand at two points. The first point stands between $360 and $370, which was the step for the current bullish market and could turn in a support level this time. The second point stands between $340 and $350, which is the long-term support line since August.
Any of the above mentioned support levels could be the start for another uptake in the Ethereum market and could serve as the starting point for another bullish round in the market or another alt-season. These scenarios are possible to happen if the price continues to move at a slow pace towards those positions. On the other hand, if Ethereum tries to rise during the current situation, it will need much more effort than in the previous situation due to medium correlation with current stable assets like Bitcoin.
Moving averages are still away from each other, without any annoyance from the current drop while the trading volumes have been slightly up during the last days, due to the liquidations that happened.
Indicators
MACD index continues to move in the negative area, making a bearish trend much more likely than before. On the other hand, the RSI index moved below value = 50, showing that price might remain stable for the next days but with a negative outlook.
Ripple / US Dollar
Price Analysis
The support level at $0.24 broke out, creating concerns in the market for the next step for Ripple. As we can see in the diagram below, the support level around $0.24 broke two times during the stability period, making investors think about the correcting mode that might follow.
The support level was strong enough to retain the position at $0.24 and hold for several months, even if it loses the bullish market trend, where the entire crypto market participated. The pessimistic scenario in the Ripple market says that the $0.24 point will not stand for a long and the price will continue to drop until it reaches $0.20 which was the major point for the previous level during the descending.
The trading volumes have been lower than ever, making Ripple appear weak in the market, without any dynamic to grow organically. On the other hand, the moving averages are still moving towards each other, making the scenario of a reverse "Golden Cross" to be much more evident than ever before. This signal will testify in favor of another bearish signal in the market, giving another spark for it.
Indicators
MACD index continues to move in the negative area, making another step to confirm the bearish trend in the market. On the other hand, the RSI index is moving more heavily towards more bearish positions, as it lands at value = 40.
Litecoin / US Dollar
Price Analysis
Litecoin continues to drop to $53 point, making the bearish trend continue like a possible scenario over the next days. The next support level is holding at $50, which was the top-level during the correction/stability period in September. If this support level holds for a while, the correlation game could be heated and Litecoin's strong correlation with Bitcoin will work to make Litecoin grow again.
Another support level below $50 is laid around $47, which was the main support level during the previous period. This could be another barrier for Litecoin to establish a further growth trend. The trading volumes continue to move at high levels while the moving averages are still moving in parallel positions, without many divergences.
Indicators
MACD index will probably pass on the negative side during the next days, if the price continues to drop, making a bearish scenario more possible. On the other hand, the RSI index moved to values below 60, showing that there are still possibilities for another bullish trend.
Bitcoin Cash / US Dollar
Price Analysis
The crucial zone around $260 was still in the game, showing that the bearish market has not shown its full potential up until now. The next support level in the market is around $250, which there was a step in the bullish trend. This step could work in a reverse way and make the market drop to stop for a little.
If things got worse, there is another support level at $220, which is much more long-term and established in the trend. The trading volumes are at medium levels while the moving averages have not moved for a while since there is a need for more action in the market.
Indicators
MACD index passed on the negative area, making the bearish trend more possible during the next period. On the other hand, the RSI index moved near value = 50, indicating a stability trend for the next days.
Correlations
Bitcoin / Ethereum = 0.73 (- 0.08), Bitcoin / Ripple = 0.09 (- 0.12), Bitcoin / Litecoin = 0.88 (- 0.02), Bitcoin / Bitcoin Cash = 0.76 (- 0.02)
Another interesting day for correlations as we can observe that all of the altcoins have dropped their relationship with Bitcoin, making the market a more diversified place. Only Litecoin seems to continue and remain in the "strong" correlation zone, making the other cryptocurrencies to look less attractive at this moment. On the other hand, Ethereum and Bitcoin Cash have been pushed in the "medium" correlation zone, making some steps back to the integrated position they use to have. Ripple has been a category by itself, showing that it moves towards complete independence from Bitcoin's moves and the rest of the crypto market. Ripple's case is something that will make us think more about the crypto market's future and what we should anticipate in the next period.
Key Notes For Today
Bitcoin remained on the same levels, holding current positions
Ethereum and Bitcoin Cash moved downwards without meeting support levels yet
Litecoin made a clear statement about the bearish trend
Ripple broke the long-term support level at $0.24
Comments (7)
Guest
godgrace1
6 years ago
Just like I said from my previous analysis that the reason why bitcoin became bullish is not the same reason why other altcoins rallied towards bitcoin.
Other altcoins rallied towards bitcoin because of the announcement that Paypal made about its adaptation of bitcoin in its payment platform,
Although the market correction occurred and bitcoin fell below $13000, but it didn't take much time before it regained momentum and it's trading steadily now between $13400 to $13600,
Ethereum, Ripple, bitcoin cash, litecoin are all bearish due to the market correction, some might test their support levels before regaining momentum.
whenayon
6 years ago
Bitcoin
The Bitcoin price surge continued this week and it managed to increase by 4.5% to reach $13,60 at the time of this writing. The coin was trading slightly above $13,000 last Friday and moved sideways along this level over the weekend.
On Tuesday, Bitcoin started to surge higher as broke resistance at $13,415, climbed above $13,500, and reached the resistance at $13,815. The bulls could not close a daily candle above this resistance, which led to Bitcoin dropping as low as $13,000 on Wednesday.
Since then, Bitcoin has traded sideways in a wide range between $13,815 and $13,000.
On the other side, if the sellers push lower, the first level of strong support lies at $13,000 support.
Ethereum
Ethereum saw a sharp 8.3% price drop this week as it falls into the $380 support (.5 Fib Retracement). Last Friday, Ethereum struggled to break above the resistance at $416 – provided by a bearish . It rolled over from here and started to head lower during the week as it fell beneath $400.
Initially, Ethereum managed to find support at $389. However, the sellers broke past this support today as it plummeted into the $377 level.
Moving forward, if the sellers break beneath $377, the first level of support lies at $364.
On the other side, if the buyers can rebound from $377, resistance lies at $390, $400, $410, and $416.
Ripple
Ripple also saw quite a sharp 7.8% price fall this week as the coin drops beneath the 200-days EMA into the $0.237 level. Last Friday, XRP was trying to overcome resistance at a falling trend line but could not do so. As a result, the coin headed lower throughout the week and broke beneath the 100-days EMA yesterday.
Today, XRP continued lower to break beneath a rising trend line (the lower boundary of a triangle) to drop beneath the 200-days EMA and hit the current $0.237 support. XRP spiked as low as $0.23 today, but the buyers have since pushed the price higher.
ugospecial
6 years ago
BITCOIN PRICE ANALYSIS: BTC price remains stable for the third day in a row, with little volatility. The price landed at $13,300, making many investors consider what will be the next step for the market, and if the bullish trend will continue, continue due an overall bullish momentum many investors are willing to hold their positions. While the target price for this period is near $14,000, this might be a difficult task for Bitcoin as it will have to bring another bullish round on the table, several large investment firms have turned a part of their cash reserves in Bitcoin to take advantage of its nature.
ETHEREUM PRICE ANALYSIS: EH keeps dropping, reaching $380 and one step closer to the appointing support levels, The first point stands between $360 and $370, which was the step for the current bullish market and could turn in a support level this time, The second point stands between $340 and $350, which is the long-term support line. These scenarios are possible to happen if price keeps moving at a slow pace towards th
RIPPLE PRICE ANALYSIS: Ripple's support level at $0.24 broke out, creating concerns in the market for the next step for Ripple, the support level around $0.24 broke two times during the stability period, making investors think about the correcting mode that might follow. The support level was strong enough to retain it's position at $0.24 and hold for several months, $0.24 point will not stand for a long and the price will continue to drop until it reaches $0.20 which was the major point for the previous level during the descending.
LITECOIN PRICE ANALYSIS: LTH keeps dropping to $53 point, making the bearish trend continue like a possible scenario over the next days, If this support level holds for a while, the correlation game could be heated and Litecoin's strong correlation with Bitcoin will work to make Litecoin grow again. Another support level below $50 is laid around $47, which was the main support level during the previous period. This could be another barrier for Litecoin to establish a further growth trend.
BITCOIN COIN CASH: BCH at $260 still shows that it's bearish market has not shown its full potential up until now, The next support level in the market is around $250, which there was a step in the bullish trend. If things got worse, there is another support level at $220, which is much more long-term and established in the trend, MACD index passed on the negative area, making the bearish trend more possible during the next period. On the other hand, the RSI index moved near value = 50, indicating a stability trend .
visiblemoney
6 years ago
Bitcoin maintains its position at $13,300 with little volatility. The trading volumes have remained high showing that investors remain active on the market.
Ethereum price continues to drop until $380. Its moving averages are still away from each other while trading volumes have been slightly up during the last days due to liquidations that happened.
Ripples broke two lines during the stability period, making investors think of the next move, but it still maintains price at $0.24.
LTC did drop making bearish trend until $53. Although the trading volumes continues to move at high levels while moving averages are moving parallel positions without much divergence.
BCH maintains its price at $260 but if there is bear in the market, the next support level shall be $250 while the trading volumes are at medium levels and the MAs have not moved for a while in the market.
In summary, Bitcoin maintains same levels while ETH & BCH move downward without meeting support levels yet as LTC might go bearish in the next move but Ripple broke it long time support levels at $0.24 even though it reclaims it eventually.
exodusab
6 years ago
All of these factors will keep influencing the price of bitcoin in 2020 and beyond. Be sure to continue to acquire and stay in the loop and keep tabs on the movers and shakers in the blockchain and cryptocurrency space as the era of decentralized finance is upon us and Bitcoin, along with its BTC price predictions, are fundamental to its growth as user adoption and awareness continues to reach all time highs.
dean01oreoluwa
6 years ago
As the weekend approaches, Bitcoin (BTC) price appears set to close out the month with a remarkably strong performance which has many bulls calling for a new all- time high above $20,000 in the near future.
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