Bitcoin / US Dollar
The support level at $30,000 stays strong at the current moment, indicating that this point will remain crucial in the next period for the price development phase. The trend continues to remain at corrective mode, after a small compression around $31,000. We have referred many times in the past about the price compression and the next moves after it.
The price compression, this time, led to a small correction with the price to land at $30,600. We believe that the next days will determine the final standing in the market as the price will need to take bold action, delivering the next trend. A break in the $30,000 point will be probably the major hit for the bulls, as the bears will have to take over the market and will lead them to the next support level.
The first support level below the $30,000 line lays around $24,000, which has two important stakes in it. The first one is that it is the 40 % correction trace from the all-time high level, which is a normal reaction in those cases. The second thing is the $24,000 point was the first establishment of the bullish trend after the $20,000 point, which was the previous all-time high level.
The opposite scenario is the strong support level of $30,000 to bounce back and create a new bullish scenario, breaking the all-time high level at $41,000 and look forward to a new trend that will shape the next period. This is difficult to happen as the fuel in the market is getting to the last drop. If the positive scenario takes over without much fuel, the price will continue to stay at levels above the $30,000 line but with small declines in it.
The trading volumes have remained on the lower side, making investors stay away from the coin at this moment and waiting for the next period. The moving averages have held a bearish position and predict more falls in the future.
In the short-term diagram, we can observe that the market has more "red" than "green" days. This means that the market will take a bearish formation if the $30,000 point breaks down and the price continues to drop at lower levels. The level has been tested twice until now and the theory says that if a support level is tested multiple times without breaking, then the price will finally go up.
Indicators
MACD index continues to move at negative values, creating more negative momentum in the market while the RSI index moved below value = 45, indicating that the price will remain on the same spot but with a negative outlook.
Ethereum / US Dollar
After reaching its all-time high level at $1,400, Ethereum made a small correction, landing at $1,250. This correction was not severe, comparing to the rest of the market, indicating that Ethereum is trying to establish a separate position in the crypto world. The independence from the Bitcoin trend in the current situation is valuable as many investors would like to have a second option in crypto investing.
Ethereum's price has been sustained at high levels during the last period, indicating that the established trend has remained on the bullish side. This trend is creating prospects for a better investment acquisition from the community. We believe that attracting investment in a bearish market can create exponential growth in the coin as the majority of investors will opt-in for the best solution in the market.
The contrarian situation that Ethereum is facing could be a positive check for the next period, creating value for its holders. The next days will show if Ethereum will follow Bitcoin or it would drive a new path in the crypto market.
The trading volumes are increased compared to other crypto markets, showing that the investors' interest has not passed while the moving averages are at bullish positioning, the only coin in the market with such an indicator.
Indicators
MACD index remains on the negative side, indicating that the momentum is lower at the current situation while the RSI index has dropped at value = 55, which indicates stability in the market with a positive outlook.
Ripple / US Dollar
Ripple seems to follow the main trend in the market, dropping to $0.25. The price drops since the 2021 start when it reaches $0.30 as a local peak in the market. The liquidity challenges are increasing at this point as many crypto exchanges have suspended Ripple trading, making the market lack capital.
The space between $0.20 and $0.30 is familiar for Ripple and it will continue in this situation for the next period. We expect small price fluctuations in the next period unless there is a major change in the SEC charges' case.
The trading volumes have no difference in the last days while the moving averages have still a bearish movement that will last for long.
Indicators
MACD index has reached value = 0, indicating that there is no momentum in the market, which means that the market will remain stable for the next few days. The RSI index moved below value = 40, showing that the future is pessimistic and there are small hopes for recovery.
Litecoin / US Dollar
Litecoin broke the first support level at $130, dropping at lower levels around $125. Litecoin, having developed a strong correlation with Bitcoin, will probably follow the market leader in the next steps, establishing a similar trend with it.
We believe that the next support level around $100 - $110 will be stronger than the current one, proving that there is a possibility for a better price structuring soon. There are little things to be done for the coin as Bitcoin will have a strong impact on it and the fundamentals will be weak to prevent such a thing.
The trading volumes have remained at low levels while the moving averages have remained at a bearish position, creating negative momentum in the market position.
Indicators
MACD index remained on the negative side, creating more concerns about its price development in this situation. The RSI index moved around value = 40, showing that the market will probably move in a negative direction.
Bitcoin Cash / US Dollar
Bitcoin Cash's price dropped below the $400 point, indicating that the market has passed on the bearish side. The support levels' breaking indicates that the market has passed on the bearish side and the next support level lays around the $350 level, which is not far from the current situation.
We believe that the corrective trend in the market will continue until there is a trend change in the Bitcoin market, which will spark a new period of bulls. The trading volumes have lowered even more during the last days while the moving averages have continued to move at a more bearish positioning.
Indicators
MACD index moved at lower values, creating more negative momentum in the market while the RSI index laid around value = 45, indicating that the market will remain at stable levels, but with a negative outlook for the next period. We expect Bitcoin Cash to continue its bearish move, regardless of Bitcoin rebound or not.
Correlations
Bitcoin / Ethereum = - 0.09 (- 0.10), Bitcoin / Ripple = 0.89 (+ 0.15), Bitcoin / Litecoin = 0.89 (+ 0.04), Bitcoin / Bitcoin Cash = 0.75 (+ 0.18)
The correlations have created two main trends in the current situation with different directions. The main trend includes Litecoin and Bitcoin Cash, which shows that the market is following Bitcoin in the correction trend. On the same side, the trend is including Ripple, but the correlation seems to be fake as there are severe fundamental issues in its case. The most surprising fact in the current situation is the Ethereum trend, which has passed the correlation in negative values, indicating that Ethereum is trying to cope with the corrective trend and establish a new bullish trend at the higher price levels.
Key Notes For Today
Bitcoin made another small correction at $30,600, staying firmly above the $30,000 line
Ethereum has been sustained at high levels, remaining at $1,250
Ripple dropped a little bit at $0.25, sustaining the stable outlook for now
Litecoin made another correction at $125
Bitcoin Cash corrected below the $400 support level
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.
