Price Analysis (12 March): The all-time high level was reached again!

The second scenario will bring stability in the Bitcoin’s price and the most possible move will be a counter move between $47,000 and $57,000 points, with stops in the previous compression point around $50,000. This scenario will enable the market to delay its development and focuses on building a stronger market depth.

We believe that the next days will be crucial for establishing a better position over the new trend and its future development. The positive signals derived from the fact that the trading volumes have remained at normal levels, indicating that a strong entrance could affect the market strongly while the moving averages are positioned at bullish formation.

In the short-term diagram, we can observe that the short-term outlook for the price has been at all-time high levels, a fact that shows us there is more potential in the market if it decides to grow further from a major move after a viral story.

Indicators

MACD index has remained on the positive side, adding more momentum to the current market structure and driving the price higher. The RSI index moved just below value = 70 but returned to value = 65, which a positive signal, indicating that the market has more to grow.

Ethereum / US Dollar

While Ethereum managed to overcome the $1,800 point, which served both as a support and resistance level in this trend, it returned on it. This move confirmed our prediction that there would a fierce resistance when the price will try to reach the all-time high level at $2,000. The step before this level, around $1,800, was a critical point as the liquidation wave will be much more significant.

This event is causing more market depth to be created in those levels but also sustains a compression level around the $1,800 that will bring the next trend in the market on both sides. We strongly believe that a new all-time high level in the Bitcoin market will bring a new all-time high level in the Ethereum market, which was in the institutional spotlight for some weeks in the previous months. This happened because investors were looking for diversification in the crypto market and the next safest choice after Bitcoin, remains Ethereum.

The trading volumes have remained at stable levels during this period while the moving averages have passed on a positive position, forming a “Golden Cross”.

Indicators

MACD index has remained on the positive side, proving that the market has a positive approach in the momentum structure. The RSI index dropped at value = 55, which indicates that the market will remain stable but with a potential positive outlook in the short-term future.

Ripple / US Dollar

While the rest of the market is trying to find positive steps to be done, Ripple has remained on the same levels, indicating that the compression will continue for now. The price has been stabilized around $0.45, adding more compression in the current situation and indicating that the next move is prepared in the market.

As we have told in previous articles, there are two possibilities in the Ripple market. The first one is that the price will return at higher levels, trying to establish a better position over the next period. This will mean that the price will climb from $0.60 to $0.65 and it will try to sustain those levels, hoping that more investors will enter the market and bring more positive vibes to it.

The second scenario will be the bearish one, indicating that the price will move at the familiar levels around $0.25 to $0.30, which has been established as the lower end of this trend and the start of more trends. We expect that Ripple will not be affected heavily by moves in the rest of the crypto market, bringing more independence in its formation.

The trading volumes have remained at significantly low levels, showing that the next major move will establish the next trend in the market. The moving averages have been met and the “Golden Cross” will be formed tomorrow.

Indicators

MACD index remains near value = 0 but on the negative side, indicating that the price will remain on the same levels, without any momentum to push the price on either side. The RSI index moved around value = 45, showing that the market will; move on the same price levels but with a negative mood.

Litecoin / US Dollar

Litecoin has followed a slow and positive trend in the current situation, climbing at the $200 level. This level could be characterized as very important in this situation (a similar one with Ethereum) as it was the previous step before the all-time high level.

The all-time high level at $240 will be the next goal for the Litecoin market, which will try to capitalize any positive move from the Bitcoin and Ethereum markets and climb to the $240 point. We expect more resistance in the space between $200 and $240 as more and more investors will try to catch the bull and liquidate their positions.

The trading volumes have remained on the same level, without any surprises while the moving averages cross each other, forming a “Golden Cross”, which indicates a potential bullish move from this point and on.

Indicators

MACD index continues to grow, establishing a minor position on the positive side while the RSI index moved at value = 60, indicating that we should expect another rise in the next trend.

Bitcoin Cash / US Dollar

Bitcoin Cash’s price moved around familiar levels, landing at $530 and continuing the steady trend between $500 and $550. Bitcoin Cash has been missing the high levels that have dominated the rest of the crypto market, indicating that the coin will have to cover more space to find the previous levels.

The first point that needs to be recovered in this situation is the $600 point, which will be the first bullish point in the market development while the high level around $700 will be the end goal for this trend development. We have observed that the market is reacting more mildly to Bitcoin’s moves, giving out a better understanding of the market’s moves.

We expect that the market will continue at the same pace, reacting mildly to Bitcoin’s moves. The trading volumes seem to decrease in the current situation while the moving averages will probably meet in the next few days, forming a bullish “Golden Cross”.

Indicators

MACD index passed on the positive side, indicating that there is hope in the market for something better in the next period. The RSI index moved at value = 50, indicating that the price will remain on the same levels.

Correlations

Bitcoin / Ethereum = 0.93 (- 0.04), Bitcoin / Ripple = 0.55 (- 0.27), Bitcoin / Litecoin = 0.93 ( 0 ), Bitcoin / Bitcoin Cash = 0.93 (+ 0.08)

We have another interesting day regarding the correlations’ formation. The interesting fact is that Ethereum, Litecoin, and Bitcoin Cash has been staying on the same correlation value, indicating that the market will probably have the same reaction in the next Bitcoin move.

All of those moves are deriving from different perspectives as Ethereum declined, Litecoin remained on the same level while Bitcoin Cash increased its value. On the other hand, Ripple’s price stability made its correlation with Bitcoin decrease, landing it in the medium correlation zone and establishing a more independent movements in the next period.

Key Notes For Today

• Bitcoin topped at the all-time high level around $58,000 but corrected back at $56,500
• Ethereum establishes a new point in the step around $1,800
• Ripple remained around $0.45
• Litecoin moved positively, reaching $200
• Bitcoin Cash corrected from the established trend, landing at $530