Price Analysis: The Waiting Period Continues, Making the Next Move Even More Impactful!

The price has remained on the same levels as during the weekend, around $11,500 without a major move that will help the market to establish a different trend in the market. The compression of the price will possibly lead the price towards a new level in the next days as there would be more power to be released and establish a new standard in the Bitcoin market.

The volatility indicators show that a potential break in the parallel channel could lead the price up to $11,800, establishing the continuation of the bullish trend, which is active since early September. This scenario will be supported or get into reality if there is enough trading volume to bring the price at higher levels, building in parallel the sufficient market depth to avoid downtrends. As we have highlighted in previous articles, this bullish trend is not the same as the previous one, as the climbing from $10,000 to higher prices are less volatile and much more stable.

This characteristic makes investors consider Bitcoin as a viable option for their portfolios as it provides them with constant returns at the respective volatility risk-taking. Entering the market in this phase could be an option for traders that want to hold their assets for many years but also for traders that want to take advantage of the current bullish trend, which will probably stop at a higher level than before.

The moving averages will not meet shortly so there is no concern towards this direction. The trading volume is considered to be at low levels, without being able to move any action in the market.

In the short-term diagram, we can observe that the price passed on the new level (between $11,300 and $11,500) in a winning streak of 6 days. This means that a winning streak of 3 days is more possible to end in a bullish trend than to correct immediately. For this reason, we should on alert to point out future opportunities in the crypto space and take advantage of them.

Indicators

MACD index is moving in parallel during the last 3 -- 4 days, creating a steady outlook for the price. The RSI index is moving in the dangerous area, above value = 60, without being able to give a certain signal for "selling" or "holding" the asset. The stability period will give the index the time to adjust and present a different view for Bitcoin.

Ethereum / US Dollar

Price Analysis

Ethereum continues to be on the same page as during the weekend, giving many investors the step to make bold statements about Ethereum's independence from Bitcoin. The correlation between Bitcoin and Ethereum has remained at high levels for the past month, showing that Ethereum will move only if Bitcoin starts to move towards a certain direction.

The short-term goal for Ethereum will be $390 at a first point, lowering our estimates for a $400 break in the first step towards a fully integrated bullish market. The moving averages continue to remain on the same spot, making a cross possible to happen during the next days or weeks. A change in the momentum could be significant for the market as it would spark sequential reactions in the crypto market.

The trading volumes have plummeted, showing that investors are not willing to make a move in the market (buy or sell) and wait for larger players to make a move that will enable them to follow their strategy.

Indicators

MACD index is still on the "green" field, showing that the market momentum was renewed during the last surge of the price. The RSI index is moving at value = 55, which is a positive indicator that predicts long-term growth for the next period.

Ripple / US Dollar

Price Analysis

Ripple's price grows after hitting the support level at $0.24, which was established in the short-term period from September and on. The surge of the price might be a market reaction to the support level and it is likely to have another test for the support level during the next days. The price growth will be determined from different aspects and investors' perspectives towards the coin.

The main goal for the current period for Ripple will be to reach $0.26, which is the first point to re-enter the bullish trend and get in correlation again with the market leader, Bitcoin. A break in the support level might lead the price to $0.23, which will be spontaneous and it will probably recover in a very short time.

The moving averages are possible to meet each other during the next days if the price remains on the same levels and if no major move happens in the market. We believe that Ripple will rebound from the current situation if Bitcoin tries to establish new trends in the market and the majority of cryptocurrencies will follow it.

The trading volumes are moving at lower levels, indicating the absence of investors' perspectives towards the Ripple market and their hopes for a better future.

Indicators

MACD index passed from zero to negative values, indicating that reverse in the bullish trend will be harder for Ripple to follow the previous bullish trend. The RSI index moved to value = 50, showing that the market will try to find its direction in the next days.

Litecoin / US Dollar

Price Analysis

The support level at $47 worked out and the price has landed on this spot, establishing another support level for the future. As this support level was quite uncertain, the next support level around $45 was strong enough to sustain and absorb a downtrend. As we mentioned in previous articles, the first step for entering the bullish market again will be to surpass the $50 level and establish new spots like that with increased volume.

These levels attract more absorption from the market investors as there is more action that could sustain a price surge towards higher levels. If the price surpasses $50, we will consider entering new high levels, even above $60, where the previous bullish trend was established.

The moving averages are moving in parallel with each other, creating a stable outlook for the next period in the market. The trading volumes have not a particular level of stability and it is hard to assume that investors have abolished the market or not.

Indicators

MACD index moved at value = 0, indicating a lack of momentum in the price formation while the RSI index moved below value = 50, showing a level of stability for the next days.

Bitcoin Cash / US Dollar

Price Analysis

A long-term support level was activated in the Bitcoin Cash market as the $250 support level was hit during the correction time. The price is possible to move according to Bitcoin's price and use its dynamics for shaping a new trend in the market. Hitting the $265 point will be the first point for Bitcoin Cash to enter the bullish trend again and follow other coins in that.

The moving averages are considered to be apart with no fear for crossing while the trading volumes have increased due to the previous bullish period in the specific market.

Indicators

MACD index has started to bend over, with no evident change in the market momentum while the RSI index dropped even further, reaching value = 55, which is positive evidence for the long-term future.

Correlations

Bitcoin / Ethereum = 0.95 (+ 0.01), Bitcoin / Ripple = 0.47 (- 0.02), Bitcoin / Litecoin = 0.82 (- 0.04), Bitcoin / Bitcoin Cash = 0.91 ( 0 )

The correlations didn't move in unexpected ways as no action in the market could change the established trends. This means that the major altcoins have no effect on Bitcoin's price formation and it would be very difficult for them to distinguish as individual assets. The individuality in the crypto space is a contradicting concept as many assets want to distinguish themselves from the crypto crowd (with airdrops, partnerships, and other actions that affect the fundamental elements) but they hit a big-time only for some days or even hours and then they disappear. This element is more evident in minor altcoins and less on the major altcoins that we usually examine in our articles.

In our case, we believe that all altcoins (except Ripple) will follow Bitcoin in the next major move that will happen in the market and will establish new highs, even before the end of 2020. Ripple will find difficulties on that route as it seems that it cannot absorb any positive feedback from the crypto market.

Key Notes For Today

• The waiting period lasts more for Bitcoin, letting investors grow interest in the market

• Ripple takes the rebound after hitting the support level at $0.24

• Ethereum, Litecoin, and Bitcoin remained at the same prices as during the weekend, waiting for major moves to happen