BTC truly is a class of its own; it has no competitors. All the other alts compete with each other; they are more centralized, and the majority of the projects.
It is obscene to hear when many people say they have traded their BTC for altcoins like Doge.
BTC hit another bearish cost as individuals expanded their offers to make immense additions from the ascent; however, as we would all be able to see how, the market is truly insecure.
Starting on the 4-hour time frame, BTC has fallen for a few days after reaching a recent high of $50K.
After rounding up the candlestick pattern, it is now primed to enter a short bearish trend.
If the declining trajectory persists, then possible support levels could be at the $42K mark, the projected retracement level will be at the 0.382 Fibonacci retracement level.
BTC has been moving around the $30k and $42k for a few months now before breaking a major resistance.
Even at that, the pair is still struggling to break the $60k mark.
When writing, The pair opened at 49081, reaching 49309, a high, and an interday low of 48664 on the daily timeframe.
What is happening now looks a lot like the January-May pattern but on a smaller scale,
More so, the similarities on the indicators. Daily indicators for January - May and 4hr indicators for mid July - current day are looking eerily similar.
Also the candlesticks from January to May are lined up if made smaller.
This same thing happened last bear market where the first downside action repeats itself but 4 times quicker.
This is indicative of the many actions that have taken place since BTC reached a bull run high, surpassing the $50k mark last week.
However, we have opined in many analyses that if BTC can upset the applecart by altering the major resistance level at $52K, it is primed for greater things in the coming weeks and months.
The Relative Strength Index is currently at 60.89, which is still a distance from the oversold barrier.
This alludes to the fact that buying has been taking place a lot in the past few weeks.
The MACD is also in the positive threshold, with the curves interlocking each other a few trading days back.
This means that the bull run is not ending anytime soon, and investors should start basking in this euphoria.
In the second week of this month, Ether reached a bull run high of $3.3k, then went on a slight dip and once again reverted to type a few days ago.
The 0.618 Fibonacci retracement resistance level rejected the pair, and it formed a double-pivot trend.
Consequently, the pattern mentioned above culminated with a bearish run in MACD and RSI.
If this trend continues, Ether could find support in $2.3k and $2.5k levels.
These are the 0.5 - 0.618 Fibonacci retracement resistance levels.
Just like BTC, this pair and other altcoins have been on an upward trajectory since the end of July.
The price movement of these coins alludes to this. At the time of writing, ETH is currently trading at 3249 on the daily chart, having experienced an intraday high and low of 3290 and 3227, respectively.
The chart shows a boundary between $1704.48 and $3445.99, where the pair has established a very strong horizontal support and resistance.
The Relative Strength Index is currently at the 58.45% mark, declining from last week.
This implies that the bulls are slightly losing their grip on the market.
The MACD is in the positive threshold, with the MACD histogram showing red bars for a few trading days now.
This corroborates the stance of the RSI.
Traders saw a breakout from the 1.03 horizontal level in the second week of this month and validated the support level after.
It is currently consolidating in this area and trading at the symmetrical triangle.
The symmetrical triangle is often considered a neutral pattern.
Ripple is currently trading at $1.16242, a -2.18% drop from the opening price.
Just like the majority of the other altcoins, the price movement for this pair has been quite decisive over the last few days.
Generally, the trend has been bullish so far.
Taking a look at the chart gives a holistic view of the bullish state of the pair in the short and medium-term view.
However, the same cannot be said about the long-term, as the pair is still likely to test the $1.09733 region.
The Relative Strength Index has generated a hidden bullish divergence at 57.34%, a region that shows a decline from last week.
The MACD is currently in the negative zone and has been so for the last few days now, which has made traders and potential investors a bit wary.
In today's trading, the LTCUSD pair was trading at a relatively bullish bias at the 173.73 marks, with the pair facing resistance at the $180 level.
Like the other altcoins, Litecoin hasn't done much in the last few trading days as the price movement has not been that monumental.
At the turn of this month, LTC quickly recovered from the previous setbacks. Solid support has been established at $105.20 and $103.81.
The pair is gradually moving from the support region and started the bullish trend.
Investors need not worry because the pair is still looking solid and primed to continue on this bullish run in the long run.
LTC opened the day at $176.37 and has since then been trading above the $173 mark away from yesterday's closing price with a day high and low 177.15 and 172.65, respectively.
As it stands, no clear resistance point can be seen.
The RSI glided downwards from 57.21%, and it is presently at the mark of 53.75%, further away from the oversold region.
The MACD is on the negative side, with the curves keeping the pair in the buy region.
A few days ago, Bitcoin Cash turned down from the $700 to $714.76 resistance and slipped below the 200-day SMA.
The bulls are currently attempting to defend the 20-day EMA, which is a ray of hope.
BCH is delicately poised to decide which part suits it the most. This decision will quickly be decided irrespective of who takes over the market.
BCH had just established a new support point at $619. We expect the pair to make a comeback and build new support above the current one.
Although it might look bearish in the short term, this is the best time to buy the coin and eagerly anticipate a pump.
In the meantime, swing-trading and longing BCH/USD could also be profitable.
The pair opened the day at $636.15 and had dipped by -2.57% with an intraday low of 627.54. As of the time of this analysis, BCH is trading at $633.94.
The RSI at 52.69% is showing some frailties (in the short-term). However, this is still a good point, and like earlier stated, this is the best time to buy.
The MACD, on the other hand, is in the negative zone, which highlights the short-term frailties and the long-term prospects of the pair.
After a few days of the bearish sensations in the price level of the major cryptocurrencies, all hell broke loose.
Many of us keep forgetting that crypto is exposed to a volatile market environment.
However, it is imminent that crypto would rise in the long run (new investors keep turning to crypto as an investment location).
Still, a seasoned trader would personally agree that a trader earns a lot regardless of the price of cryptocurrencies.
A price drop is equally an opportunity to acquire stocks for profitable trading.
The performance of Bitcoin in the market generally has a ricochet effect on the rest of the market.
With Litecoin being the most closely correlated to BTC, investors have nothing to worry about.
