New bullish trends on the rise !!

The most possible scenario at this moment is that Bitcoin will continue to move around the $60,000 level with minor corrections until the altcoin uptrend make a stop. This move will make investors liquidate altcoin positions and claim profits, that need to be re-invested in the crypto market. The first target for any crypto investor is to hold Bitcoin positions for achieving higher returns in the first place and diversify their portfolio in second place.

We expect that the bullish trend will continue with less momentum unless there is a major announcement from another player in the market that will bring Bitcoin to a new level. The trading volumes have remained at lower levels than in the previous period while the moving averages have remained at close positions.

In the short-term diagram, we can observe consistent support in the compression trend, which seems to absorb more and more power. This power will be released shortly in a form of a new price trend (bullish or bearish), making the price formation recalculate its parameters.

Indicators

MACD index passed in the positive area, showing that the momentum will try to contribute more to the price formation process during the next period. The RSI index was brought around value = 60, indicating that there is more positive uptrend potential in the market.

Ethereum / US Dollar

A new all-time high level was established in the Ethereum market, where the price reached $2,150. The new all-time high levels are achieved with less momentum and less sharp moves in the price formation process, making the market slow down and create more stable “bases” for future development.

The small growth margin at this moment shows that Ethereum looks closer to Bitcoin in terms of market outlook as there are both considered as market leaders or coins that influence the rest of the crypto market.

This means that during an alt-season break, major coins will lose momentum and minor coins will be benefited from the extra capital in the market. This trend will become more evident once Ethereum has the same market formation as Bitcoin and continues to correlate with it at higher levels.

The all-time high level opens up the discussion for better adaptation in the new situation, which will include Ethereum’s ability to sustain all-time high levels and continue to produce bullish uptrends on a rolling basis. The growth projections will be adjusted on the characteristics that will be shaped in the current period.

The trading volumes have continued to move at lower levels while the moving averages have established a bullish position in the market.

Indicators

MACD index is moving in the positive area, indicating that the market is driven by bullish momentum. The RSI index moves between values 60 and 65, showing the positive perspective in the market that could be translated to another bullish round soon.

Ripple / US Dollar

The surprises have no end for the Ripple market, which continues to thrive, reaching $1.30 and a little beyond that. These price movements have shown that Ripple continues to remain unpredictable, making it more difficult for investors to establish a solid strategy in this market.

As we have stated in previous articles, we have underlined many times that the Ripple market is more suitable for short-term positions, because its correlation with major coins like Bitcoin remains unstable throughout the time. Also, we can see that the market has no depth in the price formation, showing that there could be a reverse bearish move at any time. The lack of support levels is also a factor that makes the market more volatile and fragile.

We expect that the market will bring more volatility in the price formation, shaping the price in different directions. The trading volumes have made important progress during the last days while the moving averages have established a stronger bullish position than ever before.

Indicators

MACD index has skyrocketed during the last week, showing that the market momentum has shaped the price formation during the last week. The RSI index has continued to move above value = 80, which indicates that the recent boom was too sharp for the market to handle and we might observe a push-back in the next few days.

Litecoin / US Dollar

Litecoin finally made the move and broke the previous all-time high level around $240, reaching $250 and beyond that. This move was expected from a part of the investing community as there was a lot of action during the last period around Litecoin and its progress.

The next step for Litecoin is to continue its positive move and establish a stronger position in the new all-time high levels, a fact that will help the coin to grow faster and at a steady pace. The previous all-time high level around $240 will act as a support level in the next period but also as a resistance point if the market starts to correct.

The trading volumes have made important progress during the last week, showing that investors were willing to come back in the market and place their capitals for the coin’s development. The moving averages have remained at bullish positions, showcasing another example in the bullish period of the coin.

Indicators

MACD index is growing in the positive area, indicating that the price formation was influenced by the market momentum. The RSI index moved back to value = 65, showing that another uptrend spike is also possible in the next period.

Bitcoin Cash / US Dollar

The positive moves were also evident in the Bitcoin Cash market, where the price climbed at $680. The specific market tends to be underrated as there was not enough momentum in the market for the price to grow back at the local levels around $700.
The lack of a strong move was a disadvantage in the current situation as the rest of the market has continued to grow at a massive rate, making Bitcoin Cash the less attractive coin for investment.

This lack of attraction could be depicted in the price formation, making investors avoid placing capital in this market. We expect that the market will continue to form a slow reaction in the major trend, continuing the bullish trend and shaping the price at the same levels.

The trading volumes have made some spikes that were correlated with the recent positive moves. The moving averages have been placed at bullish positions, confirming the positive outlook in the market.

Indicators

MACD index has remained at positive levels, indicating that the outlook continues to stay on the same page while the RSI index moved around value = 65, showing that there is more potential in the market for a further uptrend.

Correlations

Bitcoin / Ethereum = 0.86 (+ 0.03), Bitcoin / Ripple = 0.58 (+ 0.15), Bitcoin / Litecoin = 0.75 (+ 0.04), Bitcoin / Bitcoin Cash = 0.73 (+ 0.08)

The market is trying to bring a new status in the price formation process when the prices will form a new type of correlation every day. Ethereum has sustained the strongest possible correlation with Bitcoin, showing that it will probably follow the major trend that will be established in the market.

On the verge between strong and medium correlation, Litecoin and Bitcoin Cash were brought, showing that the bullish move made the market shake up and enable them to reach higher levels. Last but not least, the positive trend in the Ripple market made the coin establish a medium correlation with the market leader.

Key Notes For Today

• Bitcoin is touching again the $60,000 level
• Ethereum topped at a new all-time high level at $2,150
• Ripple is booming again at $1.30
• Litecoin topped at a new all-time high level at $250
• Bitcoin Cash made a positive move at $680