On the 5th of December, we see the bulls try to capitalize on the market drop by buying on the dip, which led to a slight pump in price; however, the bears provided enough resistance to minimize the Bitcoin price, leading its gain by the close of the day at 0.48%, translating to a price of $49,484.
In the early hours of the 6th of December, we see the bears initiating an early move, resulting in a 0.88% price drop, bringing the BTC price to $49,049. With the bearish outlook of the market, opinions about the state of the market now differ with several individuals believing the bull-run is over and $70,000 was the top of the market signifying we are in a bear market), while others believe we are still in a bull market. However, Bitcoin falling below $40,000 could mean we are actually in a bear market.
Indicators
As a reflection of the massive bearish action on the 4th of December, the relative strength index experienced a massive fall to place at 31, being barely above the oversold zone (RSI value of 30. Naturally, we can expect the BTC price to bounce back as the RSI shows that the token is primed for recovery; however, with the panic surrounding the market, the next few days will determine if several individuals utilized this dip to gain better entry points.
With the bullish rally highly resisted on the 5th of December, the RSI increased to 32; however, the early bearish attempt at gaining dominance on the 6th has seen the value fall back to 31.
With the bearish influence over the market, the MACD is currently placed below the zero line. At the same time, the histogram shows the increased bearish activity in the market, therefore, casting a negative outlook on the market.
Ethereum / US Dollar
Bitcoin was not the only coin to experience increased bearish action as several altcoins saw as much as 20% price dips, and ETH is one of such coins to crash. On the 4th of December, the above chart illustrates that Ethereum experienced increasing selling volumes, which translated to a price drop to $3,573; however, the bulls have been able to minimize the losses by buying in on the dip to bring the loss to 3.26% in the last 24 hours, bringing the ETH price to $4,079 per coin.
On the 5th of December, the ETH bulls attempted to revive the market, resulting in price growth of 1.94% to bring the ETH price to close at $4,203. However, in the early hours of the 6th of December, we see the bears responding to the previous day's bullish momentum, which has resulted in a minute 0.53% drop, bringing the ETH price to $4,181. With so much time left, the 6th of December could see more price action as the bulls attempt to flip the early bearish movement.
Indicators
In correlation to the massive bearish activity on the 4th of December, we see the relative strength index placed at a value of 43, falling from 46 on the previous day. With this value below 50, bearish selling remains the dominant force against bullish buying.
Due to the price increase on the 5th of December, the RSI increased to 46.89, while its value in response to the early bearish movement on the 6th stands at 46.37.
With all values below the 50 mark, we can determine that bearish dominance remains the deciding factor in the market.
Due to consecutive bearish action with minimal bullish pushback, the MACD is seen below the zero line, while the histogram shows an increasing bearish presence in the market. All these confirm the bears as the dominant force in the market.
Ripple / US Dollar
Despite Ripple being subject to rumored price manipulation, it still falls vulnerable to bearish action, and this is seen on the 4th of December as the XRP price plunged by 8.61% after the bulls resisted a price low of $0.652 per coin to minimize losses, therefore, closing the XRP price at $0.847 per coin. With XRP trading on a discount, it is advisable to buy into the markets during the dip.
Also, from the chart above, we see the bears maintained their momentum on the 5th of December, which resulted in the XRP price falling to $0.805 (-4.95%), while on the 6th of December, the bulls are starting on an early foot with a 0.14% price growth to bring the XRP price to $0.806. However, as the day is still in its early hours, the bears can flip the market in their favor to assert their dominance in the Ripple market.
Indicators
As a clear reflection of the bearish activity on the 4th of December, the relative strength index places significantly below the 50 mark (at 28), indicating the dominance of bearish selling against bullish buying in the Ripple market. With the continued bearish action on the 5th of December, the RSI on the 6th stands at 26 as the bullish momentum is not enough to cause significant change.
However, with the RSI placing below the 30 mark, the Ripple market has now entered an oversold scenario that should signal a potential bounce back; however, with the negative market sentiment, the next few days will determine if a bounce-back occurs.
With increasing bearish activity, the MACD places further below the zero line, confirming the bearish dominance and negative outlook for the Ripple market.
Litecoin / US Dollar
As earlier stated, several cryptocurrencies experienced double-digit losses. On the 4th of December, Litecoin experienced a loss of 12.12%, bringing the Litecoin price to $165.40 per coin. This price drop comes after the bullish rejection of a potential price fall to $136 per coin indicated by the long wick below the red candle. The LTC price across the 5th & 6th of December has seen consecutive bearish action, resulting in the continued bearish dominance of the market. As of the early hours of the 6th of December, LTC is down 1.19%, bringing its price to $154.76 per coin; however, which so much time on the clock, the market can be flipped by the bulls as the wick below the red candle indicates bullish resistance to a further price drop.
With the LTC price trading below the 50-day moving average, we can see that the bears have maintained control over the market.
Indicators
As expected, the relative strength index on the 4th of December stands at 33, which falls well below the 50 mark and indicates the dominance of bearish selling over buying in the market. However, caution should be exercised as sustained bearish action could see the RSI fall into the oversold zone (RSI below the 30 mark).
The RSI across the 5th and early hours of the 6th of December stands at 31. With increasing bearish influence on the market, we could see the RSI fall below the 30 mark, placing LTC in an oversold scenario.
In correlation to the RSI, the MACD and histogram placed below the zero line, confirming the negative outlook in the market.
Bitcoin Cash / US Dollar
On the 4th of December, the Bitcoin Cash price also dived with an 11.46% price drop in the last 24 hours bringing the BCH price to $471.48 per coin, and this price comes as a result of bullish resistance to a further price drop to the $348 price level as indicated by long wicks below the red candle.
The 5th of December saw the continuation of the bearish dominance of the market as the Bitcoin Cash price fell 4.25%, translating to a price of $453 per coin, while the early hours of the 6th saw the bears pick up the momentum with a 0.74% price drop, bringing the Bitcoin Cash price to $450 per coin. With so much time left on the clock, the bulls could succeed in flipping the market as the wick below the red candle indicates bullish resistance to the bearish price drop.
Indicators
With the high bearish action on the 4th of December, the relative strength index of BCH is down to 30, with this value acting like a borderline below which if Bitcoin Cash falls, the token will be oversold in the market.
As a reflection of the continued bearish action across the 5th & 6th of December, the BCH market has now fallen into the oversold zone with an RSI value of 28.
As expected, the MACD shows further deflection to the downside in correlation to the market's bearish activity, which is also reflected by the histogram, which shows the increased intensity of the bears in the market.
Cardano / US Dollar
Since attaining new all-time highs, ADA has been on a downtrend that saw it lose over 50% of its value. With the market dip on the 4th of December, the ADA price fell an additional 8.97% to bring ADA to $1.41 per coin.
From the above chart, we see a continuous bearish action across the 5th & early hours of the 6th of December, with the ADA price dropping by 2.85% & 0.73%, translating to an ADA price of $1.38 & $1.37, respectively.
However, the wick below the red candle on the 6th of December indicates bullish resistance to the price drop, and with much time on the clock, the ADA bulls have an opportunity to take control of the market.
Indicators
The bearish action on the 4th of December, in addition to that of the 3rd, has seen the sharp deflection down below the 50 mark to stand at 33, indicating the dominance of the bears in the immediate market compared to the bulls. This bearish dominance seen across the 5th & 6th of December has seen a consecutive RSI fall of 31 & 30, respectively.
If the bears sustain the bearish momentum, we could see the ADA market fall into an oversold scenario.
In agreement with the relative strength index, the MACD places below the zero line, which means there is negative momentum in the market, and as it has been seen over the last few weeks, the bears remain in control of the ADA market.
Dogecoin / US Dollar
On the 4th of December, we see the bulls resist a massive price dump by the bears as the Dogecoin price would have fallen to $0.132, which is indicated by the massive wick below the red candle. Despite the bullish resistance, the dogecoin price fell 8.60% in the last 24 hours to stand at $0.182 per coin.
The bears continued their dominance over the market on the 5th of December, as reflected by a 4.39% price drop to close at $0.171 per coin. As of the early hours of the 6th, we see the bulls attempt to get early dominance over the market with a 0.06% price growth to bring the Dogecoin price to $0.172 per coin. However, with such gain being minimal, the bulls must sustain the momentum to gain dominance as the bears could easily topple the market in their favor.
Indicators
On the 4th of December, the relative strength index fell into the oversold region with a value of 29, and this corresponds to the market sentiment seen during the day.
With the continued bearish action on the 5th, the RSI closed at a value of 26, and this is maintained on the 6th of December as the dominant force in the market for the day is yet to be confirmed.
The MACD, in correlation to the RSI, is still placed below the zero line, confirming the dominance of the bears in the market.
Correlations
- Bitcoin / Ethereum = 0.90
- Bitcoin / Ripple = 0.88
- Bitcoin / Litecoin = 0.91
- Bitcoin / Bitcoin cash = 0.86
- Bitcoin / Cardano = 0.84
- Bitcoin / Dogecoin = 0.89
Keynotes for today
- Bitcoin below rejected off the $50,000 price mark. Current BTC price at $49,049.
- Ethereum is faring well compared to several coins; however, down to $4,181 per coin.
- Ripple price getting crushed at $0.806 per coin.
- Litecoin price down to $154.76 per coin.
- Bitcoin Cash at $450.
- Cardano bears maintaining the downtrend. Current ADA price at $1.37 per coin.
- Doge remains under bearish control. Current Doge price at $0.172 per coin.
