Following the bullish movement on the 14th, the Bitcoin bulls seek to gain control of the market on the 15th of December; however, this is amidst the bearish resistance attempting to get control. We see increased buying volume with the bearish opposition, but this increase has only influenced a 0.02% gain to bring the Bitcoin price to $48,378 per coin. With such a minute gain and so much time left on the clock, the bulls are required to rack up the momentum, or they could lose control of the market.
From the above prices across the last two days, we can see that Bitcoin still trades below its 50-day moving average of $57,617, illustrating the downtrend seen over the last few weeks.
Indicators
Due to the price drop on the 13th of December, the relative strength index fell to 33; however, with the bulls capitalised on the bearish momentum to increase their BTC stores, the RSI on the 14th of December stands at 38, indicating positive momentum coming into the market.
With the struggle for market dominance of the 15th of December, the relative strength index is seen to remain at 38, indicating momentary stability in the market.
However, with both values across the last two days placing below the 50 mark, the selling action in the market surpasses the buying action.
Despite the positive price movement seen in the market, the MACD still maintains that the bears have remained in control over an extended period by being placed below the zero line.
Ethereum / US Dollar
On the 14th of December, we see the bulls attempting to revive the ETH price from the massive bearish drop seen on the previous day, and this has resulted in a 1.29% price increase to bring the ETH price to $3,823. With this, the bulls hope to build on the momentum to get the ETH price back above $4,000 per coin.
The ETH price has continued to trade below the 50-day moving average of $4,340, which shows that over this period, the ETH market has been in a downtrend, and this has continued on the 15th of December as the bears are struggling to gain control over the market; however, resistance to this price drop by the bulls have resulted in a minimal price change of -0.08% to bring the ETH price to $3,857 per coin. Therefore, with the market on neutral ground, a sustained bearish action could tip the market in full control of the bears and vice versa.
Indicators
Due to the increasing bullish action on the 14th of December, the ETH relative strength index is up to 41 from an initial of 39 following the drop on the 13th of December, indicating increasing positive momentum coming into the market.
In response to the market struggle seen on the 15th of December, the relative strength index has remained at 41. If any party gains dominance in the day, the RSI will shift either up or down depending on the dominant side.
However, with the RSI still below the 50 mark across the last two days, we can tell that the bears remain the dominant force in the market, which is correlated by the MACD, which is placed below the zero line.
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Ripple / US Dollar
Following the market dip of the previous day, the Ripple bulls accumulated on the dips, resulting in a bullish momentum buildup on the 14th of December, which has resulted in the XRP price increasing by 3.61% to bring the XRP price to $0.809 per coin.
As with several altcoins receiving bearish pushback, the Ripple price on the 15th of December is down 0.79% to bring its price to $0.805 per coin. As indicated by the wick above the red candle, we can tell that the bearish action came after resistance to price growth by the bears turned into significant momentum to gain control over the market.
The results across the last two days see the Ripple price not make a significant push to its 50-day moving average of $1.02 per coin, which indicates the market's current downturn.
Indicators
The relative strength index on the 14th of December has risen to 36 from an initial value of 32, indicating an increasing bullish presence in the market. However, with the value being below 50, the overall market momentum still falls in favour of the bears, which is correlated by the MACD, which is placed below the zero line. However, with the bullish momentum on the 14th of December, the histogram shows reduced bearish presence.
Following the bearish pushback on the 15th of December, the relative strength index remains at 36; however, if the bears sustain an increasing sell-off, the RSI will be expected to fall further.
Litecoin / US Dollar
As with several altcoins, the LTC price is recovering following a price drop on the 13th of December, seeing the LTC price fall to $144 per coin. As of the 14th of December, the LTC price is up 3.73% in the last 24 hours, translating to $150 per coin.
The Litecoin price on the 15th of December experienced a 0.15% drop to bring the LTC price to $150 per coin, which is similar to the price on the previous day. With sustained selling pressure on the market, the LTC price could fall further below its 50-day moving average of $201, clearly indicating the market downtrend.
Indicators
The relative strength index following the market recovery on the 14th of December stands at 36.19. However, this value falls below 50, indicating the overall dominance of bearish selling over buying in the market.
On the 15th of December, the relative strength index reflects the increasing selling action in the market, with a current value of 36.09. If the bears keep up the selling action, the RSI might fall.
Despite the price growth seen on the 14th of December, the MACD illustrates a long-term bearish dominance of the market, which is indicated by the MACD placing below the zero line. The histogram across the last two days shows a constant reduction in the bearish activity in the market, which can be a sign of the bulls attempting to gain control of the market gradually.
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Bitcoin Cash / US Dollar
On the 14th of December, the Bitcoin Cash market experienced increased buying volumes which followed a market dip on the 13th of December. With these increased buying volumes, the Bitcoin Cash price increased by 2.89% in the last 24 hours to bring its price to $433 per coin.
From the above chart, we can see increased selling volumes which have translated to a 0.91% price drop to bring the Bitcoin Cash price to $432 per coin.
The Bitcoin Cash market remains stable below the 50-day moving average of $565, confirming the market downtrend over the mid-term.
Indicators
The relative strength index on the 14th of December is placed below the 50 mark, at 33, indicating the overall dominance of selling actions in the market over buying actions. With the RSI close to the 30 mark, a bearish pushback could see the value fall below 30, effectively placing the BItcoin Cash market in an oversold scenario.
Following the push by the bears to gain control of the market on the 15th of December, the relative strength index stands at 33. Although the market seems stable, the RSI could fall even lower if the bears gain full control of the market.
The MACD, in correlation to the relative strength index, is placed below the zero line confirming the bearish dominance of the market.
Cardano / US Dollar
Many analysts sustain their notion that the ADA market still has a good long-term potential despite being a victim of constant bearish action since hitting new all-time highs. However, the chart across the last two days indicates a sustained bearish presence.
The market dip on the 13th of December provided several individuals with the opportunity to increase their holdings of ADA, and this reflected on the ADA market on the 14th of December, where increased buying volumes have resulted in a 3.48% price growth in the last 24 hours, bringing the ADA price to $1.267 per coin.
Following the bullish push of the previous day, the ADA bears have initiated a bearish pushback which has seen its price fall by 1.19% in the last 24 hours to stand at $1.252 per coin on the 15th of December.
From the above chart, it is also apparent that the prospects of ADA resuming its bullish climb are in question as the asset constantly trades below a falling 50-day moving average of $1.74.
Indicators
With the price growth on the 14th of December, the relative strength index has risen to 35; however, this increase is not enough to flip the overall market momentum in favour of the bulls. The RSI is below the 50 mark indicates selling dominance.
Following the increasing bearish action on the 15th of December, the relative strength index has fallen to 35.14, indicating the growing selling pressure in a market the relative strength index could fall even lower. A break below the 30 mark will effectively place the Cardano market in the oversold region.
The MACD reflects the outlook of the ADA market for an extended period. Due to the downtrend experienced by the asset, the MACD is placed below the zero line indicating the continuation of the bearish outlook for the asset.
Dogecoin / US Dollar
Several individuals accumulated more tokens following the bearish sell-off on the 13th of December. However, from the chart above, we can see that Dogecoin experienced a massive runup. This can be attributed to a tweet put out by Elon Musk stating Tesla will accept Dogecoin as payment for some merchandise. With this news, the Dogecoin price shot up by 20%; however, selling activity has limited its gains to 18.49% in the last 24 hours to bring the Dogecoin price to $0.186 per coin.
More bullish news came about the first NFT being minted in Dogecoin following the Elon pump. However, the Dogecoin market has experienced significant bearish action to reject the growth despite the bullish news. As of the 15th of December, the Dogecoin price is down 6.65% to stand at $0.178 per coin.
Despite the Elon Pump, the Dogecoin market still trades below the 50-day moving average of $0.227, reflecting the overall downtrend the market has been on.
Indicators
With the push by Elon Musk, the relative strength index is up significantly to 45; however, with the value still below the 50 mark, the selling pressure experienced by Dogecoin remains the dominant factor. With the bullish news from Elon, it is expected that the bulls will be able to sustain their momentum, which could take the RSI above 50, and the market in their favour.
Following the bearish pushback on the 15th of December, the relative strength index is down to a value of 42.
The MACD, though below the zero line indicating bearish dominant, also shows a deflection to the upside, which can be attributed to the bullish tweet put out by Elon Musk on the 14th of December.
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Correlations
- Bitcoin / Ethereum = 0.90
- Bitcoin / Ripple = 0.82
- Bitcoin / Litecoin = 0.89
- Bitcoin / Bitcoin cash = 0.88
- Bitcoin / Cardano = 0.81
- Bitcoin / Dogecoin = 0.47
Keynotes for today
- Bitcoin bulls are attempting to get back above $50,000 amidst strong bearish opposition. Current BTC price at $48,378.
- Ethereum is still below $4,000. Current ETH price at $3,857 per coin.
- Ripple at $0.805 per coin.
- litecoin at $150 per coin.
- Bitcoin Cash at $432 per coin.
- Cardano bears pushing to gain control. Current ADA price at $1.252 per coin.
- The Elon Musk effect causes a 20% surge; however, bearish action places the Doge price at $0.178 per coin.
