BTC/USD
BTCUSD started the day at $33647 and is now trading at approximately $33733. Hitherto, the entire cryptocurrency market hit $1.38 trillion with a gain of 2.8 percent as of 8 a.m, extending the week's surge and recouping earlier losses. This follows a previous weekly low of $1.16 trillion. The volume of trade increased by 11% on the day, bolstering the rise.
Bitcoin (BTC) marched upward on Friday after a solid retest of the $31,900 support level, with bulls stepping in to push BTC over the $33,500 short-term resistance line. BTCUSD closed the day around $33,700, up 3.3 percent in the past 24 hours, with a notable 15 percent increase in transaction volume.
The extended positive attitude following a few billionaires’ ‘The B-Word' event allowed BTC to hold above $32,000 levels before surpassing the first resistance level of $32,600. BTC is presently attempting to break through the $34,000 barrier, putting $36,000 in play. The expiration of $330 million worth of BTC options has also supported the rise.
Bitcoin's Relative Strength Index (RSI) has finally broken out in a seven-month slump for the first time. The RSI had been making lower highs, as can be seen above, but suddenly upward momentum has risen high enough to break the pattern of lower highs in momentum, resulting in a local higher high.
After bitcoin temporarily dropped below $30,000 for the third time, this might indicate that there has been some bullish vigor recently.
Indicators
The RSI breakthrough may signal the start of more upward movements, or it could signal a reversal down below $28,000. With bitcoin fluctuating throughout the previous two months since it initially reached these levels in May, the former is more plausible.
As a result, any upward advance might be sluggish and cautious, as bulls need to gain confidence by holding ground and gradually pushing up if this breakthrough holds. The bulls, though, still have the upper hand deep within their territory. For several months, the MACD lines have been negative.
ETH/USD
ETHUSD started at $2125 today, up 4.99 percent from Friday's high. Ethereum closed that day at $2,125.81, up 1.43 percent from the previous day.
ETHUSD had a strong start to the day, rising to a mid-morning high of $2,094.46 before reversing. ETHUSD broke above the first major resistance level of $2,065 before dropping to an intraday low of $1,948.68 in the late afternoon. ETHUSD fell through the first key support level at $1,967 as a result of the reversal. ETHUSD, on the other hand, found late support and surged to a late intraday high of $2,131.51.
ETHUSD broke past the first major resistance level at $2,105 and the second major barrier level at $2,120 to close the day at $2,120. ETHUSD was down 0.87 percent to $2,124.48 at the time of writing. ETHUSD rose to an early morning high of $2,150.46 before dropping to a low of $2,107.13, indicating a mixed start to the day.
Early on, ETHUSD did not challenge the key support and resistance levels.
To reach the first big resistance level at $2,173, Ether would have to avoid the $2,084 pivot. Ethereum would require support from the broader market to break out from today's high of $2,150.46.
The first big barrier level and resistance at $2,200 would likely restrict any gains unless there were a sustained crypto surge. Before any retreat, Ether may face resistance above $2,300 in the case of a broad-based crypto rise. $2,221 is the second significant resistance level.
If the pivot falls below $2,084, the first major support level at $2,037 will be tested. Ethereum, on the other hand, should avoid falling below $1,900 unless there is a sustained sell-off. At $1,948, the second key support level, the downside should be limited.
Indicators
The RSI is 53.22 and still flat. This confirms the development of resistance on the chart and shows that the bears are in power. As the MACD becomes negative, the signal lines begin to interlock (as it has been for a few months now).
XRP/USD
Today, XRPUSD is down 0.87 percent. XRPUSD closed the day at $0.60913 after gaining 2.62 percent on Friday. XRPUSD fell to an early morning low of $0.60179 after a positive start to the day.
XRPUSD sank to a late afternoon intraday low of $0.57556 yesterday, falling short of the first significant resistance mark at $0.6104. XRPUSD surged to a late intraday high of $0.61004 before falling back, avoiding the first significant support level around $0.5688.
XRPUSD was held back after the day by the first significant resistance level at $0.6104. XRPUSD was down 0.21 percent to $0.60787 at the time of writing. XRPUSD had a mixed start to the day, rising to a high of $0.61171 in the early morning before dropping to a low of $0.60469.
Early on, XRPUSD did not challenge the main support and resistance.
To reach the first significant resistance level at $0.6209, XRPUSD will have to avoid the $0.5982 pivot. For XRPUSD to break clear of this morning's high of $0.61171, however, support from the broader market is required. If there isn't a long-term crypto rise, the first big resistance level will likely restrict any further gains.
Before any retreat, Ripple's XRP may test resistance at $0.65 in the case of another breakout. $0.6327 is the second significant resistance level.
Indicators
As the RSI remains below 50, it implies that the bears are in control. The MACD histogram is also negative, as it has been for some time, even though it looks interlocked in this area.
LTC/USD
A little over an hour into the trading day, LTCUSD is up 1.40 percent at about 126.01. The day's high has been at 127.58, while the low has been 123.91.
LTCUSD gained 2.93 percent yesterday. On Thursday, LTCUSD closed the day at $124.28, up 2.44 percent from the previous day's close. In the late afternoon, LTCUSD dropped to an intraday low of $117.06 before moving upward.
At first significant support at $117, LTCUSD surged to a late intraday high of $125.06.
To close at $124, LTCUSD broke over the first significant resistance level at $123 levels. LTCUSD was trading at $124.54 at the time of writing. It fell to an early morning low of $123.91 and then rose to a day high of $124.79. Early on, Litecoin did not challenge the key support and resistance levels.
Indicators
Across all technical indicators, the MACD is negative. However, as seen by the diminishing size of the histogram, the upward impetus of the LTCUSD price rise has diminished in the last 48 hours.
BCH/USD
The comeback in BCHUSD has surpassed the 20-day Exponential Moving Average ($461), which has functioned as a strong barrier in recent days, after opening at 455.14 with a high of 469.20 a low of 453.34. At this resistance, the bears will try to halt the relief rally once more.
If the price falls below the 20-day Exponential Moving Average, the BCH pair may drop below $370, which is a crucial support level. The continuation of the downtrend will be indicated by a breakdown and closure below this level.
The pair may rise to the hard overhead barrier at $538.11 if bulls move the price above the 20-day Exponential Moving Average. If the price falls below this level, the pair might spend the next few days trapped in a wide range of $370 to $538.11.
Indicators
The RSI indicates that the bears have all the aces with a reading of 44.89. Similarly, the MACD is negative, with the histogram bars interlocking, indicating convergence.
Correlations
- Bitcoin / Ethereum = 0.82
- Bitcoin / Ripple = 0.74
- Bitcoin / Litecoin = 0.79
- Bitcoin / Bitcoin Cash = 0.77
A long time has passed since Bitcoin ruled supreme as the monarch of the cryptocurrency. While BTC's market dominance has declined, many individuals still believe that most cryptocurrencies follow the BTC price. With a correlation value of around 1, the pairings will always move in the same direction.
Key Notes for Today
Bitcoin's Relative Strength Index (RSI) has finally broken out for the first time.
Ethereum would require support from the broader market to break out from today's high of $2,150.46.
To reach the first significant resistance level at $0.6209, XRPUSD will have to avoid the $0.5982 pivot.
The comeback in BCHUSD has surpassed the 20-day EMA of $461.
