Over the last few days, we saw the Bitcoin price build positive momentum, getting back over $40,000. However, we see that on the 13th of January, the bears successfully put an end to the prolonged bullish action, which saw the Bitcoin price plummet from a daily high of $44,453 to a value of $42,581 per coin, corresponding to a drop of 3.05%.
The wick above the candle indicates the bulls attempted to get early control of the market; however, resistance turned into momentum by the bears surpassed the bullish pressure on the market, bringing the Bitcoin market to its daily low of $42,325, from which the bulls resisted further declines as indicated by the wick below the candle.
Following the bearish dominance of the last day, we see the bulls attempting an early push for market dominance on the 14th of January as indicated by a budding green candle, corresponding to a 0.26% growth, bringing the Bitcoin price to $42,692 per coin. Despite the early market push by the bulls, the gains are not significant to resist the market resistance expected by the bears during the day.
Therefore, the bulls are required to step up their push or risk the Bitcoin price falling even lower. Nevertheless, as at the writing of this piece, the Bitcoin daily high and low trading prices for the 14th of January stand at $42,800 and $42,391, respectively, with the values being subject to change.
With both prices across the last two days being below the market’s 50-day moving average of $48,443, the BTC market remains in a downtrend over this period.
As a reflection of the consistency of the bulls over the last few days, we see the relative strength index rise towards the 50 mark, above which would signify the dominance of bullish buying over bearish selling. However, with the relative index chart showing the market below an RSI of 50, the bears still significantly influence the market.
Concerning the above, the relative strength index over the 13th and 14th of January stood at 37.10 and 37.55, respectively; however, with the Bitcoin market still in its early hours on the latter, we could see either a rise or fall in the relative strength index value, depending on what party becomes dominant by the close of the day.
With the Bitcoin market being in an extended downtrend, we see the MACD remain below the zero line, indicating the bearish dominance Over this period. Over the short term, we see a deflection to the upside, corresponding to the previous days of consecutive bullish activity, and this is correlated to the histogram which shows growing bullish activity on the 14th of January, with sustained bullish action, we should see the MACD continue its ascent towards the zero line; however, a bearish pushback can result in a fall in the MACD.
The Ethereum market still trades below its 50-day moving average of $3,894 as of this piece's writing, illustrating the market's bearish dominance over an extended period, keeping the market in a downtrend.
We see that on the 13th of January, the bears successfully gained control of the market, responding to the bullish action of the previous day. Also, we see that the bearish action resulted from a bullish attempt to continue their momentum of the previous day, as indicated by the wick above the candle. In contrast, the bearish rejection of this move fixed the highest market trading point of the day to $3,413. With the continued bearish action, the ETH price fell by 3.91%, bringing it to $3,241 per coin. The daily market lows stand at $3,233.
Following the bearish action of the previous day, we see the bulls attempting to gain control of the market during the early hours of the 14th of January, which has so far influenced a 0.45% increase, bringing the ETH price to $3,256 per coin. However, with the market still very early, we could see the bears flip the market in their favour if sufficient resistance is provided. Already, the bears are attempting to reject bullish momentum as indicated by the wick above the candle, placing the highest trading price as at the writing of this article, at $3,271. The wick below the candle suggests that the bears did have control of the market at some point; however, bullish resistance turned momentum resulting in a bullish flipping of the market, leaving the lowest ETH trading price at $3,233 per coin.
With the bulls being able to flip the bearish market dominance in the early hours of the day, the day could see bullish action if they succeed in sustaining their momentum.
The rise seen on the relative strength index chart illustrates the bullish action over the last few days before the bearish action on the 13th of January, which saw the relative strength index fall to 37, a reflection of the sell-off occurring on a respective day. With the growing bullish action on the 14th of January, we see the relative strength index rise to 38.
With the values across the last two days being below the 50 mark, the market sentiment remains predominantly bearish.
In correlation to the RSI, the MACD is well below the zero line, indicating bearish market dominance. This is correlated by the histogram, which shows bearish dominance but reduces in intensity due to recent bullish action seen in the market.
On the 13th of January, the bears put an end to the bullish action of the previous day by rejecting a momentum continuation by the bill, indicated by the wick above the candle, which also denotes the highest trading price of Ripple for the day as $0.802. Following the sustained bearish activity on the 13th of January, the Ripple market fell by 3.97%, bringing the Ripple price to $0.727 per coin; however, the achieved price point came as a result of the bullish rejection of further price drop as indicated by the wick below the candle which denotes the lowest trading price of $0.764.
At the start of the 14th of January, we see the bulls attempting to recover from the previous day by taking an early lead in the market, resulting in a 0.16% gain, bringing the Ripple price to $0.768 per coin. As of the writing of this piece, the highest and lowest prices seen stand at $0.77 and $0.76, respectively. However, with the market in its early hours, we can expect more volatility, resulting in significant price changes.
With the Ripple price over the last two days still below the 50-day moving average of $0.85, we can see that the market is still in a downtrend.
Following the bearish action on the 13th of January, the rise of the relative strength index was halted and experienced a fall to 41.42. However, with the bullish attempt at market recovery, we see the relative strength index on the 14th of January at 41.64, a value subject to change during the day.
With both values below the 50 mark, we can interpret this as the bears having more market selling influence than the bulls.
The MACD remains in the bearish zone (below the zero line). At the same time, the histogram shows a consecutive reduction in the bearish pressure, indicating a subtle but growing bullish momentum coming into the market.
As with several other crypto assets, the litecoin price, as indicated in the chart above, experienced bearish action on 13th January, which saw its price drop by 3.66%, bringing the LTC price to $136 per coin. The wick above the candle denotes the highest trading price achieved for the day at $142 per coin; however, bearish resistance to further growth turned into momentum, which saw the LTC market achieve the lowest price of $134 per coin. The wick below the candle indicates the bullish resistance to a further price drop from the market’s lowest, succeeding in limiting the loss seen on the day,
On 14th January, we can see bullish momentum building up, resulting in a 1.80% increase to bring the LTC price to $139 per coin, with the highest and lowest price points seen so far being $139- $135, respectively.
With the market still in its early hours, the bears flipping the momentum in their favour is possible; therefore, the bulls are required to sustain or increase their pressure in might.
As with several cryptocurrencies in the top 50, the Litecoin price trades well below its 50-day moving average of $157 per coin, reaffirming the market’s downtrend.
On the 13th of January, the bearish action resulted in the relative strength index falling to 42, ending its rise towards the 50 mark. However, with the bullish attempt at regaining market control on the 14th of January, we see the relative strength index rise to 44.
Despite the relative strength index growth, the over-market strength remains below the 50 mark, indicating the dominance of bearish selling against bullish buying.
The histogram shows growing bullish action despite the dip of the previous day. In correlation, the MACD shows a gradual deflection to the upside, indicating the growing bullish sentiment in the market.
The Bitcoin Cash market still trades well below its 50-day moving average of $451, and this was also contributed to by the market drop on the 13th of January, which saw the Bitcoin Cash market drop by 1.69% after a bullish head start in the market was flipped by the bears which then dominated the market. The wick above the candle illustrates this.
Following the bearish action, the BCH market attained the lowest trading price of $377, at which it closed.
On the 14th of January, we see the Bitcoin Cash bulls attempting to reignite their previous momentum, which has resulted in an increase of 0.98% in the last 24 hours, bringing the BCH price to $381 per coin. With the market in its early hours, there remains significant time to see more volatility. However, as of the writing of this piece, the highest and lowest trading prices seen so far stand at $382 and $375, respectively.
The bearish action seen on the 13th of January is reflected as the descent of the relative strength index to 34; however, with the bullish start to the market, we see a rise in the RSI to 36. Though the visible increase in the RSI, the bears still control a majority of the momentum in the market, as indicated by the RSI value across the last two days being below the 50 mark.
In correlation to the RSI, we see the MACD below the zero line, denoting bearish dominance; however, the histogram shows reducing bearish activity in the market, which could signify a subtle bullish action momentum building up.
Following the bullish action of the 12th of January, the ADA market became within reach of its 50-day moving average of $1.35; however, on the 13th of January, the bear rejected the initial bullish action at the 50-day moving average and sustained its momentum, resulting in the fall of 6.11% and bringing the ADA price to $1.23 per coin.
On the 14th of January, we see the bulls attempting to reignite their previous momentum early on in the market and has so far influenced a 0.66% growth to bring the ADA price to $1.24 per coin. However, with the ADA market still in its early hours, we can expect more volatility which will affect these values.
Before the drop on the 13th of January, the ADA market headed towards bullish market momentum as the RSI approached the 50 mark; however, the bearish action on the 13th resulted in the RSI falling to 45, maintaining the dominance of the bears in the market. On the 14th of January, we see the bulls attempting to restart their previous momentum, which has resulted in a rise to 45.86.
The MACD, in correlation to the long-term bearish action of the ADA market, is placed below the zero line; however, the histogram shows growing bullish action as it places above the zero line.
Following another push by Elon Musk on Twitter where he revealed Tesla merch could be bought with dogecoin, the Dogecoin market soured, bringing its back above its 50-day moving average of $0.176. On the 13th of January, the Doge price increased by 5.34%, bringing the Doge price to $0.171 per coin.
With the continued bullish activity seen on the 14th, the Dogecoin price is up an additional 3.26% bringing its price to $0.177, above its 50-day moving average of $0.176. However, with the market still far from its close, we could see more volatility, leading to either bullish dominance or a bearish push back to gain control of the market.
However, with the Dogecoin price back above its 50-day average, we can say the bulls have successfully brought the Dogecoin market out of the downtrend over this period.
Due to the sustained bullish action, we see the relative strength index on the 13th and 14th of January rise from 52 to 55, respectively, denoting increasing bullish entry into the market. With the RSI being above 50, the bulls dominate the market.
The histogram shows growing bullish activity in the market. In contrast, the MACD, though in the bearish zone (below the zero line), shows a deflection to the upside, corresponding to the increasing bullish action in the market; therefore, with sustained bullish action, we can see the MACD get above the zero line, confirming the bullish dominance of the market.
