Price Analysis: For Another Day, BCH is the Winner of the Market

The price continues to correct during the day, landing at $11,400 between the expected volatility measurements The price action is reduced during the last days, making the market indecisive regarding which direction to follow in the next period. It is usual for a bullish trend to stop after a positive run and wait for the next wave to come and bring it to a higher level.

The waves are a common pattern during a bullish market and many investors are trying to "ride" the waves and gain the most out of them. This means that they try to liquidate a small position when the market reaches a local top and buy a new small position when the price drop at a local low point. Making this happen is difficult for amateur investors but it could lead to extremely profitable positions in the short-term period.

At this moment, we expect the price to correct until $11,000, which is the main support/resistance point for the existing situation. This scenario is also supported by the fact that the market usually stops at higher low points when the market is in bullish mode. In the opposite scenario, this level could be considered as a "stop" point for the market and the price will continue to grow until the next resistance level. This scenario is unlikely to happen until tomorrow.

The trading volume seems to gain some traction but not at the levels we should consider this as a turning point for the market. The moving averages are still apart from each other, without any particular worries about them.

In the short-term diagram, we can observe that the bullish market has been almost 3 weeks old, creating enough market depth for recovery plans. The recovery will be possible through an extensive support zone throughout those price levels. In the next days, we will find out more about future price action and how it will move.

Indicators

MACD index continues to be on the positive side but with slowing progress in the indicator development. This means that the momentum is slightly decreasing in the market and we will possibly observe a change in the momentum through the next sessions. The RSI index continues to drop reaching a little bit above value = 60, indicating more room in the market for a bullish uptrend soon.

Ethereum / US Dollar

Price Analysis

Ethereum's price remained at the same levels as yesterday, creating a stability outlook in the market. The price remained at $375 between the volatility expectations from the previous data points. Ethereum market seems to be less interesting for investors as indicated both from the price action and the current trading volumes. Ethereum seems to be fully correlated with Bitcoin price's actions and movements, with small or no effect from the currency's fundamentals.

If the price continues to correct along with Bitcoin's price, it will possibly drop to lower levels, reaching $360, which a short-term retracing level. If the price continues to drop, then it will possibly reach $350, which is the logical trace of the descending line that follows the market since the start of August. As we have told in previous articles, the ultimate goal for Ethereum's bullish market is $400. If this level is reached, then Ethereum could act as a "lonely star" and grow further, using its power solely.

Indicators

MACD index has started to limit down its potential regarding continuous market momentum and took a step back during today's session. We believe that the market momentum will continue to be on the positive side until the bulls appear again in the market and drive the price at higher levels. The RSI index remained below value = 60, showing that the market is expecting the price to grow but during the next days.

Ripple / US Dollar

Price Analysis

The price dropped even further, making Ripple the "loser of the day". Ripple's price passed below the 50-day average and touched the 200-day average, showing that the market momentum is turning towards a negative change. A strong support level at this point will be activated if the price reaches $0.24. The volatility measurements land between $0.23 and $0.26, which are the best indicators to describe the price extension in the next days.

If the support level at $0.24 got activated, then there are severe possibilities for Ripple to follow the next wave of the crypto market in the bullish mode. In the opposite case, the first step for turning the investors' mood upside down, will be the conquer of $0.26 point, where the real bullish action will take place.

The moving averages are still quite close to each other and there is a severe possibility to cross each if the market is stable, even before the price reaches $0.24. This could give fake signals in the market and distract investors from the long-term picture. The trading volumes are still at low levels, indicating that there are no massive liquidation moves in the market that could scare more investors to drop off the market.

Indicators

MACD index continues to stay in the positive area but this might probably go to change in the next days if the price continues to stay stable or decrease even more. The RSI index is dropping even more, below value = 50, indicating mid-term stability in the future while it shows that the market might change in a bearish mode at any time.

Litecoin / US Dollar

Price Analysis

Litecoin's price remained stable also, showing that there is no internal power that could drive the price at higher or lower levels. The $50 is a turning point for the Litecoin market as it is above the previous support/resistance level at $47.

In parallel, the $50 lays between the support/resistance level and $57, which is also the first step for entering a bullish mode. The market dynamics seem to affect very little the Litecoin's price formation while major cryptocurrencies like Bitcoin and Ethereum have a severe impact on long-term provisions regarding the general market's value.

The trading volumes are lower from previous stability periods, indicating a lack of interest from current investors to enter new orders or liquidate Litecoin. The moving averages have not been affected yet but this could follow in the next days.

Indicators

MACD index remains in the "green" area but the market momentum is continuously decreasing over the last 3 days, indicating a potential turn in the price action. On the other hand, the RSI index moved below value = 60, which indicates a slowing down on the price development, at least for the next days.

Bitcoin Cash / US Dollar

Price Analysis

Bitcoin Cash is the winner of the market for another day. The price climbed to $260, exceeding volatility expectations and making investors more optimistic about its future moves. The cryptocurrency is close to entering the previous bullish market standards and this could be a spark for achieving even higher levels.

We should be careful as the market will imply different dynamics in Bitcoin Cash's price and there might a steep correction after that. A corrective move might return the price to around $240 at a first level but it could continue even at $220. The trading volumes seem to grow, giving out more optimism in the market situation.

Indicators

MACD index continues to grow at higher levels, creating more and more positive momentum in the market while the RSI index has almost reached a point where the asset could be considered as "overbought" and there is a "sell" signal in the market.

Correlations

Bitcoin / Ethereum = 0.95 ( 0 ), Bitcoin / Ripple = 0.76 (- 0.08), Bitcoin / Litecoin = 0.96 ( 0 ), Bitcoin / Bitcoin Cash = 0.88 (- 0.02)

The correlations remained on the same level as in the previous days, making the market move in the same direction as it was before. We have to point two cases, where major altcoins outstand from the overall trend and follow different directions. The first one is Ripple, whose fall was much more serious than Bitcoin or Ethereum, a fact that created negative vibes in the market and make investors doubt about its future. The second and most hopeful case was Bitcoin Cash, which continues to rise in contrast with the rest of the market, which is still a correction mode. These patterns will help to safer results in the next days regarding the market moves.

Key Notes For Today

• Bitcoin Cash is the winner of the market for another day

• Bitcoin and Ethereum remained on the same levels, adding more waiting in the price actions

• Ripple lose more field in the price level and hope to find support in the $0.24 level