Bitcoin / US Dollar
Price Analysis
Price Analysis : After a Heated Weekend, the Crypto Market Returns on the Previous Levels !!!
Bitcoin's price tried to hit another peak during the weekend and it partially was successful as the price climbed up to $13,800. Today, the correction came stiffly, and the price landed at $13,300, making investors worry if another hit could be done through the trend continuity. This correction means that investors are not willing to take an extra risk through the price expansion which could lead the price to higher levels.
The correction was not steep enough to make the market shake in negative paths but there is a danger for this to be the initial spark for a new bearish round that will continue for a long time. This kind of market trend often follows a local or all-time high level and depicts the market perspective about Bitcoin's intrinsic value. The depiction of Bitcoin's intrinsic value in the market could change from time to time and investors think about it differently in different periods
The bearish trend could evolve in different ways. A steep correction is highly unlikely to happen as the market has accumulated enough depth to hold any bearish move in two levels. The first level lays around $12,000 which was the previous bullish level and many investors have entered the market at this level and don't want to lose their money or get devalued. The second and strongest level lays around $10,000, which a long-term support goal for Bitcoin, and it will break with many difficulties as there has been a lot of invested money in this level which will not be taken with ease.
The trading volumes have been considerably lower than in previous days, showing that the fall in the price is not correlated with massive liquidations or other side effects. On the other hand, the moving averages are still apart from each other, showing that a reverse in the price formation is a distant scenario.
In the short-term diagram, we can observe that the price got some volatile moves in the $13,000 level and above, which shows that the investors are willing to take extra risks and let the price to fluctuate at higher levels while risking certain stability in the price formation.
Indicators
MACD index is getting more and more hits, leading its path towards the negative field. At this moment, it is on the positive side, making a slight impact on the price formation as there is no major correction in the market. The RSI index moved below value = 65, which indicates that a bearish move could in the door.
Ethereum / US Dollar
Price Analysis
Following Bitcoin, Ethereum tried to reach the short-term goal of $400 during the weekend but it didn't manage to hold it for long. After hitting a price just below $400, the price dropped to $380, leading many analysts to believe that another bearish trend is coming over.
Ethereum's weakness in the current trend to establish a trend by itself could be harmful and it could make investors uncertain. This uncertainty could lead the market to more liquidations and the price to lower levels. These are the core elements for starting a bearish trend and its evolution will be determined from the formatted support levels during the previous period.
The first support level lays between $370 and $380, which was the step for the current bullish surge while the second support level is between $340 and $350, which is the long-term support line from the start of the second bullish trend for 2020. We believe that those two levels will be crucial for not letting the price slip further and if so, the drop will be much more predictable.
The trading volumes are still at a low level, showing that investors are disengaged from the market and look for alternatives in the crypto space. On the other hand, the moving averages will probably meet in the next days, confirming the bearish situation in the market and looking to create new standards in it.
Indicators
MACD index is getting more and more on the negative side, indicating that the price move will continue to remain negative for the next days. On the other hand, the RSI index moved around value = 50, meaning that the price will probably remain stable during the next days.
Ripple / US Dollar
Price Analysis
Ripple couldn't hold the $0.24 for long and it broke today, making the market to enter its bearish phase this time. The positive weekend for the crypto market was depicted as a stable movement in the Ripple market, making investors even more skeptical about its future.
If the price will not return to the $0.24 level, the bearish trend will be confirmed and the next major support level will be met around $0.20, which was the upper level for the previous stability phase. Ripple's independence from the rest of the crypto market is taken as a disadvantage at this point, showing that it is not able to capitalize on market trends during the current situation. The recovery will be much more difficult if the market is not willing to move according to market standards.
The trading volumes continue to plummet, showing that investors' interest continues to decline as the price is not developing. On the other hand, the moving averages, having formed a reverse "Golden Cross", start to move in the opposite direction.
Indicators
MACD index continues to drop every day, showing that market momentum is definitely on the negative side while the RSI index dropped below value = 40, making investors believe there is might be potential during the next period.
Litecoin / US Dollar
Price Analysis
Litecoin's price followed Bitcoin's dynamics, showing that there is a winning combination in any case. The price got stable at $53, making the $50 support level a long-term projection for the next period. The correlation between Bitcoin and Litecoin is crucial for the second's development and the price formation in the current period.
The support levels at $50 and $47 will be probably tested if the market turns in the bears while the trading volumes have been sustained at normal levels for the previous period. The moving averages start to bend for each other, showing that there is a potential reversal in the market trend.
Indicators
MACD index passed on the negative side, showing that the bearish trend has taken over the market and it might be the spark for starting one. The RSI index lays near value = 50, indicating that the market would be stable for the next days.
Bitcoin Cash / US Dollar
Price Analysis
Bitcoin Cash remained stable for the past days, fluctuating around $260 and $270. This stability period is depicting that investors still have mixed feelings about the crypto and wait for further signals to be activated. The $260 level has been seen before in the previous bullish market where it was the last support level.
The trading volumes are still trying to hold at normal levels while the moving averages will probably meet in the next days, forming a bearish reverse "Golden Cross'.
Indicators
MACD index is clearly on the negative side, indicating that there is a bearish mood in the market, without any outlook for change. On the other hand, the RSI index moved to value = 50, indicating short-term stability in the market.
Correlations
Bitcoin / Ethereum = 0.64 (- 0.09), Bitcoin / Ripple = 0.08 (- 0.01), Bitcoin / Litecoin = 0.87 (- 0.01), Bitcoin / Bitcoin Cash = 0.69 (- 0.07)
The correlations have a mixed direction during the last days, making the market to send different signals about the next moves. While Ripple and Litecoin remained stable towards their outlook regarding Bitcoin (Ripple at really low correlation and Litecoin at strong correlation), Ethereum and Bitcoin Cash dropped even more in the "medium" correlation zone, which a sign of further weakness shortly. Even if Bitcoin has not dropped in previous levels, the rest of the crypto market is trying to hold a decent position, without severe losses or tracebacks in previous bearish levels. If Bitcoin's support breaks out in the next days, the most possible scenario for the market is to massively collapse in the early 2020 levels, completing a full cycle for its price.
Key Notes For Today
Bitcoin returned to previous levels after a bullish weekend
Litecoin followed the same pattern
Ethereum and Bitcoin Cash remained stable with negative outlooks
Ripple broke the long-term support level and heads to a bearish trend
Comments (13)
Guest
lorettachinasa
6 years ago
After the bullish run, Bitcoin and ripple returned to the same level.
Ripple is in a downtrend
While Ethereum and Bitcoin cash has been stable though with the feeling of a bearish run
dean01oreoluwa
6 years ago
The global crypto market cap is $389.14B, a -3.03% decrease over the last day.
The total crypto market volume over the last 24 hours is $91.14B, which makes a 29.38% increase. The total volume in DeFi is currently $3.38B, 3.71% of the total crypto market 24-hour volume. The volume of all stable coins is now $49.90B, which is 54.75% of the total crypto market 24-hour volume.
Bitcoin's price is currently $13,459.63.
Bitcoin’s dominance is currently 64.10%, an increase of 0.95% over the day.
chomlee
6 years ago
It's certain that BTC has made a strong hold at the $10,000 mark and won't fall below that. There might be a little fluctuation at the $13,000 mark and may fall a little bit to the $12,000 mark but not below this as I strongly believe the $12000 is the new stable mark
godgrace1
6 years ago
For the past few days bitcoi has been very volatile, in bullish ways, it rose up to $13800+
Before it became bearish and got to $13200- support level, but it didn't take time before it became bullish again and had a price action move at $13500+,
I believe it will continue being bullish but it won't cross the. $14000 resistance level.
For the rest of the markets, ripple, Bitcoin cash, Ethereum and litecoin, they are all bearish, it's as a result of the market correction, and it so happened that the corrections are not affecting Bitcoin market.
visiblemoney
6 years ago
Bitcoin correcting its price at $13,300 after dipping from $13,800 is a mark of goodwill that will spike bull run to a higher price grade. Ethereum also followed the steps of BTC to maintain its last price at $380 after bear trend. LTC also maintains its price at $53 while the moving averages start to bend for each other. BCH remained stable around $260 showing that the trading volumes are still trying to hold at normal levels.
In essence, only Ether & BCH remained stable while BTC, LTC, & Ripple dipped with bear moves.
sylvester21
6 years ago
Bitcoin broke through the first major resistance level at $13,791 to visit $14,000 levels for the first time since January 2018.
A bearish end to the week, however, saw Bitcoin fall back to sub-$14,000 levels.
The pullback also saw Bitcoin fall back through the first major resistance level at $13,791.
5 days in the green that included a 4.34% rally on Tuesday delivered the upside for the week.
For the week ahead
Bitcoin would need to avoid a fall through $13,531 pivot to support a run the first major resistance level at $14,280.
Support from the broader market would be needed for Bitcoin to break out from last week’s high $14,055.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, Bitcoin could test resistance at $15,000 before any pullback. The second major resistance level sits at $14,805.
Failure to avoid a fall through the $13,531 pivot would bring the first major support level at $13,006 into play.
Barring an extended sell-off, however, Bitcoin should steer clear of sub-$13,000 support levels. The second major support level sits at $12,257.
At the time of writing, Bitcoin was down by 0.59% to $13,675.0. A mixed start to the week on Monday saw Bitcoin rise to an early Monday morning high $13,836.0 before falling to a low $13,645.0.
ugospecial
6 years ago
After hitting a price just below $400, the price dropped to $380, leading many analysts to believe that another bearish trend is coming over. Today, the correction came stiffly, and the price landed at $13,300, making investors worry if another hit could be done through the trend continuity. Ethereum price got stable at $53, making the $50 support level a long-term projection for the next period. On the other hand, the moving averages will probably meet in the next days, confirming the bearish situation in the market and looking to create new standards in it. On the other hand, the moving averages are still apart from each other, showing that a reverse in the price formation is a distant scenario. The positive weekend for the crypto market was depicted as a stable movement in the Ripple market, making investors even more skeptical about its future. Ripple couldn't hold the $0.24 for long and it broke today, making the market to enter its bearish phase this time. The $260 level has been seen before in the previous bullish market where it was the last support level. The trading volumes are still at a low level, showing that investors are disengaged from the market and look for alternatives in the crypto space. The moving averages start to bend for each other, showing that there is a potential reversal in the market trend. This kind of market trend often follows a local or all-time high level and depicts the market perspective about Bitcoin's intrinsic value.
Related posts
Product
Buy anywhere
Help Center
