With the momentum seen on the previous day, we see the early hours of the 12th of January beginning with an early bullish movement for dominance as indicated by the chart. With this start to the market, the bulls will be under significant pressure by the bears to gain control of the market; however, as of the writing of this piece, the Bitcoin price is up to $42,849, corresponding to a growth of 0.23% in the last 24 hours.
Despite the bullish action seen over the last two days, the Bitcoin market remains below its 50-day moving average of $49,039, indicating the market remains in a downtrend.
Indicators
With the bullish action on the 11th and 12th of January, we see the relative strength index continue its ascent to the 50 mark, with its values across these days standing at 35.44 and 35.78, respectively, indicating a slow bullish entry in the market. However, with the values below the 50 mark, the Bitcoin market's selling pressure in the Bitcoin market remains above the bullish buying pressure.
In correlation to the long term picture given by the relative strength index, the MACD remains below the zero line; however, the histogram shows that despite the market being in bearish control, there is a decline in the bearish activity and further sustenance of the bullish action could see a shift in the market.
Ethereum / US Dollar
As earlier stated, the Bitcoin price pump caused a ripple effect in the market; one of the major beneficiaries is the ETH market. On the 11th of January, the wick below the candle indicates the bears had an early take on the market for supremacy; however, the bulls resisted further price drop, locking in the lowest trading price for the day at $3,052 per coin. With the bulls turning previous resistance into support, we see a 5.10% increase, bringing the Ethereum price to $3,240; however, the wick above the candle suggests that even higher prices could have been seen, but the bears rejected the move, locking the highest trading price to $3,265 per coin.
Following the bullish momentum of the previous day, we see the bulls attempting to capitalise on their momentum on the 12th of January; however, with the market being in its early stages, there is still much volatility to come in the day. So far, the Ethereum market is up by 0.25%, translating to a price of $3,248, while the highest and lowest trading prices seen so far are $3,261 and $3,239, respectively.
As with Bitcoin and several other assets, the ETH market remains in a downtrend as it trades well below its 50-day moving average of $3,938.
Indicators
With the massive price boost on the 11th of January, we saw the relative strength index increase to 35.85, while the early market move by the bulls on the 12th of January has resulted in further growth of the relative strength index, a value of 36. Together, these values show a growing bullish presence in the market; however, below the 50 mark, the bulls are yet to shift the momentum in their favour.
The MACD below the zero line is in line with the relative strength index; however, the bullish action on both days reflects on the histogram as reduced bearish activity.
Ripple / US Dollar
On the 11th of January, the XRP chart indicates bullish momentum with increased buying volumes, resulting in a 4.07% increase, translating to a price of $0.770 per coin. Despite this growth, the chart shows wicks on both sides of the candle, with the top wick indicating the highest price point of $0.777 seen in the market from which the bears rejected further price growth. Similarly, the wick below the candle indicates bullish rejection of an early push by the bears to gain dominance over the market.
The 12th of JAnuary shows the bulls making an early move to gain control of the market; however, the formation of the wick above indicates the bears actively resisting further growth, placing the highest trading price as of the writing of this piece at $0.780 per coin. In contrast, the lowest price points seen so far stand at $0.770 per coin. With the bullish start to the market, the Ripple price is up by 0.53%, placing the XRP price at $0.774 per coin.
The chart indicates a 50-day moving average of $0.865, above which indicates a market is in an uptrend; however, with the XRP price over the last two days still below the 50-day average, the Ripple market remains in a downtrend.
Indicators
With the sustained bullish action on the 11th and 12th of January, we see the relative strength index increase to 40 and 41. Though the apparent growth, an RSI value below the 50 mark indicates a market in bearish territory, which is correlated by the MACD, which remains below the zero line.
However, over the last two days, the bullish action sees the MACD deflect to the upside, which is correlated by the histogram, which shows reducing bearish momentum in the market.
Litecoin / US Dollar
Following the bearish dominance on the 10th of January, the above chart shows a bullish response on the 11th of January, as indicated by increased buying volumes and a 4.07% increase to bring the LTC price to $131 per coin. A closer look at the candle shows the bears attempted to gain control of the market, but this was quickly shut down by the bulls, placing the lowest trading price for the day at $125 per coin. The rejection by the bulls was then established as momentum, resulting in the seen gains. The wick above the candle indicates further price growth quickly rejected by the bears at $133 per coin.
In the early hours of the 12th of January, we see the bulls attempting to gain a head start in the market, influencing a 0.09% growth to bring the LTC price to 131 per coin. As of the writing of this piece, the highest and lowest price points seen stand at 132 and 131, respectively, and with both LTC prices being below the 50-day moving average of $160, the LTC market remains significantly bearish.
Indicators
As a reflection of the bullish momentum on the 11th of January, we see the relative strength index increase to 35.60, indicating growing bullish entry into the market. While on the 12th of January, the struggle by the bulls to initiate a significant momentum has resulted in a minute RSI increase to 36.78; however, with so much time still left in the market, significant volatility could either see the bulls increase their momentum or allow the bears flip the market in their favour.
From the above chart, we see the MACD trading flat with less market momentum in the short term, while over the long term, the placement of the MACD below the zero line places the bears in control of the market.
With the histogram being a more sensitive parameter to market volatility, we see a reduction in the bearish activity in the market. If the histogram gets to the zero line level, it could mean temporary stability in the market.
Bitcoin Cash / US Dollar
The 11th and 12th of January charts show the Bitcoin Cash market's downtrend over the long term. It consistently creates lower highs and lower lows, with the market trading below its 50-day moving average of $461.
On the 11th of January, the increased buying volumes resulted in a 1.73% increase, translating to a price of $369 per coin, with the highest and lowest trading prices standing at $374 and $361, respectively.
In the starting hours of the market on the 12th of January, we see the bulls attempting to initiate a movement. Still, the wick above the candle suggests the bears giving early resistance, which, if successful, could see the bears gain control of the market.
However, as of the writing of this piece, the Bitcoin Cash price is up 0.12%, bringing the Bitcoin Cash price to $370 per coin, while the early market hours has seen a tight margin between the highest and lowest trading price points at $371 and $369; however, with the market very much in its early hour, these values are subject to change.
Indicators
The bullish action on the 11th of January proved sufficient in bringing the Bitcoin Cash market out of an oversold scenario (a relative strength index below 30), indicating individuals using the price dip as a buying opportunity. On the 11th and 12th of January, we saw the RSI at 30.19 and 30.41, indicating a slight influx of market bulls. However, with the RSI below 50 and close to the oversold zone, a significant bearish action could see the bears gain control of the market.
Though the histogram shows a reduction in the bearish activity in the market, the MACD continues its downward action, indicating bearish dominance and a negative outlook for the market.
Cardano / US Dollar
The ADA market remains one of the assets extensively affected by bearish action as the value of its token fell over 50% from an all-time high of $3 per coin, and this downtrend is reflected by the market trading below its 50-day moving average of $1.36.
On the 11th of January, the ADA market experienced a 5.73% increase, bringing its value to $1.187 per coin with the highest and lowest $1.196 and $1.122, respectively. On the 12th of January, we see the bulls attempting to continue their previous momentum; however, the wick above the candle suggests active bearish resistance to further price growth, restricting the highest trading price seen so far to $1.20 and the lowest trading price of $1.18 per coin. Despite the bearish resistance, the ADA bulls have influenced a 0.89% increase to bring the ADA price to $1.198 per coin, and with the market still in its early stages, we could see more volatility during the day.
Indicators
Following the bullish action on the 11th and 12th of January, we see the relative strength index rose to 40.79 and 41.76, illustrating increasing bullish entry into the market. However, the value across these days remains below the 50 mark, indicating the dominance of bearish selling in the market.
In correlation to the RSI, we see a MACD below the zero line, indicating bearish dominance and a negative market outlook; however, the recent bullish action sees a slight deflection to the upside, and this is clarified by the histogram, which shows reducing bearish activity in the market as a result of increasing bullish market entry.
Dogecoin / US Dollar
As with most assets, the Dogecoin market experienced huge gains on the 11th of January, which saw its price increase by 7.47%, translating to $0.153 per coin. The long wick above the candle suggests even higher price growths that got rejected by the bears, placing the highest trading price for the day at $0.167 per coin. The wick below the candle suggests the bears made the first move at market dominance but met bullish resistance, which kept the loss to a minimum and flipped the market in their favour, placing the lowest trading price for the day at $0.141 per coin.
Following the massive price action on the 11th, we see the bears initiating a pushback in the early hours of the 12th of January, influencing a 0.19% loss to bring the Doge price to $0.153 per coin, with the highest and lowest price points being $0.155 and $0.153, respectively. However, with the market still in its early hours, these values are volatile.
With the prices across the last two days, the Dogecoin market remains below its 50-day moving average of $0.178.
Indicators
The bullish action on the 11th of January is reflected as an increase of the relative strength index to 39, showing significant bullish entry to bring the market out of an oversold scenario. However, the early bearish pushback on the 12th of January has seen the RSI fall to 38, reflecting increasing bearish selling.
The RSI, together with the MACD being below the zero line, indicates the dominance of the bears in the market. However, the histogram shows reducing bearish activity in the market, indicating growing bullish action, which is seen on the short-term MACD as a deflection to the upside.
Correlations
- Bitcoin / Ethereum = 0.92
- Bitcoin / Ripple = 0.86
- Bitcoin / Litecoin = 0.92
- Bitcoin / Bitcoin cash = 0.87
- Bitcoin / Cardano = 0.79
- Bitcoin / Dogecoin = 0.39
Keynotes for today
- Bitcoin at $42,849 per coin.
- Ethereum at $3,248 per coin.
- Ripple at $0.774 per coin.
- Litecoin at $131 per coin.
- Bitcoin Cash at $370 per coin.
- Cardano at $1.198 per coin.
- Dogecoin at $0.153 per coin.
