However, if the price cannot break and stay above the 63,500 levels, we may see the price moving sideways between the Fibonacci 1.0 extension and Fibonacci 1.5 levels in the coming days. But if price makes a continuous upper movement which is quite unlikely at the moment, our next all-time high is around the 2.0 Fibonacci extension, and that is around the 85,000k price level.
On the downside, our minor support levels are at 59,500, down to 57,000. Breaching the price below this level may see price dipping even further. But on the upside, we are looking at 63,500, 63,800. We will see more upsides as long as the price can break and maintain above the 63,500k level.
Indicators
The MACD line is currently below the signal line, indicating the market is downward in short to midterms. Basic. Also, the RSI level is at 57 levels indicating more buying pressure than selling pressure. Hence the market trend is tilting the uptrends in the long term.
Ethereum / US Dollar
Ethereum seems to be on the tail of bitcoin and is moving with BTC's volatility. After making a massive jump to 4,389, the price got rejected. Price made a corrective move down to the 3,888 price level and converted that level to a support level. Price got a rejection at the support level and bounced off towards the resistance level of 4,180. The bulls need to break and hold prices above the 4200 level to see more upsides. If the price can break and hold above the 4200 levels, we may see more upsides to the 4500 levels.
However, if the price breaks below the period of 50 EMA, which is around $3903 - $3983 price may dip even further towards the $3,640 zone.
Price is currently trading above the 4k levels, indicating the market is still in bullish momentum, and the bulls need to break above the 4200 levels to have a clear part to 4500 levels. However, with eth prices swinging around the 4,110-4,180, it shows there are too many mixed reactions in the market and strong resistance at the $4,180 levels. Right now, a break below the $4,000 levels will see the market experiencing a more downward trend.
Indicator
The trend pattern for ETHUSD appears bullish on a short to mid-term basis. However, the price trend is looking at a downtrend in the long term. The MACD line is well above the signal line, confirming an upward pattern. However, the RSI level is at 65 levels, indicating price movement hedging toward the overbought zone. A short correction may be just around the corner.
Bitcoin Cash / US Dollars
Bitcoin cash seems to be in a trap with nothing much-taking place. The chart is very weak and shows parity in buying and selling orders.
BCH made a little move upwards following the volatility of BTC. After maintaining a price range above $600, BCH made a bullish run for the next resistance zone of $657 and broke it on the 21st. However, the price could not hold above the $657 region, and we saw a quick rejection back to support levels.
Price seems to be consolidating without a clear path in view. However, if the overall bullishness in the market is sustained, the bulls will need to get the price maintained above the $657 levels to see more uptrends.
Currently, the on-balance volume is increasing, indicating an increase in buying activities. We may see the price approach the 200-day moving average of $675. If broken, we may see price spiking to the $750 resistance zone.
Indicators
The momentum for BCH seems to be on a bullish move in the short term as the MACD line is currently above the signal line. The RSI line is above the 53 levels, indicating a slight increase in demand over selling pressures. The trend is neutral in the midterm and bearish in the long term.
Litecoin / US Dollar
Like most other altcoins under the influence of bitcoin, LTCUSD made a run with BTC, and we saw a breakout from a falling wedge and a break above the $190 resistance level on the 200-day EMA. And that was a confirmation of trend reversal. At this point, the possibility of price movement surpassing the former high of $236 set in September is likely.
Although the pair made a run and broke the 200-days EMA resistance, it experienced rejection, and the price pulled back to the support level. The pullback was quickly followed by a consolidation which has been on for three days. And it seems like the bears are not relenting in their effort to bring down the market. However, the bulls need to keep the price above the $196 level to maintain an uptrend, as further drop could see the price dipping towards the $184 zone.
On the downtrend, our major support level is at $191 and then $184. The bulls need to look out for the following resistance level on the uptrend before claiming the $250 resistance level: $196. $200 and then $225.
Indicator
With the MACD line above the signal line and RSI above the 57 levels, the market appears to be uptrend. However, this may linger for short to mid-term. In the long run, the market seems to be preparing for a downtrend.
Ripple / US Dollar
Ripple pair seems to be preparing for an uptrend in the coming days, with the price hovering just above the $1 support level in the past 72hours. The bulls have successfully kept pullbacks to a safe point while ensuring no breach below key levels. The price of XRPUSD has been consolidating in the last few days, indicating the likelihood of price breaking from the descending triangle.
There is no confirmation of an uptrend at the moment; however, if the price closes above the $1.25 level, that will indicate an uptrend market. If price action can own the $1.25 level, the next target will be at $1.70 levels. On the downside, our immediate support level is at the $1 level. A breach below could see the price tumbling down to $0.75 levels.
Indicators
The XRP/USD pair trend is looking bullish in both the short-term, mid-term, and long-term. However, the MACD line is currently below the signal line, indicating bearish market momentum. But the RSI index level is at 55, indicating market neutrality.
Doge / US Dollar
Doge seems to be leaving some clues around in preparation for a bullish movement. Today, doge made a slight upward movement, broke a key resistance level of $0.27, and rallied up to the $0.28 level before retracting down to the $0.26 level. Currently, the price is retesting support levels, and if retested successfully, we may see more upside. For the bulls to maintain an uptrend, the price must be above the $0.27 level. And if this occurs, our next target will be around the $0.32 and $0.40 levels.
Currently, the pair has been respecting the 200-days EMA support level, and a breach could see price dipping below the $0.16 support levels.
Indicators
The on-balance volume of dogecoin is growing exponentially, indicating more buying than selling activities in the market. The price trend indicates an upward movement in short to mid-term. But in the long run, we are looking at a downtrend. Currently, the MACD line is above the signal line, and the RSI level is at 55 levels indicating the market is bullish.
Cardano / US Dollar
Notwithstanding BTC's rally to the upside in the last few weeks, ADAUSD has continued to remain in a squeeze and cannot break it's all-time high of $3.1. The pair is in a consolidating phase, facing congestion between its support and resistance levels. The major resistance level is at $2.24 - $2.30. At the same time, the price has formed new support levels between $2.0 - $2.09.
The market seems to be gathering more momentum in preparation for an upward trend; however, the market is still quite unclear as the pair has seen a few fake-outs in the last few weeks.
It appears like there is a tussle for supremacy between the bulls and the bears. The price needs to break and stay at the $2.54 resistance level for the bulls to seal an uptrend momentum. While at this, we expect the support levels of $2 to be maintained.
Indicators
Cardano's pair is neutral on a short to mid-term basis. However, in the long term, it is showing an uptrend. But the momentum is quite mixed, with the MACD line above the signal line signaling bullish momentum. However, the RSI level is currently at 45, indicating the market has a bearish momentum.
Correlation
Bitcoin / Ethereum = 0.88, Bitcoin / Bitcoin cash = 0.86, bitcoin / Litecoin =0.78, Bitcoin / Ripple = 0.61, Bitcoin / Cardano = 0.75, Bitcoin / Doge =0.65.
BTC stamped its influence after breaking its former all-time high, as most alt made an upward movement to the upside. BTC's movement largely influenced altcoins as it dragged most coins down in its corrective movement.
Key notes for today
- BTC/USD needs to maintain a price range above $63,500 price levels.
- If the price of ETH/USD breaks below the $3903 level, we may see further negative price action down towards the $3,640 zone.
- The price of BCH needs to stay above $600 to remain bullish.
- LTCUSD has reversed the downtrend pattern; however, the price needs to remain above $196 to maintain the uptrend
- XRP/USD bulls need to break and maintain the price trend above $1.25 to see more price movements in the upside.
- Doge is currently retesting the previous support level.
- ADA/USD is currently in a consolidating phase with bullish momentum.
