Following the four consecutive days of bullish action, the bulls are making progress towards the 50-day moving average at a value of $60,850. As of the 30th of November, the charts illustrate increased buying in volumes by the bulls, translating to a 0.87% increase, bringing the Bitcoin price to $58,342 per coin. With this price movement, we can see that we intend to bring the BTC price back above the 50-day moving average.
However, to achieve this, the bulls will have to sustain the bullish momentum. With several analysts restating that Bitcoin remains in a bull cycle despite bearish actions previously seen.
At the close of the 30th of November, we see the bears flip the little bullish position started, and this is continued to the 1st of December, where there is a gradual increase in seeing volume within the market, and this has resulted in a 0.08% price drop to bring the BTC price to $56,943, a fall from levels attained on the 29th.
From the indicator chart, we can see that as a reflection of the bullish action over the last few days, the relative strength index is making its way towards the 50 mark with a value of 48 from the lowest point of 36 on the 26th of November. If the bulls sustain their momentum, the RSI will go above 50, effectively confirming the dominance of the bulls over bearish selling in the Bitcoin market.
As a reflection of the bearish activity on the 1st of December, the relative strength index is down to a value of 45.
The MACD is still placed below the zero line, which means the bears still have control over the market; however, with recent bullish action in the market, we see the MACD make a deflection to the upside in an attempt to gain control of the market.
After experiencing bearish action, the bulls initiated a bullish response, and on the 30th of November, we see a massive bullish pump that has gotten Ethereum to pre bearish levels. As of the writing of this analytical piece, the ETH price has experienced a 6.39% price jump to stand at $4,733 per coin. On the 1st of December, we see the bulls continue their push to challenge previous all-time highs, and this has resulted in a 1.75% growth to bring the ETH price to $4,716 per coin.
With the bulls aiming to create new all-time highs, their target can be met within the next few days if they sustain this momentum.
With the bullish run up on the 30th of November, the relative strength index is back above 50 to stand at 58, which signifies the dominance of the bulls over the bears in the short term, sustenance of this price movement will see the RSI place even higher.
The relative strength index on the 1st of December is still maintained at 58; however, with much more time on the clock, the bulls can increase the buying volume within the market.
With the price movement on the 30th, the bulls have flipped the market in their favour as the MACD currently places above the zero line. However, the bulls will be required to maintain this momentum to get control of the market fully.
As with several other altcoins, Ripple also experienced bullish activity on the 30th of November, which resulted in a price gain of 3.54% to bring the Ripple price to $1.02 per coin. Despite this price movement, Ripple still trades below the 50-day moving average of $1.10. Therefore, indicating the bears still have a hold on the market. To possibly make it past the 50-day moving average, the bulls will be required to get over a temporary price resistance of $1.07.
On the 1st of December, we see a continuation of the bullish action in the market, resulting in a 0.39% price growth to stand at $1.00 per coin. However, visible bearish resistance can be noted in the market, as evidenced by the wicks above The candles.
In correlation to earlier statements, the bullish activity seen on the 30th of November has resulted in the rise of the relative strength index to 44. Due to the resistance of the bears, the RSI on the 1st of December stands at 42.
However, this value still places below the 50 mark, which maintains that the bears control the market.
The MACD, in correlation to the relative strength index, places below the zero line indicating the dominance of the bears in the market; however, the histogram shows a reduction in the dominance of the bears due to recent bullish action.
Following the bullish action on the 30th of November, the Litecoin bulls on the 30th of November caused a 3.04% price growth which brought the LTC price back above the 50-day moving average to stand at $210 per coin. On the 1st of December, we see the bulls succeed in getting the LTC price back above the 50-day moving average street, inflicting a 1.51% gain to bring the LTC price up to $211 per coin.
Despite the bullish rally on the 30th of November and 1st of December, the relative strength index still shows that the bears maintain minimal dominance of the market as the RSI stands at 48, and this is correlated by the MACD, which places below the zero line; however, the histogram shows a reduction in the dominance of the bear, if this bullish momentum is sustained the bulls will be able to flip the market in their favour.
Despite the bullish action across several other altcoins, the Bitcoin Cash bulls have not mustered enough momentum to shift the market in their favour. This is evident by the Bitcoin Cash price trading below the 50-day moving average of $607. As of the 30th of November, the Bitcoin Cash price is up 0.26% in the last 24 hours to stand at $576 per coin.
By the close of the 30th of November, the chart shows that the bears rejected the bullish action started in the market. However, on the 1st of December, we see increased buying volumes resulting in a 0.52% price growth, bringing the BCH price to $573 per coin. However, wicks above the candle indicate a struggle by the bears to resist the price growth in the market.
With the gradual growth of the Bitcoin Cash bullish momentum, the relative strength index is making gradual progress towards the 50 mark. The current RSI value stands at 46, a rise from 45 on the previous day. However, with the value still below 50, the bulls have not done enough to control the market; therefore, the bears still have the upper hand in the market.
Following the events across the last two days, the RSI on the 1st of December is back down to 45.
In correlation to the relative strength index, the MACD places below the zero line, which confirms the dominance of the bears in the market. As a reflection of the bullish rally over the last few days, the histogram shows reduced bearish intensity in the market.
As it is common knowledge of ADA being on an extended downturn since hitting all-time highs, there has been little bullish action in the ADA market. On the 30th of November, we see the bears continue their action in the ADA market, which is reflected by a price drop of 0.56% to bring the ADA price down to $1.59. By the close of the 30th of November, the bears were able to increase their dominance in the market; however, on the 1st of December, we see a budding increase in buying volume as the bulls cause a 1.30% price increase to bring the ADA price to $1.57 per coin.
With such bearish activity in the market, several individuals will begin to panic and, in turn, sell off their holdings which further worsens the market sentiment.
After a successful bullish attempt to bring ADA back from an oversold region on the 27th of November, the bulls created a little effect in elevating the relative strength index. However, with bearish action forming on the 30th of November, the RSI is back down to a value of 33, and this value is maintained on the 1st of December. With such value, the bears maintain a clear dominance in the market.
The MACD, in correlation to the relative strength index, places well below the zero line, confirming a negative outlook on the ADA market.
The meme coin market has been receiving some bullish activity lately, and this can be seen on the chart as four consecutive days of the bullish movement. However, despite this bullish activity, Dogecoin still trades below the 50-day moving average of $0.24, reflecting the downtrend seen in the midterm. As of the 30th of November, Dogecoin is up 1.39% to stand at $0.218 per coin.
By the close of the 30th of November, the bears flipped a bullish attempt at control, and this is continued onto the 1st of December, where we see a minute drop of 0.23% to bring the Dogecoin price to $0.214 per coin. However, wicks above the candle indicate that the bulls are providing resistance to the bearish drop.
As a reflection of recent bearish action over the last few weeks, the relative strength index places in the bearish territory (RSI below 50). As of the 30th of November, the RSI stands at 42, showing a steady increase towards the 50 mark.
Following the bearish activity, the RSI on the 1st of December stands at 40.
The MACD, as a reflection of the bullish action over the last few days, is deflected to the upside; however, this is not enough to shift the momentum of the market to the positive side, and the bears still maintain control over the market. The histogram shows a reduction in the bearish activity surrounding the market.
