Bitcoin crashes to $38,000 while the bulls attempt to revive the market

News • 2022/04/26 • tarafından

Bitcoin / US Dollar

The above chart shows massive bearish action on the 26th of April, further pushing the Bitcoin market farther away from its 50-day moving average of $42,049. With the above move, the Bitcoin market fell by 5.57%, bringing the Bitcoin price to $38,113 per coin. The highest and lowest price stands at $40,817 and $37,700.
At the start of the 27th of April, we see bullish momentum in an attempt to revive the Bitcoin market, resulting in a minute 2.32% rise in the Bitcoin price, translating to $38,997 per coin, with the highest and lowest trading prices seen standing at $39,236 and $37,882, respectively.

Indicators

The massive bearish action on the 26th of April resulted in the RSI falling to 36.54, while the bullish momentum at the start of the 27th of April stands at 41.11. With the RSI below 50, the market remains in bearish control.
The MACD and histogram remain below the zero line, indicating bearish control of the market momentum and a negative outlook for the asset.

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Ethereum / US Dollar

As with the Bitcoin market, the ETH market experienced massive bearish action on the 26th of April, resulting in the market falling well below its 50-day moving average of $3,037. The ETH market fell by 6.58%, bringing its price to $2,809 per coin.
On the 27th of April, the bulls are seen initiating a response to bring the ETH back to its 50-day moving average, resulting in a 3.28% rise in the ETH price, translating to $2,901 per coin, with the highest and lowest price points being $2,915 and $2,794.

Indicators

With the relative strength index of the Ethereum market being below the 50 mark, the bears remain in control of the market momentum.
On the 26th of April, the bearish action resulted in a fall of the RSI to 37.59, while the bullish action on the 27th of April resulted in an RSI of 43.20.
The MACD and histogram remain below the zero line, indicating bearish dominance of the market momentum.

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Ripple / US Dollar

The above chart shows the Ripple market in firm control of the bears over the last few days, maintaining the market below its 50-day moving average of $0.778 per coin and in a downtrend. With the above statement, the bearish dominance over the Ripple market continued on the 26th of April, resulting in a massive 7.36% drop in the Ripple price, bringing the XRP price to $0.642 per coin. On the 27th of April, the bullish action resulted in the market rising by 1.21%, corresponding to a price tag of $0.650 per coin, with the highest and lowest prices being $0.662 and $0.636 per coin.

Indicators

With the bears being the dominant force in the Ripple market, the relative strength index stands below 50. We see a reflection on the RSI values on the 26th and 27th of April as 29.94 and 31.95.
In correlation to the RSI, the histogram and MACD indicate a growing bearish hold of the market. Both indicators stand below the zero line, indicating a negative outlook for the asset.

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Litecoin / US Dollar

From the above chart, the bears continued their previous momentum on the 26th of April, resulting in massive negative price action, bringing the Litecoin market well away from its 50-day moving average of $113 per coin. With the above move, the Litecoin market fell by 5.71%, bringing the Litecoin price to $98 per coin.
On the 27th of April, the bulls are seen initiating a response to the bears, influencing a 1.99% increase in the LTC price, translating to $100 per coin. With much time before the end of the day, the bulls may aim to sustain their momentum to revive the market.

Indicators

Due to the dominance of negative price action in the market, the relative strength index of the LTC market remains below the 50 mark, with its values on the 26th and 27th of April standing at 35 and 38, respectively. With the above, the bears remain in control of the market momentum.
In agreement with the RSI, the MACD and histogram show growing bearish activity in the market, providing a negative outlook for the asset.

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Bitcoin Cash / US Dollar

The Bitcoin Cash market experienced significant bearish action on the 26th of April after rejecting a bullish head start to the day, resulting in the market falling farther below its 50-day moving average of $332 per coin. The Bitcoin cash market fell by 5.76%, translating to $296 per coin with the above move. Due to the bearish dominance of the previous day, we see the bulls responding on the 27th of April, resulting in a 2.80% increase in the Bitcoin Cash price to $304 per coin. The highest and lowest Bitcoin price stood at $308 and $293, respectively.

Indicators

The BCH relative strength index portrays a market in bearish control with a value below the 50 mark. On the 26th and 27th of April, the price volatility resulted in the relative strength index fluctuating between 37.89 and 41.35, respectively.
The MACD and histogram remain below the zero line, maintaining the bears in control and a negative outlook for the Bitcoin Cash market.

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Cardano / US Dollar

The ADA market remains below its 50-day moving average of $0.978, maintaining that the bears control the market momentum.
On the 26th of April, the bears began a momentum, resulting in a 7.98% drop in the market, bringing the ADA price to $0.825 per coin. On the 27th of April, we see the bulls initiating a momentum resulting in the ADA price rising by 1.19%, bringing its price to $0.835 per coin. With the market still far from its close, the above value is likely to change. Nevertheless, as of the writing of this piece, the highest and lowest ADA prices stand at $0.854 and $0.819, respectively.

Indicators

On the 26th of April, bearish price action saw the relative strength index fall to 32.84, and with the bullish momentum on the 27th of April, we saw the RSI rise to 34.
The MACD and Histogram show a bearish dominance, as both indicators are placed below the zero line, creating a negative asset for the market.

Swap to ADA

Dogecoin / US Dollar

The bears initiated a massive momentum on the 26th of April, resulting in a 12.90% drop in the Dogecoin price, translating to $0.137 per coin. The highest and lowest Dogecoin trading prices for the day stood at $0.166 and $0.135, respectively.
At the start of the 27th of April, we see bullish action, resulting in a 1.16% rise in the Dogecoin price, bringing its price to $0.139 per coin, with the highest and lowest trading prices standing at $0.146 and $0.135, respectively.

indicators

On the 26th of April, the bearish action resulted in the RSI falling to 48.64, while the bullish market on the 27th of April resulted in an RSI of 49, depicting the growing bullish activity.
The MACD stands above the zero line, indicating slight bullish dominance. However, we see the histogram in the bearish territory due to previous bearish action.

Swap to DOGE

Correlations

Bitcoin / Ethereum = 0.90

Bitcoin / Ripple = 0.70

Bitcoin / Litecoin = 0.81

Bitcoin / Bitcoin cash = 0.78

Bitcoin / Cardano = 0.81

Bitcoin / Dogecoin = 0.69