Bitcoin / US Dollar
With the bullish momentum seen through the 5th to the 7th of December, several analysts believed Bitcoin was out of the red and set for a moon run. However, the opposite has been the case as the 9th of December sees the Bitcoin price fall by 4.87% in the last 24 hours, bringing the Bitcoin price to $48,060 per coin.
On the 10th of December, the Bitcoin price was up to $48,937, which translates to a growth of 2.88% in the last 24 hours.
With this price movement, several individuals await to see signs of being in a bear market, signified by if the Bitcoin price falls below $40,000. Therefore, the next few days to weeks remain critical in determining the market's trajectory.
Indicators
The indicator chart shows that the bearish activity on the 9th of December has resulted in the fall of the relative strength index to 31. With the value so close to the oversold region, sustained bearish action could see the Bitcoin market fall into an oversold market.
Due to the bearish action seen over the last few days to weeks, the MACD remains below the zero line indicating the continued dominance of the market by the bears.
Ethereum / US Dollar
As with several altcoins, ETH has experienced a huge bearish action on the 9th of December, and this comes as a response to the bullish action seen on the previous day, which has resulted in a price drop of 6.4% in the last 24 hours to bring the ETH price to $4,156 per coin. With this drop, the bears have succeeded in bringing the ETH price below the 50-day moving average of $4,361, placing the market in the bearish territory in the midterm.
On the 10th of December, we see the bulls maintain the ETH price above the $4,000 zone after bearish action on the previous day, resulting in a 1.47% increase to $4,166 per coin.
Indicators
Concerning the price drop on the 9th of December, the relative strength index has fallen below the 50 mark at a value of 45, indicating the dominance of bearish selling against bullish buying.
As a reflection of the bullish action on the 10th of December, the ETH RSI is up to 46.
As a reflection of the selling action seen on the 9th of December, the MACD is seen to have made a slight deflection below the zero line, which places the bears in control of the market for the meantime; however, if the bulls can initiate a significant push, we could see the MACD deflect back above the zero line in favor of the bulls.
Ripple / US Dollar
Unlike its counterparts experiencing extensive bearish action, XRP has seen two consecutive days of bullish action. On the 9th of December, we see increasing buying volume, which has resulted in a price increase of 2.09% in the last 24 hours to bring the Ripple price to $0.881 per coin. However, the wicks above the green candles indicate efforts by the bears to flip the market momentum in their favor, which from the above chart shows success.
Unlike several assets on this list, the XRP price has experienced a bearish action on the 10th of December, which has resulted in a 1.16% price drop to bring the XRP price to $0.848 per coin.
Indicators
As a reflection of the bullish push on the 9th of December, the relative strength index has increased to 38. However, with the value still placing below the 50 mark, the Ripple bears remain the overall dominant force in the market. Concerning the fall on the 10th of December, we see the XRP RSI fall to a value of 34.
As in correlation to the long-term momentum seen in the market, the MACD places below the zero line, still maintaining the bears are in control of the market.
Litecoin / US Dollar
Following the consecutive bullish action racked up by Litecoin across the last three days, the above chart depicts that on the 9th of December, there was an increase in the selling volume in the market, which led to a drop of 6.56%, bringing the Litecoin price to $154.
From the above chart, we see that on the 10th of December, the Litecoin bulls initiated a move that has resulted in a 3.11% price increase bringing LTC to $156 per coin.
Indicators
Due to the huge bearish action seen on the 9th of December, the relative strength index has fallen from a value of 36 on the previous day to a value of 32, edging closer to the 30 mark at which the LTC market can be said to be in an oversold market (if the value breaks below 30). The bullish movement on the 10th of December has led to an increase in the RSI to a value of 34.
The MACD is still placed below the zero line in agreement with the relative strength index. This is coupled with the histogram depicting increasing bearish intensity in the market, confirming the bears as the dominant players in the market.
Bitcoin Cash / US Dollar
The Bitcoin Cash price previously experienced a bounce-back at the $453 price mark, and the bears on the 9th of December are seen to be attempting to break below this minor support as indicated by a 5.62% price drop in the last 24 hours to bring the BCH price to $453 per coin.
On the 10th of December, we see the bulls initiate a positive momentum, resulting in a 2.87% price increase to bring the BCH price to $461 per coin.
Indicators
The relative strength index on the 9th of December is 31, a fall from a value of 35 realized on the previous day, and this is due to the increased bearish sell-off seen in the market. With the RSI value on the 9th being close to the 30 mark, sustained bearish action could push the value below 30, effectively placing the Bitcoin Cash market in the oversold region.
The bullish rally on the 10th of December has seen the relative strength index increase to a value of 34. However, the selling pressure in the market still supersedes the buying pressure.
The MACD, in correlation to the relative strength index, maintains that the bears are in control of the market as it places below the zero line.
Cardano / US Dollar
The Cardano price has been subject to a lot of bearish activity over the last few weeks, and this is continued on the 9th of December as the bears have inflicted a 6.93% price drop in the last 24 hours to bring the ADA price to $1.3 per coin.
On the 10th of December, we see the ADA price increase by 2.09% in the last 24 hours, which brings its price to $1.316 per coin.
Indicators
With the ADA bears orchestrating a push to the downside, the ADA relative strength index still places below the 50 mark with a value of 31. However, with this value being so close to the oversold borderline of 30, further bearish action could see the ADA RSI fall below the 30 mark, effectively putting ADA in an oversold scenario.
In response to the bullish action on the 10th of December, we see the RSI increase to a value of 32.
With the extensive bearish action seen in the ADA market, the MACD is still below zero. The histogram shows increasing bearish action, indicating the ADA market's negative outlook and the bears' dominance.
Dogecoin / US Dollar
As with several other coins in the crypto market on the 9th of December, the Dogecoin market has seen an increase in bearish selling volume, resulting in a price drop of 5.69% in the last 24 hours, bringing the Dogecoin price to $0.169 per coin. On the 10th of December, we see the bulls attempt to gain control of the Doge market, which has resulted in a 1.24% increase in the last 24 hours, bringing the Dogecoin price to $0.171 per coin.
Indicators
As expected, the price drop on the 9th of December has led to a fall of the relative strength index into the oversold region with a value of 29. However, with the value close to the 30 mark, sufficient bullish action could see the Doge market come out from an oversold situation.
On the 10th of December, the bullish action has seen the RSI increase to a value of 30. Sustained bullish action could see the Doge market out of the oversold region.
The MACD and histogram remain below the zero line, which indicates that the bears remain the dominant force in the market.
Correlations
- Bitcoin / Ethereum = 0.93
- Bitcoin / Ripple = 0.83
- Bitcoin / Litecoin = 0.87
- Bitcoin / Bitcoin cash = 0.81
- Bitcoin / Cardano = 0.92
- Bitcoin / Dogecoin = 0.88
Keynotes for today
- The Bitcoin price is up to $48,937 per coin.
- Ethereum is stable above $4,000 at $4,166 per coin.
- Ripple is experiencing bearish action, which sees its price at $0.848 per coin.
- Litecoin price at $156 per coin.
- Bitcoin Cash at $461 per coin.
- Cardano priced at $1.316 per coin.
- Dogecoin price up to $0.171 per coin.
