Bitcoin / US Dollar
A positive signal started to appear in the Bitcoin market as the price moved above the $36,000 compression point, landing at $38,000. This positive move is the pre-step for achieving a new all-time high level if certain conditions will be met in the next few days. As we have mentioned in previous articles, sustaining steady growth for a long period is difficult unless there is an accompanying trading volume.
At this moment, breaking the $36,000 compression point was the first positive signal that needs to be supported from further actions. The first action will be the price stability over this level for a certain amount of time, sufficient enough to enable the market to grow at a new all-time high level. The current all-time high level lays around $41,000, which depicts just a 3 % rise from the current price levels.
If there is a come-back in the compression zone between $36,000 and $30,000, we expect more delay in a decisive move, either positive or negative, that will bring the next trend in the market. The decisive move will be established and the next trend will shape the rest of the market.
The trading volumes have been stayed in the current position, without having a severe impact on the price formation. The moving averages have crossed each other, creating a "Golden Cross" and making the market believe that there is more to be done to establish a "healthy" bullish trend.
In the short-term diagram, we can observe that the compression zone has continued to dominate the short-term horizon, making the market look for the next established trend in the market. The return on the compression zone will shape the delay in that process and how long it will last.
Indicators
MACD index passed in the last three days on the positive side, indicating that the positive trend has been supported from the momentum while the RSI index lays around value = 60, indicating a potential uptrend will be possible.
Ethereum / US Dollar
Ethereum is hitting new all-time high levels during the last week, making itself the most dominant asset in terms of returns in the current period. The consequent breaks in the all-time high levels have brought a major portion of the investors' attention and drive the price every day to new high levels. At this moment, the Ethereum market is under a "self-proclaimed prophecy", when the returns bring more investors in the market and drive the price at higher levels than before.
The price surged at $1,650, creating a continuous view on the bullish market, which continues to exist with better prospects than every other coin in the market. We believe that the "price discovery" phase for Ethereum will last as long as Bitcoin is sleeping or the rest of the market is trying to capitalize on the fact that Ethereum is driving the market momentum.
We know that it is quite difficult for Ethereum to lead the market in terms of momentum and capital attraction. The experiment will bring a new era in the crypto market if it ends up being successful and it will create a second pole that will enable the market to grow with different gauges. The next period will reveal if the winning trend will lead in the example above.
The trading volumes have continued to sustain at higher levels, bringing more capital in the market and flowing in the rest of the market. The moving averages have remained on the same spot, indicating that the market has been bullish for a sufficient amount of time.
Indicators
MACD index passed on the positive side, three days ago, indicating that the new all-time high levels have been brought in the market through the momentum way. The RSI index has touched the value = 70, indicating that the new all-time high level might be reached in the next few days.
Ripple / US Dollar
The surprises continue to exist in the Ripple market as the price, after remaining at $0.37, started to climb around $0.45. This move has been fueled by the trending movements in the stock market. We don't know for how long this trend will continue as there is no technical or fundamental reason for this situation.
Taken the previous statement into consideration, we believe that the current trend will be sustained as long as the hype in the market exists, and then the bubble will burst, making investors think that the trend will bring more instability in the market.
As we will see below, in the correlations sector, Ripple is trying to copy Bitcoin's trend and deliver better results for its holders. The next period will determine if Ripple's bubble will continue to grow or there would a major correction in the market.
The trading volumes have grown during the last few days, pushing the price to higher levels. The moving averages have been established a positive positioning, which will give more boost in the price.
Indicators
MACD index continuously grows during the last month, making the trend sustain itself through a weak momentum. The RSI index sustains around value = 60 to 65, indicating that there is a positive outlook for the coin.
Litecoin / US Dollar
The Litecoin market has been back in the major point of the high-level market, landing around $150. After sustaining a support level of around $130, the price surged at $150, looking to reach the previous local high level at $180.
The market has reacted mildly in the Bitcoin and Ethereum trends, indicating that there is more to be done in the market, before reaching a bullish status. This bullish status will bring more capital to the market and driving the price at higher price levels.
The trading volumes have remained on the same levels while the moving averages will be met in the chart, creating a "Golden Cross" that will bring more positive momentum to the market.
Indicators
MACD index has grown for the third consecutive day, creating more positive momentum in the market while the RSI index is moving towards the value = 60, making the market look more optimistic.
Bitcoin Cash / US Dollar
Even milder was the reaction from the Bitcoin Cash market, which surges continued until the $440 point. The price needs to surge more if Bitcoin Cash will be ready to join the bullish ride. As we can see from the diagram below, the local all-time high level lays around $600, which was reached briefly during a 2 -- 3 day period.
The first recovery point in this market will be around $500, which will indicate a bullish turn in the market. Until this point is reached, we expect a slow return in the bullish trend, creating a scenario that will bring more capital to the market.
The trading volumes remained on the same spot as the previous period. The trading volumes are close to each other, creating bullish prospects in the market for a future "Golden Cross".
Indicators
MACD index will meet the zero line, showing a pass on the positive side while the RSI index lays around value = 50, which indicates that the price will remain on the same levels for the next days.
Correlations
Bitcoin / Ethereum = 0.72 (+ 0.46), Bitcoin / Ripple = 0.50 (+ 0.32), Bitcoin / Litecoin = 0.86 (+ 0.05), Bitcoin / Bitcoin Cash = 0.54 (- 0.20)
The correlations have created new trends in the market, shaping a different environment for the crypto market. The strong correlation zone has been sustained for Litecoin, which tried to sustain a positive trend, and for Ethereum, whose all-time high levels have created sustainable growth for the current period. On the other hand, Ripple and Bitcoin Cash have remained in the medium correlation zone with different outcomes respectively. Ripple is trying to make surprising moves in the market while Bitcoin Cash has a milder approach in the current bullish trend.
Key Notes For Today
Bitcoin breaks the compression point at $36,000 and lands at $38,000
Ethereum hit a new all-time high level at $1,650
Ripple made another surprising bullish move at $0.45
Litecoin had a milder approach at $150
Bitcoin Cash is making small steps towards $430
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Remitano. Every investment and trading move involves risk, you should conduct your own research when making a decision.
