Price Analysis: The Entire Market is ON FIRE, Who Are The Winners?

The price topped today at $12,900, smashing the previous 2020 high level around $12,300. This means that everything from now on is something new that Bitcoin has not experienced since many years ago, around the end of 2017. Bitcoin holders since the start of September have a cumulative return of almost 30 % while investors from the start of 2020 have a cumulative return of around 300 %, a terrific number in terms of investing. This is something to take into account long-term expectations and vision in Bitcoin's future.

The bullish trend will continue but probably is not a way we see during the last days. The price has been overcharged and it breaks the current volatility measurements, making many investors think that this could be a good time to liquidate a part of their position in Bitcoin. If the trend continues to be alive, the first correction will be around the previous 2020 high level around $12,400 - $12,300. This level has a previous history in terms of market depth but remaining investors in the current levels from previous times are quite rare to find.

The moving averages are way apart from each other with no evident fear for the trend to turn over suddenly while the trading volumes were skyrocketed, indicating that investors are willing to invest more and more in this market, pushing it to its limits. We believe that the market trend will establish at a higher level than from the previous bullish trend but this will occur with larger volatility and higher expectations.

In the short-term diagram, we can observe that the days before a major or minor surge in the price, the volatility is shrinking and the entire interest of the market is concentrated around a single price which shows that the market is taking a step back before releasing new forces in the market. This kind of signal is quite common in the crypto market and we believe it is a safe route to follow on for the next periods.

Indicators

MACD index exploded at value = 165, showing that the market momentum is at high time and nothing could resist it in the rest of the market. On the other hand, the RSI index strongly recommends investors to "sell" as the asset seems to be overbought. If the price remains at the same level for more time, the index will change and it will be back at normal values.

Ethereum / US Dollar

Price Analysis

Ethereum joins the bullish market after a couple of days of uncertainty and not knowing the exact direction on how to move further. The most important thing is that the price broke the $390 and $400 level at once, kicking the start for the bullish period. The bulls land the price around $415, showing that there is fuel in the market to lead it at higher levels. If the price got established at higher levels, we believe that there are possibilities to surpass the previous high points for 2020.

We should remind everyone that the 2020 high was around $480, so a bullish week will be enough for Ethereum to reach it. After this point, there are little or weak support levels except from $440, where there is small support, so Ethereum's price will rise from the market dynamics, with no internal support.

The moving averages will not cross each other for some time in the future while the trading volumes rose in bullish levels, showing that investors have risen their interest in the cryptocurrency. We believe that the correction will become effective in the market as long as Bitcoin will start to correct also.

Indicators

MACD index starts to rise again, showing that the momentum is increased during the last days and investors want to get involved in the market and make more money. The RSI index has not moved yet in the "overbought" area so there is more room in the market for surging during the next days.

Ripple / US Dollar

Price Analysis

Ripple won its internal fight with stability and made a small miracle to happen. Ripple's price surge at $0.26, making the first step for entering the overall bullish market, which leads to higher price levels. As we describe in previous articles, the $0.26 was a crucial point for the Ripple market as it would be the benchmark for the price to start rise at the same levels and pace as the rest of the market.

The next step for Ripple will be to reach at least $0.28 as it will reach the previous bullish levels with increased market momentum. The moving averages, which crossed a couple of days ago, produced a fake signal, a reverse "Golden Cross" that distracted many investors from the current bullish momentum which was seen to come.

The trading volumes are not in great shape, showing that Ripple was the weak link in the crypto market and there is a need for more traction to establish in the winning crypto market. We expect a slower adaptation in the current trend which will be observed during the next days.

Indicators

MACD index turned again in the "green" area, showing that there is a possibility for Ripple to overcome the past days' momentum and focus on growing its market share. The RSI index just moved above value = 60, indicating that there is more room in the market for another surge in the meantime.

Litecoin / US Dollar

Price Analysis

Litecoin exceeds everyone's expectations in terms of adaptation in the current bullish trend, breaking the first point at $50 and landing around $55. Some months ago, we use to highlight that $57 was another important point in the Litecoin market as the previous bullish trend has started from there. If Litecoin manages to reach the previous bullish points in the current trend, we will include it in the winners of the period.

The support zones are not so evident at this point so there is a need to dig up in the past to find out more. The $57 is the start for it and more volatility will probably take over the market to get more investors to interact between them. The moving averages start to move apart, moving away from fears for a change in the trend. The trading volumes give a positive signal for entering the bullish market and make Litecoin rise in the previous levels.

Indicators

MACD index starts to grow again, indicating that the market momentum never passed in the negative area. The RSI index is just a step from activating a "sell" signal and there is a mark for making investors consider liquidations in the next period.

Bitcoin Cash / US Dollar

Price Analysis

Bitcoin Cash made another huge move in the current market, reaching $270 in just two days. Of course, the previous bullish levels laid around $300 but it is a start, to begin with, having a target towards $300. We believe that the support levels around $280 will help Bitcoin Cash to establish itself around this level, with small corrections.

The moving averages have been brought to wider areas, without any possibility to cross in the near future while the trading volumes are in good shape, with improvement to be needed on the way.

Indicators

MACD index starts to rise again, creating more positive momentum in the market and more attractive to investors. The RSI index is reaching the "dangerous" area but it will probably correct itself if there is stability over these levels.

Correlations

Bitcoin / Ethereum = 0.91 (+ 0.06), Bitcoin / Ripple = 0.38 (+ 0.14), Bitcoin / Litecoin = 0.85 (+ 0.20), Bitcoin / Bitcoin Cash = 0.84 (+ 0.01)

The general surge in the crypto market brought the correlations on the rising, giving the opportunity for the entire market to shine and bring back the good old days when everyone is winning. The next days will be crucial for the market as no one knows how fast the rest of the altcoins will stop growing or Bitcoin will make the first step towards a correction trend. Ethereum, Litecoin, and Bitcoin Cash return on the "strong" correlation side showing that they have quicker reflexes than other coins while Ripple was upgraded in the "medium" correlation zone, showing that there is potential in the market for more integration. We should highlight that Litecoin was the only coin that has started to move towards the bullish zone and that was proved right today.

Key Notes For Today

• Every cryptocurrency is winning at this moment

• Bitcoin has the initiative in the moves

• Ethereum, Ripple, and Bitcoin Cash made severe improvements on the bullish adaptation

• Litecoin was the surprise of the day

Disclaimer: 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