Bitcoin / US Dollar
As we all know, the crypto market has experienced a hit over the last few weeks; however, the market seems to be making a recovery. On the Bitcoin chart, we see two consecutive days of bullish action beginning on the 11th of December, which saw the Bitcoin price increase by 4.74% to close at $49,407 per coin. This bullish action is seen to have continued on the 12th of December where the Bitcoin price is back above $50,000 with a 1.7% price increase to close at $50,249 per coin as at the writing of this article.
Despite this price movement, the Bitcoin price still shows the bearish influence seen across the last few weeks, as depicted by BTC price trading below the 50-day moving average of
$58,438 per coin.
Following the bullish momentum across the last two days, the BTC bears have initiated a pushback on the 13th of December, which has resulted in a 2.37% price drop to bring the BTC price back below the $50,000 mark at $48,902 per coin.
Indicators
As a reflection of the price movement seen across the last few days, the bulls have caused an increase in the relative strength index to 37 on the 11th of December and 40 on the 12th of December. However, despite this price increase, the overall market momentum maintains that the bears are in control as the RSI remains below 50. With the bearish influence in the market on the 13th of December, we see the RSI fall back to 37, indicating increasing selling pressure in the market.
Concerning the market momentum over the extended period, the MACD still placed well below the zero line indicating the long-term dominance in favor of the bears; however, the histogram shows a reduction in the bearish intensity of the market.
Ethereum / US Dollar
Similar to Bitcoin, Ethreum has also seen two consecutive days of bullish action. On the 11th of December, increased buying volumes in the ETH market caused a price growth of 4.88% to bring the ETH price to $4,091 and back above $4,000. On the 12th of December, the Ethereum price is up 1.07% in the last 24 hours to bring the ETH price to $4,135 per coin.
Despite the bullish action, the ETH price remains below the 50-day moving average of $4,359 per coin.
On the 13th of December, we can see increased selling volumes, resulting in a 3.24% price drop, bringing the ETH price below $4,000 to $3,998 per coin.
Indicators
As a reflection of the bullish action on the 11th and 12th of December, the Ethereum relative strength index is up 45 and 46, respectively. On the 13th of December, increased selling volumes have resulted in a fallen RSI to 43.
However, with the value still below 50, we can tell that the selling pressure in the market outweighs the buying pressure in the market.
The MACD is still placed below the zero line indicating the long-term dominance asserted by the bears; however, the histogram illustrates reduced bearish intensity.
Ripple / US Dollar
Across the last few weeks, the Ripple price has experienced bearish action; however, on the 11th of December, we see the XRP price increase by 4.89% to bring the XRP price to $0.838 per coin. On the 12th of December, we see the bulls attempt to continue the bullish action; however, resistance from the bears indicated by the wicks above the candle has limited the XRP gains to 0.92% in the last 24 hours bringing the XRP price to $0.845 per coin.
On the 13th of December, we see the XRP price fall to $0.827 per coin, which translates to a
1.56% price drop in the last 24 hours.
Indicators
The relative strength index on the 11th and 12 of December stands at 36 and 38, respectively. However, a value below 50 indicates the dominance of selling over buying in the market despite the rise. With the bearish action on the 13th of December, the RSI is down to 36.
The MACD, in correlation to the RSI, places below the zero line, indicating the dominance of the bears in the market.
Litecoin / US Dollar
As with several other altcoins, the Litecoin market received significant bullish action on the 11th of December, which resulted in 6.44% price growth to bring the LTC price to $158 per coin. On the 12th of December, we see the bulls attempt to capitalize on their previous momentum, which has resulted in a 1.28% per coin, bringing the LTC price to $160 per coin.
Following the bearish momentum building up on the 13th of December, the LTC price is down 1.89%, bringing the LTC price to $155 per coin.
Indicators
The Litecoin relative strength index on the 11th of December stands at 36, while that of the 12th of December stands at 37, indicating the steady growth in bullish buying action. The bearish action on the 13th of December has resulted in the RSI falling back to 36.
The MACD, as a reflection of the extended bearish action, is placed below the zero line, indicating the long-term dominance of the bears.
Bitcoin Cash / US Dollar
On the 11th of December, the bulls initiated a move as reflected by the increased volume, which has resulted in a 4.80% increase to bring the Bitcoin Cash price to $459 per coin. Following this move, the bulls attempted to capitalize on their previous momentum on the 12th of December, resulting in a 0.23% price gain to bring the Bitcoin Cash price to $460 per coin.
On the 13th of December, the Bitcoin Cash price was down 2.04% to bring the BCH price to $448 per coin, reflected by increasing selling volume.
Indicators
Following the bullish action on the 11th and the 12th of December, the relative strength index on both days stood at 35.42 and 35.79, respectively, showing the gradual growth seen in the Bitcoin Cash market. However, with this value being below the 50 mark, the bears control the market. With the sell-off seen on the 13th of December, the BCH RSI has fallen to 33, indicating a growing bearish presence.
The MACD, as a reflection of the long-term bearish action, places below the zero line indicating the dominance of the bears in the market. However, the histogram shows reducing intensity in the bearish action.
Cardano / US Dollar
The ADA market has been under a lot of bearish action, with its price dropping from new all-time highs to below $2. However, on the 11th of December, we see the ADA increase by 11.80% to $1.354 per coin.
However, on the 12th of December, we see the bears attempting a pushback while being heavily resisted by the bulls, therefore, minimizing the price drop to 0.18% in the last 24 hours to bring the ADA price to $1.351 per coin. On the 13th of December, the bears are capitalizing on their previously built momentum, resulting in a 2.43% price drop to bring the ADA price to $1.314 per coin.
Indicators
With the bullish momentum seen on the 11th of December, the relative strength index rose to 37, bringing ADA out of an oversold market. However, with the bearish struggle for supremacy on the 12th of December, the RSI was maintained at the 37 mark. Following continued bearish influence in the market, the RSI on the 13th of December is down to 36.
Despite previous bullish action, the MACD places below the zero line indicating the overall dominance of the bears in the ADA market.
Dogecoin / US Dollar
On the 11th of December, the Dogecoin bulls initiated a rally that saw the Doge price increase by 2.92% to bring its price to $0.1690 per coin. The bulls attempted to sustain their momentum onto the 12th of December with this price movement. Despite dominating the market, the bears provided significant resistance, which restricted the Dogecoin gains to 0.47% Dogecoin price to $0.1698 per coin.
On the 13th of December, the Dogecoin price fell 3.12% to $0.164 per coin.
Indicators
Due to the bullish action seen across the 11th and 12th of December, the relative strength index has maintained a steady growth of 31.1 and 31.7, respectively; however, the bears still have the upper hand in the market as the RSI value places below 50.
Following the bearish movement on the 13th of December, the Dogecoin market has now fallen into the oversold region, indicated by an RSI 29.
In correlation to the RSI, the MACD places below the zero line seconding the dominance of the bears in the market.
Correlations
- Bitcoin / Ethereum = 0.86
- Bitcoin / Ripple = 0.73
- Bitcoin / Litecoin = 0.83
- Bitcoin / Bitcoin cash = 0.70
- Bitcoin / Cardano = 0.73
- Bitcoin / Dogecoin = 0.71
Keynotes for today
- Bitcoin shot down from $50,000 to $48,902 per coin.
- Ethereum is below $4,000, at $3,998 per coin.
- Ripple price at $0.827 per coin.
- Litecoin down to $155 per coin.
- Bitcoin Cash at $448 per coin.
- Cardano bears resume dominance. ADA price at $1.314 per coin.
- Dogecoin is down to $0.164 per coin.
