Bitcoin Cash (BCH) is the clear winner for the weekend, smashing new high levels !!!

Bitcoin remained at high levels, reaching $48,000. The high levels brought a new all-time high level during the weekend, touching $49,500 and correcting back at $48,000. The slow growth model that is followed in the current situation shows that even if a major move is missing from the market, there are no major liquidations that will bring the market to a correction mode.

normal Remi Forum Price Analysis forum change text  27

normal Remi Forum Price Analysis forum change text 27

Bitcoin / US Dollar

As we have mentioned in previous articles, after a new all-time high-level establishment, the market can correct heavily before starting a new bullish cycle. This means for Bitcoin that a major correction might be in the front door. The fact that this has not happened yet proves that there are more believers in the market than ever before.

This shows that a slower development might be possible until there is another major move that will bring Bitcoin to higher levels.

The amount of believers is also crucial as a major portion of them will not liquidate their position until there is a long-term correction and the fundamental elements change and bring bearish momentum for a sufficient amount of time. The fundamentals are hard to change as the source code will not change unless there is a major need for that and the human factor plays a minor role in the decision making and operational process.

Apart from that, we can observe that the price is compressing around the new all-time high levels, indicating that a major move will break the situation and deliver the new trend in the market.

If there is a major announcement in the market, we expect a bullish move that will break the $50,000, otherwise, we expect a correction in the market with stops in the previous support levels around $36,000 to $38,000.

The trading volumes have remained at low levels, taking into consideration that we are in a bullish situation while the moving averages have sustained a bullish gap between them.

In the short-term diagram, we can see a pattern when the price is slowly growing for a week or so and then the price explodes, taking the market to a whole new level. This is possible to happen in this situation also, taking the price levels above the $50,000 point and creating a new bullish move in the market.

Indicators

MACD index has slowly fallen during the last days, indicating that the market is losing momentum, making the price stay on the same levels. The RSI index has remained on value = 70, indicating that the coin has remained “overvalued” and a minor correction is still on the radar.

Ethereum / US Dollar

After picking an all-time high level of around $1,850 on Saturday, Ethereum’s price corrected back $1,800, showing that the high levels have been sustained for now. The same trend is depicted in the Bitcoin market, showing that the two largest coins in the crypto market have the same behavior against investors. The institutional investors have made a significant entrance into the Ethereum market and this has been also a driver for price development.

Ethereum is trying to move in an institutional way like Bitcoin, making its price discovery phase less risky and with the sequential benefits for it. The next step for the price discovery phase is the $2,000 point breakout, which will bring an emotional aspect to the market. The round numbers are always a target for any stock market and especially for the crypto market.

We believe that Ethereum will follow Bitcoin in the current situation, in both directions as the institutional flows have been on the same level and try to have the same impact on both coins. The trading volumes are decreasing as time passes by, indicating that the market will probably compress around the new high levels and a major move will occur at the second time.

The moving averages have sustained a steady gap between them, sustaining a bullish outlook.

Indicators

MACD index is slowly decreasing, showing that the market has run out of fuel in the current situation and there is a need for a major move to make the price bounce again. The RSI index remains on value = 65, indicating that the market has more to give before starting a correction trend.

Ripple / US Dollar

Ripple continued to surge during the weekend, topping at $0.64 on Saturday but it started to correct, landing at $0.57 today. The bullish trend has taken a steep move, bringing the market at double levels than the previous stable levels around $0.25 to $0.30. The reason behind the current situation is purely the market dynamics as the fundamental elements in the market have been in a stable position.

The market dynamics have driven the price at the current high levels, managing to get out of the SEC case’s momentum, which made some crypto exchanges ban its trading for an indefinite time. This case resolution will bring the next trend in the Ripple market and we expect a new outcome after that.

The trading volumes have been sustained at normal levels while the moving averages have been stabilized at a certain bullish level.

Indicators

MACD index has remained on the same level, sustaining a steady momentum for the current situation. The RSI index came back in the “safe” zone, indicating that the next step will be determined by the market dynamics.

Litecoin / US Dollar

Litecoin made a tremendous move during the weekend, crashing the previous high levels. The price surged at $225 on Saturday, just a step below the all-time high level at $240. After that, the price corrected at $210, a normal move for the price development after achieving a high level in the market.

As we have mentioned in previous articles, Litecoin and Bitcoin Cash’s surges in the recent period indicate that there is a possibility for an alt-season breakout. This breakout will bring new high levels for altcoins like Litecoin and deliver a new value round for them.

The trading volumes have surged at new levels, indicating that investors have entered the market to place capital on Litecoin. The moving averages have derived even more from each other, delivering a positive outcome for the coin.

Indicators

MACD index has grown during the last few days, making the momentum work for the price formation. The RSI index came back in the “safe” zone, indicating that the market will enter a new phase for price formation.

Bitcoin Cash / US Dollar

The real winner for the recent period is Bitcoin Cash, landing at $725. The weekend was a hot period for the market, smashing the previous high level at $600 and bringing new price levels for it. Litecoin and Bitcoin Cash has made bullish moves in the current situation, bringing an alt-season perspective for the market.

The current outlook for Bitcoin Cash is to reach the $1,000 point to establish a winning strategy for the long-term horizon. This means that new capital should enter the market and more investors create larger market depth, giving prospects for sustaining higher price levels.

The trading volumes have made a new jump over the last few days, confirming the bullish trend while the moving averages have been more apart than ever in the current period.

Indicators

MACD index continues to grow, making the momentum work for the price surge while the RSI index has surged to value = 78, indicating that the market is “overvalued” and a correction might be possible in the next few days.

Correlations

Bitcoin / Ethereum = 0.93 (+ 0.01), Bitcoin / Ripple = 0.82 (+ 0.02), Bitcoin / Litecoin = 0.94 (- 0.03), Bitcoin / Bitcoin Cash = 0.85 (- 0.07)
The correlations have been sustained on the same path during the weekend, indicating that the market has moved in a stable position. This stable position indicates that the market is following the leading Bitcoin trend, which depicts a slow growth at the current high levels.

The same reaction can be found in the Ethereum and Ripple markets as their prices peaked locally during the last few days and experienced a small correction. On the other hand, Litecoin and Bitcoin Cash made a new bullish move, trying to step away from the slowing trend in the core crypto market. The two cryptos experienced a small slide in their correlation with Bitcoin, depicting the recent surge in their markets.

Key Notes For Today

  • Bitcoin sustains its high levels at $48,000
  • Ethereum remains at high levels around $1,800
  • Ripple made a small correction at $0.57 after hitting $0.64 during the weekend
  • Litecoin broke the local high level and landed at $210
  • Bitcoin Cash is thriving in the market and surged at $720

Total notes of this article: 10 in 2 rating

Ranking: 5 - 2 vote
Click on stars to rate this article

News

Ripple Signs on as an Enlisted Business in Wyoming. Xrp Prices Boost by 15%

Ripple Signs on as an Enlisted Business in Wyoming. Xrp Prices Boost by 15%

After the legal case between the SEC and Ripple, the firm, and its token, XRP seemed destined to hit the rocks permanently. But the company appears to be pushing back against SEC's efforts to ram it to the wall.

Mastercard declares that it intends to start accepting digital currency as a currency that customers can trade with.

Mastercard declares that it intends to start accepting digital currency as a currency that customers can trade with.

MasterCard, the well-known international payment giant, has revealed its intentions to open up access to it's nearly 1 billion users so that they can use digital currency to make payments for services and products using its platform.

Bitcoin Cash (BCH) is the clear winner for the weekend, smashing new high levels !!!

Bitcoin Cash (BCH) is the clear winner for the weekend, smashing new high levels !!!

Bitcoin remained at high levels, reaching $48,000. The high levels brought a new all-time high level during the weekend, touching $49,500 and correcting back at $48,000. The slow growth model that is followed in the current situation shows that even if a major move is missing from the market, there are no major liquidations that will bring the market to a correction mode.

You did not use the site, Click here to remain logged. Timeout: 60 second