BTC Set to Reclaim Its Former All-Time High amidst the Possibility of a Correction

BTC sustained momentum in the last few days may well be connected to Thursday's report on sec approving the commencement of bitcoin futures ETFs this week.

The bulls capitalized on the news frenzy and saw BTC smash its resistance level of $58,800 and $60,000 levels on Friday.

BTC/USD sustained its momentum until the $63,900 levels before retracing down to the 61,700 levels daily.

Notwithstanding the bull maintaining an upper hand, the bears seem to be fighting hard to bring down the price.

Bitcoin coin saw some corrections with a mild dump on Sunday night. Prices fell from 61,796 to 58,850.

However, BTC regained its momentum after successfully retesting the $58,800 levels. Price closing above 61,000 on the weekly TF indicates the market is still bullish and will reclaim its former high if the current momentum is maintained.

Looking at the 200-day moving average, we don't want to see price breaking below the 58,600 level, which will initiate a massive dump. Our next resistance target is at 64,000.

Indicators

The chart on BTC/USD looks rather dicey.

The MACD line is well above the signal line, indicating a bullish momentum on the short.

However, the RSI level is at 73, indicating the market is in an overbought zone, and a correction is imminent.

Ethereum/ US Dollars

Ethereum has been on an uptrend after successfully breaking the 3600 resistance level.

In the coming days, the uptrend was sustained and broke the next resistance level of 3800.

The rally could not clear the $3900 levels, seeing the price back to the consolidation level.

Although the price got as high as 3980 but could not hold above that level, we saw a bit of correction down to the 3600 levels.

But the bulls held that level, and we saw another rally in price. We saw the price breaking above the 3750 and 3,800 resistance levels.

A break occurred above the 50% Fib retracement level of the recent decline from the $3,968 swing high to $3,640 low.

Also, there was a break above an important bearish trend line with resistance near $3,840 on the hourly chart time frame

On the upside, our resistance level is $3,890, just close to the 76.4% Fibonacci retracement level of the recent price drop from 3,968 swings high to a low of $3630.

If we successfully break this point, the next resistance point is pegged around $the 3,912 level.

Breaking this resistance level will initiate another price rally towards the upwards.

As of writing this article, the price has already broken below our first support zone of 3800 level.

The market is currently forming a downward pattern on the 4 hours time frame. Our next support level is at 3,720.

The first key support is now forming near the $3,800 level and the 100 hourly SMA.

If there is a downside break below the $3,800 support, the price could decline further.

The next key support is nearly $3,720. If the price breaks below this level, we may see more further decline.

Indicators

The ETH/USD is bullish on the short to mid-term.

The MACD line has crossed the signal line, with its tip gradually tilting downwards, indicating a downtrend in the long run.

Also, the RSI is at 59 levels, gradually nearly the overbought level.

Bitcoin cash / US dollars

BCH seems to be following the volatility of BTC closely.

After breaking the resistance zone of 600, BCH made a bullish run for the next resistance zone of 650, indicating a downtrend reversal.

However, the price could not sustain the upward rally, and we saw the price falling to 623 in a corrective pattern.

Currently, the on-balance volume is increasing, indicating an increase in buying activities. We may see the price approach the 200 day moving average of 675.

If broken, we may see price spiking to the 750 resistance zone.

Looking at the charts, BCH is on an uptrend in the short term.

It appears to be neutral on the midterm basis. But on a long-term basis, a downtrend is imminent.
Indicators

The momentum for BCH seems to be on a bullish move in the short term as the MACD line is currently above the signal line.

The RSI line is above the 53 levels, indicating a slight increase in demand over selling pressures. The trend is neutral in the midterm and bearish in the long term.

Litecoin / US Dollars

After breaking out from a Falling Wedge pattern, LTC made a bullish move to $193 on Friday in what appeared to be a fake-out.

As the price was unable to hold the above the190 resistance level, we saw the bears dragging down the price in a corrective manner.

The market momentum is quite bullish but in an inflecting manner. Usually, the price is expected to go bullish after breaking the upper trend line.

However, the bulls may not maintain an uptrend, as price momentum is growing weak.

The price needs to be above the 200-day moving average and $200.

However, that is quite unlikely, as the MACD histogram bars are dropping. Indicating that the momentum is growing weak.

On the downtrend, our major support level is at 174 and then 169.

The bulls need to look out for the following resistance level on the uptrend before claiming the $200 resistance level: 184. 191 and then 195.

Indicators

With the MACD line above the signal line and RSI above the 57 levels, the market appears to be uptrend.

Although, this may exist for the short to mid-term. In the long run, the market seems to be preparing for a downtrend.

Ripple /US Dollar

The ripple price began a new rise against the US Dollar after forming a core above $1.050.

The XRP/USD pair moved into the bullish range following breaking over the $1.10 and $1.12 resistance levels.

XRP even broke through the $1.150 resistance level as well as the 4 hours moving average.

The price, however, was unable to advance beyond the $1.20 level due to a drop in momentum.

However, before the price started to dip, a new high of 1.18 was formed.

On the 4-hours chart of the XRP/USD pair, the price dipped below a major bullish trend line holding support near $1.120.

The pair has been reversing higher after trading as low as $1.024.

The price of the XRP breaks above the 23.6% Fib retracement level of the recent decrease from the $1.186 swing high to $1.024 low.

XRP is currently experiencing resistance near the $1.05 mark. Furthermore, it is currently trading below $1.10 and the 55-day simple moving average (4-hours).

On the upside, An initial resistance level is near $1.05. It's close to the 50% Fib retracement level of the lastest decline from the swing high of $1.186 to the low of $1.024.

The key resistance level is at $1.12. If the price closes above that level, we can see more upsides toward the $1.30 level.

On the downside, our major support is at the $1.05/$1.06 level. A breach below this level may push the price down to $1.00 level.

Indicators

The MACD line is about to cross the signal line in a downward pattern. That could initiate a short bearish trend.

The RSI level is at 51, indicating an almost parity between buying pressures and selling pressure.

Dogecoin / US dollars

The bulls have succeeded in holding prices above the 20 days moving average at $0.23.

However, we are not yet out of the woods. For the bulls to maintain an uptrend, the 200 days moving average of $0.27 needs to be broken and maintained.

Although, after a breakout on the 8 hours time frame, the price spiked up and broke the $0.27 resistance zone.

But the price was unable to sustain that momentum and dumped to $0.25 in a corrective manner.

It appears to be a pullback, and we are waiting for the close of the 4 hours candle to decipher the next price action.

Indicators

With the MACD line crossing above the signal line, the market is currently in bullish momentum.

The RSI level is at 60, indicating more buying activities than selling activities in the market.

Cardano / US Dollars

Notwithstanding the bullish market momentum since the inception of October, ADA/USD seems to be in a tussle between the bulls and the bears.

And no team seems to be holding out an olive branch.

At the point of writing this analysis, the pair's price sits at $2.12, with the bulls struggling to take the price higher.

A breach in price below the $2.07 level could see the market dumping hard to $2 or $1.87 levels.

However, if the bulls can hold price above the 200-days moving average at $2.22, we would see some uptrends first to $2.$7 levels and subsequently, the $2.80 resistance level.

Indicators

The market trend seems to be on consolidating, with the MACD line entwined with the signal line.

At this point, the trend could break out either to the upside or downside.

However, with the RSI at the 43 levels, it is more like that the market will nose dive on a downward pattern.

Correlations

Bitcoin / Ethereum = 0.71, Bitcoin / Bitcoin cash = 0.86, bitcoin / Litecoin =0.92, Bitcoin / Ripple = 0.30, Bitcoin / Cardano = 0.75, Bitcoin / Doge =0.65.

Generally, BTC still has substantial control over the trend pattern of most altcoins, especially uptrend patterns.

However, this influence doesn't seem to be affecting the activities of Ripple.

Ripple seems to possess its volatility systems that determine its upward and downward pattern.

Key Notes for Today

• BTC/USD is currently at an important level with the possibility of price correction at the corner.
• The Price of Ethereum needs to stay above the $3720 support zone to avoid further price decline.
• The Price of LTC/USD turn bearish if the price is not maintained above $200
• BCH is bullish in the short term.
• Ripple's price needs to break above $1.12 to maintain an uptrend.
• Doge needs to reclaim the $0.27 to seal an upward movement.
• Cardano seems to be consolidating and need to stay above 2.07 to avoid a decline in price