Impatience seemed to set in on Tuesday as Bitcoin was unable to surpass the support price level at $11,260. On the other hand, Ethereum and XRP failed to move above the main moving targets. Meanwhile, Litecoin rose above the 200 simple moving average but couldn’t beat the 50 and Exponential Moving Averages.
From past data, we know that to have a consistent bull rally requires it to be made with the Altcoins. Moreover, the Altcoins should lead the bull rally in its explosive phase. With this lacking in the current market, we need to be patient with the market.
ETH/BTC Daily Trend
The Ethereum/Bitcoin trend starkly mirrors the situation. The levels of equivalence concerning Bitcoin are shallow. However, this could change soon. MACD projections show ambiguity with possibilities ranging from a bearish steadiness to an upward rebound. The most notable option is the possible divergence if the relative Ethereum/Bitcoin price goes higher.
BTC/USD Daily Trend
Bitcoin/US dollar is currently trading at $11,629 price level, going down nearly $1,000 from the previous day’s high. However, Bitcoin remains above the $11,250 support level and shows potential to strike unchallenged relative highs. The persistent problem is the necessity of support from Altcoins.
The MACD displays a clear and bullish outline. The bullishness would be even more imposing but for being in the 0 level or breakeven point zone. In such a zone, the indicator can quickly flatten while seeking support from above the middle line. The price action on Tuesday implies such a scenario. The DMI on the daily chart still places the bulls as leaders, albeit losing the degree of bullishness they showed a couple of days ago. The bears lose the ADX line support and show a continued downward trend on the sellers’ behalf.
ETH/USD Daily Trend
Ethereum/US Dollar is trading at $225.15 after failing to break the 50-period Exponential Moving Average with $240. The MACD displayed on the daily chart shows a loss of a bit of its bullishness. However, it retains the line spacing. The indicator drops some upward potential, albeit in the short term. The chart shows a balance between the two sides of the market. Bears manage to stay above bulls. But this balance will be shattered at any moment.
XRP/USD Daily Trend
The XRP/USD is now trading at $0.3103 – right where it has been since mid-July. The MACD shows a loss of its bullish trend. Its outline is delicate and can’t exclude drops in the short term. The DMI on the daily chart keeps registering mixed signals. The bears on the bearish side remain in control and maintain a distance from the bulls again. The buyers exhibit a consistent rise in trend strength since July 25.
As the crypto market exhibits these statistics, in Poland, brokers are preparing clients for new leverage. XTB becomes the first company to establish an ‘experienced traders’ section. The customers will access all requirements for trading volumes and pertinent proof of qualification. They can, after that, qualify to classify as ‘experienced retail customers’ and utilize investment opportunities better.