On future possible scenarios of the price movement of bitcoin and altcoins multiple popular says a leading analyst RoboForex Dmitry Gurkovskiy.
Last week, the cryptocurrency market has grown significantly on the background of the preceding fall. But this growth can be due to many factors only a technical correction, and particularly its duration should not count.
Lasted more than a month the downtrend ended in a massive breakthrough the resistance line. On the four-hour chart we see that after the rapid momentum quotes left the market.
But still the question remains: “will the growth of bitcoin?”. The chances of the upgrade are still there, but only after the correction is completed. At the moment, the quotes are between levels 23.6% and 38.2% Fibonacci, forming a descending correction channel.
The goal of reducing may be the support line at around $3520. Overcoming the current resistance at $3649 can be a signal of the development of the next wave of growth, which will aim to the level of 50.0% ($3786). It is also worth noting that the line of MACD indicator is directed upwards, supporting the hypothesis that the potential for further growth.
The four-hour chart of BTC/USD from TradingView
On the hourly timeframe is seen that after the rebound from the resistance line quotes fall towards the support level at $3520. After achieve it you can expect a rebound and re-assault resistance at $3632. Overcoming local resistance, the market may be sent to the last maximum and the $3786.
Hourly chart BTC/USD from TradingView
At this timeframe the EOS see that the market has managed to develop a strong enough momentum after convergence on the MACD. It should be noted that the upward movement is developed in three stages with accelerations in the second and third phase.
Testing the level of 76.0 per cent. on the previous downtrend, the market starts a pullback to the support level of $2,70. The rollback will fail with rebound from support and the formation of another pulse of growth to fractal level of $3,20. In case of breaking support, the decline will continue to $2,47.
The four-hour chart EOS/USD from TradingView
On the hourly timeframe EOS seeing the beginning of decline after the divergence on the Stochastic oscillator. Further confirmation of further decline will be the formation of “Black cross” on the indicator Stochastic. The local reduce is $2,80.
Hourly chart EOS/USD from TradingView
Ethereum, being a “team player”, also shows growth, after a convergence on MACD. Considering the dynamics of the tool on the four-hour chart, we note that the growth trend reached the level of 38.2% according to Fibonacci scale relative to the previous declining trend and may continue its move to the level of 50.0% ($130,30).
Line of MACD indicator is directed upwards, which may confirm further bullish tone Ethereum. Support is at $114,35.
The four-hour chart the ETH/USD from TradingView
On the hourly timeframe Ethereum observed a channel of upward dynamics, but his strength is fading, judging by the ratio of the time spent and distance traveled. Short quotations may fall to support at $119,80 and bounce in a new growth momentum to around $130,30. The Stochastic indicator has formed a “Golden cross” in support of the current trends.
Hourly chart ETH/USD from TradingView
The dynamics of the “digital silver” may be the most rapid compared to other instruments of the cryptocurrency market lately. The price of Litecoin has exceeded the last significant high and getting to close to the fractal resistance at $47,50.
The quotes have reached the upper boundary of the channel of growth that can serve as a warning factor in favor of the coming drop, given the proximity to the fractal resistance. Reduce the level of support — $33,25.
The four-hour chart LTC/USD from TradingView
On the hourly chart Litecoin see that the earlier the Stochastic indicator was formed divergence and a “Black cross”, and then began to decline. The last rebound from the resistance line allows you to develop a downward momentum to the short term support level of $39,30. His trial and the acceleration of the decline will allow the quote to move even lower — to $34,30. Further confirmation for the expected reduction will be another “Black cross”.
Hour chart LTC/USD from TradingView
Long-term technical picture XRP on the four-hour chart still forms a triangular contraction. A similar picture forms and the short range of motion. This situation may assume the output both up and down due to the breakdown of one of the key boundaries of the current design.
Focusing on the upward direction of the MACD lines, it can be assumed that, breaking out of the sloping resistance line at $0.31, quotes rise to long-term resistance level of $0.33.
But the design as medium-and short-term “Triangle” from the point of view of technical analysis is bearish. This priority can be considered subsequent decline and the breakdown of local support — $0,29. You can then expect the decline to the level of $0,28, and in the future — and to $0,25.
The four-hour chart XRP/USD from TradingView
Considering the hourly chart of XRP, we can see a more detailed picture of the development of the “Triangle”. Despite the output of the Stochastic from the oversold zone, price quotes are unable to penetrate the resistance line. We can expect a decrease in quotations to support with formation of “Black cross” on the Stochastic.
Hourly chart XRP/USD from TradingView
Forecasts financial markets are private opinion of their authors. The current analysis is not a guide to trade. RoboForex is not responsible for the results that can occur when using trade recommendations submitted reviews.