On future possible scenarios of the price movement of bitcoin and altcoins multiple popular says a leading analyst RoboForex Dmitry Gurkovskiy.
The interest in bitcoin, based on the number of queries in Google fell to the lowest level in two years. This is due to the prolonged fall in the market value of the cryptocurrency. However, from the point of view of technical analysis at present the market completes the correction phase of decline and is preparing a wave of growth.
Bitcoin
On the four-hour timeframe see that the corrective wave decline is likely over, reaching the 61.8% level of Fibonacci. One should not exclude the possibility of another short-term downside momentum to the level of 76.0 per cent ($3543), or to the medium support $3463.
On the possibility of reducing say downward lines of the MACD indicator. Overall medium-term technical picture points to a continuation of the development phase of the upward correction. In the short term you can expect growth for the current peak of $4188,40. Below this level the rate might climb to the main resistance at $4532.
The four-hour chart of BTC/USD from TradingView
On the hourly chart of the observed approximation Stochastic to be overbought. Against this background, there is an acceleration of growth momentum and achieving local resistance of $3909.
However, at the time, the quotes are in local triangle correction after rapid growth. Major support for this area is located on the lower line of the short corridor — about $3683.
Hourly chart BTC/USD from TradingView
EOS
The dynamics of the EOS on the four-hour time frame shows the end of the correction phase, a breakout of local resistance line. Currently quotes retest this line which has become a support level.
The closest growth target will be the resistance line of the medium-term channel and $4,13. After reaching this level we can expect a bounce off it and the next wave of decline. Downward lines MACD can serve as a confirmation of the hypothesis on the decline.
The first target for the downside movement will be the level of $3,71, then — us $3.28. The breakdown level of us $3.28 will allow the pair to decline to the major support level of $2,73.
The four-hour chart EOS/USD from TradingView
On the hourly timeframe EOS forms a triangular corridor correction after a rapid growth momentum. The Stochastic enters the overbought zone. The corrective triangle is located between the support level of $3,66 and the resistance level of $3,92.
Hourly chart EOS/USD from TradingView
Ethereum
At this timeframe the ether is testing the resistance line. It should be noted that the wave of decline has corrected the previous growth trend at the 61.8% on the Fibonacci scale, but failed when testing the local resistance lines quotes going to storm local support $of 120.90, and later main at $111,80.
A successful outcome of testing the local resistance line could pave the way to quotes up, creating a wave of growth. The immediate goal of the new growth momentum will be a current maximum of $166,04. The breakdown of the maximum will allow the market to test medium-term resistance line at the level of $183,60.
The four-hour chart the ETH/USD from TradingView
Considering the dynamics Ethereum on the time chart, the observed testing the resistance line of the formation of a stub as a correction after the growth momentum. The input of the Stochastic indicator in overbought territory can indicate a potential breakout of the resistance level of $138,99 and further rise to resistance projection $145,90. In turn, breakdown support $132,61 will signal the development of the downward momentum.
Hourly chart ETH/USD from TradingView
Litecoin
On four-hour chart for LTC shows the development of the next wave of growth, testing the maximum and the resistance line of the medium term channel. This dynamic indicates a change in the speed of development of the trend growth.
The main purpose of growth is projection resistance $of 58.55. On further rise of prices indicates the formation of “Golden cross” on MACD.
The control current support level is at $46,70. The breakout of this mark will open the way for a descent to the main medium-term support line at $40.
The four-hour chart LTC/USD from TradingView
On the hourly chart Litecoin entered the outset when testing the significant resistance area. Watching the rise of the Stochastic indicator in overbought zone, it is possible to prevent the breakdown of the $53,98, which may allow the pair to rise to the main goal – of $of 58.55. In turn, the breakdown of the support of $51 will be a signal to decrease to $46,70.
Hour chart LTC/USD from TradingView
XRP
XRP on the four-hour chart we see that the market has tested the long term resistance line and develops an upward movement. It is also worth noting that the price has crossed the upper boundary of the triangle, which may be the beginning of the development of a new growth momentum.
The closest growth target will be local resistance of $0,322. The main target will be the resistance line of the medium-term growth channel – $0,354. If the market fails to overcome $0,322, you can follow the wave of decline on the breakout of the current support $0,299 and achieving $0,271. The possibility of the scenario of decline can specify the direction of the MACD lines.
The four-hour chart XRP/USD from TradingView
On the hourly chart, XRP observed testing the resistance line of the corrective channel, with the possibility of breakdown. Monitoring and confirming the signal for growth will be the breakout level of $0,3170. As confirmation of this scenario may be the lift lines of the Stochastic indicator is in the overbought zone.
Hourly chart XRP/USD from TradingView
Attention!
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.
Source
