On future possible scenarios of the price movement of bitcoin and altcoins multiple popular says a leading analyst RoboForex Dmitry Gurkovskiy.
A little finally, the cryptocurrency market slowly declines. Nothing unusual on the market occurs, the market is living an ordinary life, fulfilling the long-term sentiment. A number of tools close to control lows, and some are just trying to get. But, apparently, not far off the hour when cryptocurrencies will update their current lows.
On 4-hour chart of bitcoin can see that quotes, after lateral correction, continued to decline. New downside momentum has reached the level 76,0% of Fibonacci. The next important goal declines can be at least $3121,90.
But it’s also worth noting that MACD convergence is formed, which may mean approaching pullback. Rollback may be followed after the rebound from the support level of $3220,00. The purpose of the sliding movement will be the resistance line short-term declining channel – $3570,00. Breaking below this mark, the market can continue growth to resistance line of the main channel to the level of $3810,00.
On the 1 hour timeframe quotes bitcoin is testing the resistance line of a local descending corridor with the purpose of breakdown. As a confirming factor to set on growth, you can use the dynamics of the Stochastic emerged from its oversold. It is also possible short term decline to the $3317,00 with the subsequent rebound from it.
Considering 4-hour timeframe EOS, we see that cryptocurrency timid impetus to overcome the past at least, forming the framework of a new descending trend channel. It is also worth noting that the prices have reached the level of 61.8% of Fibonacci, but seeing the intention to continue the decline, we can expect a breakout of the support line and reduced to the level of 76.0 per cent ($1,95).
Now we can observe the formation of a MACD convergence. After the completion of the formation convergence and achievement of the target level can expect growth to the resistance line of the channel relevant to the level of $2,21.
On the 1 hour timeframe EOS see the growth trend as a correction relative to the previous downward momentum. This movement is supported by the dynamics of the Stochastic indicator. The goal of growth near the resistance level of $2,38. Next, you should expect a rebound from the decline to the support level of $2,18.
Ethereum on 4-hour chart shows the cold-blooded focus on achieving the level of 76.0 per cent ($100,00) correction of Fibonacci. Implementation of this plan may be in the near future. It is not excluded deepening to around $96,00.
But the observed convergence in MACD may indicate the approach of a corrective uptrend. Confirmation of such a start can serve as a breakdown of local resistance of $110,00. In this case, the correction target will be the resistance line of the channel long-term decline and the $125,00.
1-hour timeframe Ethereum proposes to consider consolidation triangle. This situation is ambiguous because the output of consolidation may follow as up to resistance at $110,00 and down at the breakout of the psychological level of $100.00 and move up to $91,00. Stochastic oscillator goes up and indicates options for further growth.
The technical picture 4 hours chart shows a slightly Litecoin expanding corridor local adjustments. The most realistic scenario of further developments can be reduced to the level of 76.0 per cent ($26,80) after breaking the support level of $29,15. Resistance is at $33,85.
The 1 hour chart Litecoin observed the formation of a “triangle”. Given the upward trend of the Stochastic indicator, to eliminate the rise to the resistance is not necessary.
On 4-hour chart XRP see that quotes closer to the primary minimum of $0,2772. Continuing the decline, the market stimulated the channel. Based on the current frame of the channel, we can assume that the break of the low will allow the pair to fall to $0,2312.
Also note the formation of a convergence on MACD, which now can warn about the imminent correction. The main acknowledgement of the correction will be the breakout of the resistance line in the region of $0,3000. Next may be an increase to the projected resistance of $0,3540.
Considering the 1-hour chart of XRP, as in many other cryptocurrencies, triangular contraction dynamics of quotations. The dynamics of the Stochastic tells us about the potential breakthrough the upper boundary of the consolidation, and the growth to $0,3000. After a rebound may follow the formation of the next pulse declines.
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.