On future possible scenarios of the price movement of bitcoin and altcoins multiple popular says a leading analyst RoboForex Dmitry Gurkovskiy.
Last week, the market declined to a local minimum, trying to continue long-term downtrend. But, apparently, support from buyers at the low were strong enough that in the moment can allow the market to go into correction.
This situation is typical of virtually all cryptocurrencies. Summarizing the analytical observation, we can say that in the short term the market will continue upward movement in the correction corridor. But long-term Outlook remains to the downside, although a number of scriptaction already very close to his “bottom”.
Bitcoin
Day timeframe BTC demonstrates the development of the downward momentum towards the support line of the main channel long range — $2455. It should be noted that z Stochastic remains oversold, that one side says the continuation of a steady decrease, and with another — on the approximation of pullback. Also observed the formation of convergence on the MACD.
On 4-hour chart should consider evolving the correction within the descending corridor. Testing of the support line is likely to end up the rebound and break of resistance. Local upside target after the breakout will be the resistance level of the medium — term order – $3808. Further quotes can be directed towards the resistance line of an emerging channel growth — $4020. While not excluding the possibility of breakdown of support at $3392, you must consider the development of the next impulse lower than the psychologically important level of $3000, and its breakdown and to $2530. Confirming the signal for decline will be “Black cross” on the indicator Stochastic.
If we consider the 1-hour timeframe of the BTC from the point of view of technical analysis, first we note the formation of “Golden cross” on the indicators Stochastic and MACD. This picture may be a confirmation of the hypothesis about the formation of a near-term corrective phase growth, the nearest target level which is around $3800.
EOS
The technical picture, the 4-hour timeframe EOS shows a breakout of the resistance line of the descending channel with the movement of quotations at the top of the projection channel, and formation of the correctional trend. A hint about the possibility of correction was previously the formation of convergence on the MACD. In addition, the Stochastic output of “oversold” is also a proof in favor of growth. As the main purpose of correction is to consider the resistance line projection of the corridor — level $2,4300. From this level we can expect a bounce and decline to parity.
When looking at a chart EOS on the 1 hour timeframe can see that the price has tested the support line at around $1,8415. While Stochastic is in the “oversold” area, at the exit from which will be formed “Golden cross”, giving an additional signal to increase.
Ethereum
Considering the dynamics Ethereum on 4-hour chart, we note that the quotes are within a downtrend channel. The MACD histogram has gone into positive territory and the Stochastic is out of “oversold”. Together, these factors indicate possible development of a correction of the trend in growth. But the main confirmation signal has become a break through resistance at the $96.00 area. Growth target is the resistance level of the projection of the channel at $110,00. In spite of that, it is also important to consider the breakdown of local support and the continued development of the main trends to $60,00.
1-hour timeframe Ethereum confirms the General mood of a larger scale. It is worth noting the formation of “Golden cross” on the indicators Stochastic and MACD. This fact indicates a high probability of breakdown of resistance at the $96.00 area, and a subsequent rise in the resistance area $106,70-$110,00.
XLM
When considering the technical picture, XLM on the 4 hour chart we see that the prices of bitcoin has penetrated the resistance line of the medium-term downtrend channel and trying to break the resistance of the short-term. Current resistance is at $0,1183. Overcoming this level will signal further development of correctional growth to the main line of resistance — $0,1430. Previously, we could observe the formation of convergence on the MACD and Stochastic, warn about rollback.
The 1 hour chart XLM it is possible to observe a more detailed picture of the development of corrective uptrend. The MACD and Stochastic, the expected formation of additional signals of the “Golden cross”. It is also expected breakdown of local resistance at the level of $0,1183. Allowing the possibility of overcoming support, as the goal of reducing the need to consider the level of $0,0920.
XRP
The 4-hour chart XRP demonstrates the approach of the descending trend support line of the main channel. The rebound from the downward momentum of the medium-term channel support could mean the development of a correction phase. Indirect signals of this are the “Golden cross” on MACD and Stochastic. The main confirmation of the hypothesis about the growth there is a break of resistance at $0,3183. It can open quotes way to the top of the projection channel for growth to the target at $0,3560. But if resistance holds then the quotes will go into the assault support is expected which may result in a decrease of $0,2290.
When considering the 1-hour timeframe XRP can see that the MACD and Stochastic formed “Golden crosses”, which could mean further development of the correctional trend. Major support is at $0,2818.
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.
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