For the first few weeks bitcoin and other cryptocurrencies have demonstrated a powerful impetus, even forcing traders to BitMEX for 20 minutes to close short positions at $180 million senior analyst RoboForex Dmitry Gurkovsky convinced that the update of the new local maxima can lay the Foundation for further uptrend.
Last week we saw another decline in the development of a prolonged downtrend, and at the moment the situation may change dramatically. The result last week was a decrease in quotations, but significant lows was not updated. This situation can be interpreted as an attempt of formation of a correctional uptrend.
Ethereum
Considering the technical picture of Ethereum on a 2-hour timeframe, you will notice that the market is breaking the resistance line of the descending channel, built uptrend channel. In the near future can occur a rollback to overcome the line resistance level of 460, as indicated by the divergence in the MACD and “overbought” on Stochastic.
The main resistance for the development of a sustainable rising trend serves the psychologically important level of $500. After the breakdown of local resistance line and fixing quotations above the level of $500, we can expect growth to the projected resistance line — around $595.
Bitcoin Cash
If we analyze the medium-term dynamics of Bitcoin Cash, we can see that price has penetrated the resistance line of the previous channel reduction. After the breakdown of the resistance line of the upward momentum has reached the resistance line of the new channel. In case of continuation of an upward trend we can expect to increase quotes in the projection channel, or rather to its resistance line at $1035.
But the most pressing is the short-term technical picture. In the formation of the short-term trend in the MACD and Stochastic divergence is observed, which may indicate upcoming corrective decline. The nearest purpose of decrease may be a local support level around $825. Breaking below near-term support quotes may be reduced to the projection of the support level of $788. To exclude the decline to the level of $710 is also impossible, because the market may test overcome the resistance line became support.
EOS
The technical picture EOS can stand out from the General situation. Why? The fact that the quotes EOS rewrote the previous lows, and then were formed convergence on the MACD. It became a signal to start the correction. New growth has broken through the resistance line and the quotes moved to top of the projection channel.
The main purpose of growth is located on the line of resistance at $10,50. Confirming factor in favor of a hypothesis of continued growth is the position of the MACD in the positive zone and the direction of the lines up. In the short term we can expect a rollback to overcome the line resistance level at $7.83. It can specify the position of the Stochastic lines in the “overbought”area.
Litecoin
Litecoin has broken the resistance line projection of the channel. This fact has become another fact of an upward trend. Growth momentum, reaching the resistance line of the new channel can make the correction decline to support at $75,60. Factor indicating the possibility of reducing, can be “overbought” on Stochastic.
In the medium term we can expect the development of ascending trend, which is indicated by the dynamics of the MACD lines. In addition, for the development of the uptrend the market needs to overcome local resistance. Upside target could be the resistance level of the projection channel — $108,80.
Ripple
Breaking the resistance line of the descending channel, formed Ripple correction flat. After the test, overcome the resistance line became support new growth has tested resistance line of “sideways”. Understanding the nature of sideways trends and given the “overbought” Stochastic, it is logical to expect a decline to the support level 0,4280. For the development of the uptrend quotations need to break through the resistance line. The immediate goal of growth can be projected resistance line and mark 0,5500. In the longer term growth target may be a mark 0,6200.
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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