About the possible scenarios of price movements of several popular altcoins said lead RoboForex analyst Dmitry Gurkovskiy.
If you try to evaluate the prospects for the development of the dynamics of cryptocurrency, it is necessary to look at the dynamics of the previous week. For her, the cryptocurrency market was able to develop momentum as a correction of the previous medium-term trend of decline. The subsequent decrease in quotations made it possible not just to test the area of support, but also to consolidate it. From this we can assume that the upward correction has the potential to continue in the near future.
Ethereum
The technical picture Ethereum showed the beginning of the upward correction after the formation of convergence on the MACD and Stochastic. It should be noted that the medium-term and short-term trends remain downward trend. Currently on the 3 hour chart you can see the approach and testing the resistance line of the descending channel. The level of support 270 allows you to outline the corridor of the rising corrective trend. Overcoming the current resistance will open the way quotes to the resistance line of the longer-term downtrend — level 342. It can be expected to retreat, and the momentum reducing to the fractal support level is 198.
Bitcoin Cash
The technical picture for the Bitcoin Cash demonstrates the fixation of the quotes above the resistance line of the previous downtrend channel. To develop rapid growth has failed because of the strong fractal resistance near the level of 600. The rebound from the resistance area and the subsequent reduction allowed the quotes to form a new support area and to delineate the limits of the channel growth.
Considering the development potential uptrend, you can see that support at the moment is the level 505. As supporting factors for growth can be “Golden cross” on MACD and Stochastic. The closest growth target will be all the same fractal level 600. Further perspective can be at the resistance line of the current corridor around the 670, and the resistance of the medium-term declining channel near the level of 690. Assuming the breakdown of the support level on the 505, it is possible to predict the decline towards important support at 400.
EOS
3-hour timeframe EOS see that the medium-term downtrend channel is not broken, but the market is building a corrective uptrend, aimed at the resistance line of the main corridor. Overcoming, quotes can develop the trend of growth to the fractal resistance level of 6.20, the rebound from which could trigger the next pulse of the reducing medium order. The potential breakdown and further growth to the “Golden cross” on MACD and Stochastic. In case of breaking support near the current level of 5.00 expect a decline to the support line of the main channel — the level of 2.50.
Litecoin
Quotes Litecoin after testing the support line of the current downtrend channel formation and convergence on the indicators Stochastic and MACD began a corrective growth. At the moment the quotes are trying to overcome the current resistance, then you can move to the top of the projection corridor. Confirmation of the hypothesis that further growth can be “Golden cross” on the indicators Stochastic and MACD. Support the emerging trend of growth is the level of 53.00 and can be on resistance line projection of the channel at 67,30. Breakdown of local support may allow the pair to decline to the level of 45.00.
DASH
Source
