Monday, may 28, at cryptocurrency exchange Bitfinex dramatically increased the volume of trading in a pair of ETH/BTC. By assumption, the media, big sale Ethereum linked to the project EOS. So, on Monday it sold about 300 thousand ETH, and a few days ago — 1 million coins Ethereum.
On Tuesday, it was possible to observe an attempt of the market to return to growth. So, bitcoin in the course of the day managed to grow by 2.7%, and the second by market capitalization-bitcoin — by 4.7%. One of the reasons for growth could be the news from South Korea about a possible cancellation of the ban on ICO.
About the possible scenarios of price movements of several popular altcoins will tell analysts TSI Analytics Yegor Tishin and Oleg Sergeyev.
After the price breaks through the support level of $537.48 was formed ascending impulse. Price met resistance in the form of the trend line.
Fig. 1 — ETH/USD, Daily
To continue upward movement a price will need to consolidate above this level (it is highlighted in red on the chart). Otherwise, it will be possible to continue the downtrend in the second wave, the purpose of which will be the level of $423.70.
The trigger for the continuation of the bearish trend would be the intersection of “fast” ЕМА50 moving average with the period 200 top-down and fixing prices below the support level of $537.48.
The price chart in the context of the second wave reached the goal of $0.55, where he met the support level. After this has been formed the upward movement. Despite this, XRP is still in a bearish trend since ЕМА50 and the price of the asset is below the “heavy” ЕМА200.
Fig. 2 – XRP/USD, Daily
On the other hand, in the context of a new ascending movement, the price may reach the level of $0.75. Fixation above this level will signal the formation of a bullish trend. But also at this level, the graph may reverse the downward movement, before forming a price consolidation.
The price chart is still in fourth wave of the Elliott, which may continue to move to $9.55.
Fig. 3 – EOS/USD, Daily
After that can develop upward movement, which subsequently grow in the fifth wave with the target in the range of $27.3298 — 29.9390. Important level for such movement will become $16.14 where it could start a price consolidation.
The price broke and consolidated below the support level in the form of a trend line. After this “digital silver” met support at $109.71, which consisted of upward momentum.
Fig. 4 – LTC/USD, Daily
Litecoin is still moving in a downtrend since ЕМА50 itself the price chart is below the “heavy” ЕМА200.
For the development of the upward movement a price will need to consolidate above the aforementioned trend line and move within the boundaries of the figures of technical analysis “Triangle”. In turn, the consolidation under the level of $109.71 extends its downtrend.
The price is in the fourth wave of the upward cycle of the Elliott. Currently reached the level of 61.8% Fibo on the basis of what we can expect the transition in the fifth wave with target of $0.13 — 0.12.
Fig. 5 — TRX/USD
However it should be noted that the price is moving in a downward sloping channel, which means the price chart may continue to move to the lower boundary of this trading range and reach the level of $0.04. It will inform consolidation below $0.05.
Introductory lecture course “trading cryptocurrency” from analysts TSI Analytics.