Over the last week the situation in the cryptocurrency market has not changed — rather, just stabilized. This resulted in the development of a corrective phase, which took on the format of “upside sideways”.
Senior analyst RoboForex Dmitry Gurkovsky convinced that the current format of the correction can be completed as an exit up from the current channel (as with bitcoin), and a breakdown of the lows with the subsequent depreciation of the value of digital currencies.
Ethereum
Considering the technical picture of Ethereum on a 2-hour timeframe, you will notice that prices are in a previous short-term growth channel, and breaking a foothold above the resistance line of the previous downtrend channel.
“Black cross” on Stochastic may indicate a potential decline to the support level of $435, thereby building a downtrend channel. Breakdown of the support level will signal the continued development of the longer-term downtrend. Its purpose may be the support level of the lower projection of the channel is around $360.
If the support stand under the pressure of sellers, the new growth can be directed to the current resistance level of $521.
Bitcoin Cash
Analyzing the medium-term dynamics of Bitcoin Cash, it is possible to ascertain the continued development of the correction phase sequential testing local resistance. Short-term pattern shows prices rising design plan.
Film immediate changes in the Bitcoin market Cash it is possible to prevent reduction to the local support line — $789. Supporting factors in favor of this hypothesis may be: “Black cross” on the Stochastic and the completion of the test of resistance.
Further movement will depend on how participants interpretiruya local decrease. The breakdown of the support line at $789 may allow the pair to decline to the main support level of $682. If the market after a decline will find support among buyers, the new growth momentum can overcome the resistance level of $862, and to reach the target resistance at $1050.
EOS
Technical picture EOS can be described as the construction of a correctional uptrend after overcoming the resistance line of the previous channel reduction. In the short scale you can expect a decline to the support line of the relevant corridor — $7,96, as indicated by the formation of “Black cross” on the Stochastic indicator is in the “overbought”area.
After Bouncing, the market may form a new growth momentum to the target resistance line at $10,30. To eliminate the possibility of breakdown of the support line is not necessary. A breakdown could open the way to the base support of $6.75, thereby delaying the development of the uptrend.
Litecoin
Quotes Litecoin enclosed in a frame rising channel, but the “Black cross” in the zone “overbought” may indicate an impending decline to the support level at $76,60. Further the situation can develop according to the classical model — “either bounce or break”.
The rebound will trigger a re-return to the line resistance at $93,52. And its breakthrough will allow the pair to develop the upward trend to the projected resistance level at $110,87. In turn, the breakout of the support $76,60 will give the chance to develop the momentum of decline to the support level at $60,00.
TRON
Quotes TRON re-tested the resistance line of the medium-term declining channel, and the Stochastic indicator has formed a “Black cross”. Together, these factors set the stage for the development of the downtrend in the direction of the local support line — level 0,0260, and, perhaps, to the main support 0,0230.
The rebound from the support level will almost inevitably lead to the breakdown of the resistance line of the main channel near marker 0,0328. As the nearest purpose of growth after the breakout of the resistance may be the level 0,0386.
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.
Source
