Start of a new week was not the most joyous for cryptocurrency investors: most altcoins after bitcoin went into the red zone. However, according to a leading analyst RoboForex Dmitry Gurkovsky, until the DNA is also still far away.
If to summarize the results of recent weeks, the cryptocurrency market, we can note that the expectations for the number of instruments is justified. Correctional uptrend ended, some of the objectives of growth, however, has not been achieved, and the market starts forming a new descending impulse.
Prospects for the renewal minimums are not illusory, but to the “bottom” of the market is still “not up”. On a number of grounds it can be assumed that the market pereformuliruem your range of motion from downward sloping channel in a horizontal “sideways”. But, as usual, for the market it is necessary to watch and monitor the situation.
Ethereum
Considering the technical picture of Ethereum on a 2-hour timeframe, you will notice that the market is building an original design. Recent corrective upward trend has tested the resistance line of the main channel. Rebound with a decline targeting the support line at $370, and ostuda resistance $476.
If we consider the indicators, you can see the formation of “Golden cross” on the Stochastic in the area of “oversold”. This fact may signal a rollback to the line resistance at current level of $485. At the same time test the psychologically important region near the level of $500 may trigger the market to continue to rise to 592.
Bitcoin Cash
2-hour timeframe Bitcoin Cash demonstrates a continued downward trend. The market tried to test the resistance line of the main channel, but to create a trend of growth failed. The attempt of a reversal ended with a breakout from the resistance with the breakdown of the support line of the short-term uptrend. Confirmation of the momentum of the decline was “the Black crosses” on Stochastic and MACD.
Short-term sector of the market has built a descending corridor toward the level of $615. The realization of such a seemingly simple script can stop some confusion of market participants at the moment, as evidenced by the Stochastic stay in the “oversold” area. Given this factor, it is possible to prevent the increase in prices to resistance at $742. And his breakout could trigger a reversal and a rise towards the level of $920.
EOS
The technical picture EOS suggests that the cryptocurrency obeyed the General tendencies of the market and by testing the resistance line of the channel long-term decline, is trying to rewrite recent lows.
The Stochastic input in the area of “oversold” with the possibility of forming a “Golden cross” may suggest a pullback to the resistance level of $7.70. Breaking through resistance, the market could target the $10.00. The rebound from the resistance line will give quotations chance to drop to the psychologically important support level of $5.00. But after that, the MACD may form a convergence, which will indicate a potential reversal.
Litecoin
From the point of view of technical analysis Litecoin dynamics can be described as a correction at the top of the projection channel.
Short-term trend is bearish situation. The current movement of prices is testing the support line, which may fail as a rebound from her, and her breakdown. In the case of rebound of quotations can not only climb towards the resistance line of the short-term channel, but also the projected level of $83.
Factors supporting this hypothesis are the signals formed “Golden crosses” on the indicators. After completion of the test the area of resistance we can expect a two-step reduction: first — to the level of $65, second $50.
Ripple
Again one of the most interesting paintings in the stock market is the situation with the Ripple. Breaking the resistance line of the descending channel, the market has made an application for “change” long-term trends. The current situation can be interpreted not just as a downtrend but as a test and overcome the resistance that became support.
For a local reduction may be $0.4250. Above this level, quotes can update the relevant minimum and reach the level of $0.3600. After such development of the situation and possible formation of convergence, rollback could go up to $0.5000.
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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