In recent years the market has seen a moderate recovery in prices of most cryptocurrencies. This situation can be interpreted as a correction relative to the previous trend of decline.
The retracement is not over yet, but its potential is almost exhausted. As a long-term trend remains downward, with the end of the correction of the uptrend, we can expect another decline.
On the dynamics of prices of several popular altcoins will tell RoboForex the leading analyst Dmitry Gurkovskiy.
On a two-hour timeframe Bitcoin Cash is observed the upward movement after overcoming the resistance line of the previous channel reduction. The main objective remains the $835. But in the short term, in the presence of divergence and the break of the local support line of the current channel of growth, we can expect a reduction of around $692.
Then the market can develop the momentum of growth to the main objectives, additional proof of which will be the formation of “Golden cross” on the chart of the Stochastic indicator.
After reaching the growth target, the most realistic scenario would be a bounce and the formation of momentum reduce to the support level of $570.
The technical picture EOS shows trend of growth rates. This development was prompted by previously formed by the convergence and overcoming resistance line short-term downtrend channel.
The main goal of the current uptrend is on the resistance of the projection channel — $10. One of the indirect supporting factors in favour of the development of the upward movement is the output signal lines of the MACD into the positive territory above the zero mark.
Following confirmation of this may be the formation of “Golden cross” on the indicator Stochastic. After testing, the target resistance can be formed momentum of the downtrend, the primary purpose of which is the current support area at $7,40.
Considering the technical picture of Ethereum, I can say that the market is still declining channel. At the same time developing short-term uptrend, perhaps aimed at overcoming the resistance line. The main level of the latter stands at $480.
A break of this level and fixing of the quotes above it will signal the fracture of medium-term trends. The aim of the new uptrend will be around $590. But, if in the short term breakdown does not occur, the observed resistance test will end the rebound and reduced to the local support line — $390. The possibility of the development of such a scenario may indicate a divergence in the MACD.
The price of Litecoin, breaking through the resistance line of the previous downward trend, forming an ascending trend. Target growth area located on the resistance line projection of the channel near $96.
Current channel an upward trend can be described as steadily growing. The most realistic can be the following two scenarios. The first of these involves the further development of the uptrend to $96, with the further promotion of the downtrend to the support level of $70.
The second option can be implemented after the breakout of the support line of the short term trend growth and lower towards $74. The indicators point to current period local microcurrency with the subsequent formation of a new growth momentum.
One of the most interesting pictures of the stock market is the current situation in the Ripple. The first interesting fact can be called the formation of convergence as MACD and Stochastic, that was the signal for a reversal.
Further quotes broke the resistance line short-term downtrend that has allowed him to build channel growth. At the moment we notice testing the resistance line of the medium term channel lower.
With the further development of the situation with conservation of momentum and sentiment, the immediate goal of growth could be around $0,5435. With a fracture of the mid-term Outlook the market could target $0,6270. At the same time, noticing the formation of a “Black cross” on the Stochastic, it is possible to prevent a decrease in the short term to the current support at $0,3850.