The last few weeks the market of digital currency developed uptrend. Someone suggested that it takes place, someone was waiting for another reduction. And waited. Today, September 5, the cryptocurrency market over a short period of time dramatically “dipped”.
However, it has not overcome the last significant lows, talking about the end of the correction period before. Perhaps for most market participants that the price movement was a little shocking. However, traders must always remember that the non-linear nature of the market can give this kind of “surprises” without warning.
Further possible scenarios of price movements of several popular altcoins will tell RoboForex the leading analyst Dmitry Gurkovskiy.
The most likely scenario in the near future may be testing lows and their subsequent bridging and promote even lower.
Ethereum
A few days ago, the market Ethereum formed a divergence on the MACD and Stochastic. Today, the technical picture Ethereum on a two-hour timeframe has demonstrated the breakdown of the support line of the recent short-term growth channel, the price has tested the support line of the lower projection of the corridor. The following reduce is a key of at least $249,93.
In the near future we can expect the development of a pullback towards the resistance line of the main channel — level $287,20. A bounce off this line is to allow the market to form a new impetus to reduce to the support level forming a downtrend — $234,20.
Litecoin
Quotes Litecoin a few weeks developed the uptrend within the stable channel, but formed a divergence and a “black cross” on MACD and Stochastic prompted about the possible end of the uptrend. And today, the market reaction to the signals do not have to wait long.
The impulse downward momentum is trying to overcome the support line of the uptrend channel. Line break support will open the way for further quotations decline. The aim of the new downtrend impulse will mark $52,50 and later basic minimum $of 49.14.
EOS
On a two-hour timeframe EOS can see that the market tried to gain a foothold above the resistance line of the correction corridor, but due to the overall short-term bearish sentiment of the market EOS returned within the former corridor.
Although prior to the implementation of the current movement, the market was warned of a possible recession. First, on the Stochastic and MACD formed divergence, was later breached support line of short-term growth channel, and only then the General mood of the market intensified the decline.
The current downside momentum is aimed at the level of support at $5. In the event of a breakdown of EOS will be a breakdown of the basic minimum of $4,17, and later, to support the projection of the channel at $3,65.
DASH
Considering a two-hour DASH graph, we see that after the divergence on the MACD and Stochastic, as well as the breakdown of the support line of the previous channel, and quotes streamed to around $180. The latter is a target the support line of the projection channel.
After breaking this level the price will target the fractal support level around $165 and then to a basic minimum of $130,97.
Zcash for
The technical picture for the zcash for a three-hour time frame shows downward momentum to the line of actual support channel growth. In this case, the decline was expected, but clearly not at this rate.
On the possibility of reducing pointed out as the approach of quotes to test the resistance and divergence on the Stochastic. The momentum of the fall was directed to the support level of $133. But while he is not broken, to talk about the development of another pulse reducing premature.
The situation may end in a rebound from support and the formation of growth momentum towards the resistance line of approximately $169. Breakdown of $133,00 will allow the pair to decline in the projection channel to support at $104. The supporting factor for this scenario could be the formation of “Black cross” on MACD.
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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