The current situation on the market of cryptocurrency can be described as a consolidation before a rapid pulse. Thus the market is trying to say that he expects some event, news as a catalyst for the future of the movement.
For some of the tools of the stock market a new impetus can be a push factor for fracture current trends, as for other accelerator medium-term dynamics. It can be concluded that the market currently can be observed the inconsistency of opinions and views on the current and near future development trends in the cryptocurrency market.
Further possible scenarios of price movements of several popular altcoins will tell RoboForex the leading analyst Dmitry Gurkovskiy.
Bitcoin Cash
Considering a technical overview of Bitcoin Cash on the hourly timeframe, we see the development of a descending tendency. The current downtrend is a correction relative to the previous growth momentum.
The aim of its development is the line of the relevant corridor level of $471. As a confirming factor may be a decrease in the lines of the indicators Stochastic and MACD. After reaching the support lines can expect a rebound and the formation of growth momentum to the level of $550. A confirmation will be “black cross” in overbought zone according to Stochastic.
The local resistance is at $537. In case of breaking that level it could rise to $586.
EOS
At this timeframe the observed formation of a consolidation triangle. On a local scale the level of support is at $5,30, and resistance at $5,85.
As the quotes of the medium-term trends remain within the ascending channel, but the last significant highs are reduced, we can expect a breakout of the local support level of $5,30. Then may be followed by a price reduction to the support line of the main channel — level $4,90.
A break of this level could allow the price to go even lower — to the support line forming the channel of the lower — level $3,70. In favour of the development of downward momentum can be “black crosses” on Stochastic and MACD. In case of breaking the resistance level of $5,85 growth target could be the $7.
Ethereum
At the moment quotes Ethereum demonstrate the testing of the support line of the medium-term growth channel. The current situation can be characterized as consolidation before a rapid pulse. The breakdown of the resistance level of $232,50 may allow the pair to rise to $275,50. Accordingly, if the support level of $214,20 can open the way for the development of the downtrend to the support level of 182.00, then to key a minimum.
Thus, considering the dynamics of indicators, Stochastic and MACD, we see desire lines up, so the possibility of the development of growth momentum may be considered as primary.
Litecoin
The four-hour chart Litecoin demonstrates the attempt of breakdown of the support line of the medium-term growth channel. The purpose of the downward trend may be a support line projection of the channel — level $50,80.
Divergence and “black cross” on MACD are supporting factors in favor of the hypothesis about the downward trend development. As for further growth it is necessary to consider the resistance line and above $70.
Ripple
After the breakdown of the resistance line of the previous downtrend channel quotes Ripple moved to the top of the projection corridor. But after the test and break the support line of the rising channel the market began a corrective downward trend.
A correctional decline has reached the bottom support line of the projection channel and currently is trying to develop momentum to the current resistance level of $0,5607. Breach of this level will open the way to $of 0.6405, then to $0,6895.
A key support level and possible to further reduce the area of $0,4730. Thus, the observed reduction of the Stochastic lines in the area of “oversold” can suggest about the potential formation of growth momentum.
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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