The current situation on the market of cryptocurrency can be described as the ongoing correction. The short-term Outlook of the stock market is seen in achieving the goals of local reduction with subsequent growth to the upper range of topical correctional corridors. Market, perhaps in anticipation of some external incentives or catalysts that will help the cryptocurrency to emerge from the consolidation.
Further possible scenarios of price movements of several popular altcoins will tell RoboForex the leading analyst Dmitry Gurkovskiy.
The technical structure of Bitcoin Cash on the hourly timeframe shows a continued downward trend. After the formation of convergence on the MACD momentum quotes could test the resistance of the current channel downwards.
After the rebound from the resistance line of another impulse reduction may be directed towards the support level of $478. In favor of such a scenario is the signal “Black cross” on MACD.
The main resistance of the current dynamics is the level of $525. Its break will allow the pair to rise to the levels $550,50 and 565. As supporting factors for the development of rising dynamics will not only test the approach and level 525, but the Gold cross on the Stochastic in the oversold zone.
From the point of view of technical analysis the current dynamics of the EOS on the hourly timeframe shows a rising trend. In the short run, the scale of the quotes fall to the support line of the rising channel. The purpose of the reduction is $5,77 expected which will pave the way for the quotes to decrease in the bottom channel projection to $5,62.
In case of overcoming the level of $5,62 it is possible to expect decrease to $5,50, and then — the development of new momentum of growth. In turn, the MACD indicator has formed a “Black cross”, the indicator Stochastic left the overbought zone, which may be an indirect confirmation of the development of the downward momentum in the next week.
To eliminate the possibility of breakdown of the resistance line around $5,95 also impossible. Its breakdown will be a signal for further growth towards $6,18.
On the hourly chart Ethereum can see overcome the support line of the short-term channel growth. The growth trend was a correction within downtrend. Breakdown support was accompanied by the formation of “Black crosses” on Stochastic and MACD, which may be further confirmation of the downward trend.
As its purpose is to consider the support line and $205. But achieving this goal will be possible only after the breakdown of the local level of support at $220,10. In the case of the breakdown of local resistance around the $230,40 growth momentum can reach the level of $238,35.
To date, the four-hour chart shows Litecoin breakout cryptocurrency in the lower projection the hallway. The current dynamics can be characterized as “sideways”. In this case the market forms a channel of the downward dynamics.
Local main purpose is the support line of the projection corridor — $53,15. This goal can be achieved after breaking the support level of “sideways” at $56,30. Supporting factors in favour of the development reduction are the transition lines of the MACD into negative territory, “Black cross” and care is Stochastic in oversold territory.
Ripple on the hourly chart shows a correction period in the form of “sideways”. But while the cryptocurrency is in a downward trend. Overcoming the bottom border of the “sideways” will allow the pair to reach the support line of the medium term corrective channel — $0,414.
Another impetus for the reduction, the achievement of the target region and the input Stochastic in the oversold zone will form a convergence as a signal to turn. The main confirmation of this trend will be the breakout of the resistance at the mark of $0,471, and upside target — $0,60.
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.