Past and current week has been the most lively and dynamic compared to several previous.
Further possible scenarios of price movements of several popular altcoins will tell RoboForex the leading analyst Dmitry Gurkovskiy.
On the cryptocurrency market was formed and developed new impulses descending trends. The market is still in a downtrend and the “bottom” is still far, but a short term stop or a rollback already “not far off”.
Ethereum
One of the most interesting was the situation in the dynamics of Ethereum, as the quotes cryptocurrency was able to develop one of the fastest and stable microtrends reduction.
On the 4 hour timeframe, you can see the orientation of the short-term downtrend support line of the channel long-term decline at $175, but it may take a few weeks.
In the short term, given the formation of convergence on the MACD and Stochastic, it is possible to prevent the onset of corrective uptrend. Local resistance in the downtrend having the level of $298. Its breakthrough might open quotes way towards the resistance line of the top of channel projection to $308.
Bitcoin Cash
Long, medium and short term trends quotes Bitcoin Cash keep downward. The main milestones in the development of the next impulse for the decline were the rebound from the resistance line and the fractal support level at $600, which at the moment is a strong resistance.
The short-term downtrend channel, at first glance, looks pretty stable and can indicate a potential decline to the psychologically important level of $300. But if we consider the graph indicators Stochastic and the MACD, we can see convergence and “Golden crosses”. These factors show the beginning of a short-term pullback. His next goal could be the resistance line of the current corridor reduction of $565, and about $600.
EOS
Last week the technical picture EOS showed the beginning of the breakdown of the support line near $6,22, which at the moment is a key resistance. To date, we see what happened to hasten the development of short-term downtrend after breaking the support line of the previous channel reduction.
The main goal of the medium-term downtrend is close to a support level projection of the current channel — $3,50. Taking into account the formation of “Golden cross” on MACD and Stochastic and convergence, allow for the possibility of growth to the resistance level of $5,00. After his breakdown might be $5,61.
Litecoin
Quotes Litecoin after testing the resistance line of the medium channel of the lower back into the framework of the previous corridor.
Short-term technical picture shows Litecoin approaching the support line of the current channel, additionally observed the formation of convergence and the “Golden cross” on the Stochastic and MACD indicators that cumulatively indicates the possibility of a pullback to the resistance line at $60. Its breakdown could open the way quotes to the $68. But in case the price rebounds from local resistance can be expected a new impetus to decline to the support line at $45.
Ripple
From the point of view of technical analysis, dynamics of Ripple keeps the trend of a downward character. Once the momentum of the downtrend is approaching the support line of the medium — term corridor $0,2185. But it is also necessary to take into account that the market is approaching the psychologically important fractal level $of 0.2000. After reaching the support line, given the convergence on the MACD and Stochastic, we can expect the development of a correction of the uptrend to the resistance of the current channel at $0,3500.
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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