A further RoboForex analyst Dmitry Gurkovsky tells about further possible scenarios for the movement of the price of Bitcoin and several popular altcoins.

A little trampling on the spot, the cryptocurrency market slowly decreases. Nothing unusual happens on the market, the market lives a normal life, realizing the long-term attitudes of the participants. A number of instruments approached the control minima, and some are only trying to get there. But, apparently, the hour is not far when cryptocurrencies will update their current minimums.

Bitcoin

On the 4-hour Bitcoin chart, we see that the quotes, having completed the lateral correction, continued to decline. The new downward momentum has reached the level of 76.0% Fibonacci. The next significant goal to reduce quotes may be at least $ 3,121.90.

But it is also worth noting that convergence is forming on the MACD indicator, which can mean a pullback approach. The pullback may occur after a rebound from the support line and the level of $ 3220.00. The goal of the rolling movement will be the resistance line of the short-term downward corridor – the level of $ 3,570.00. After breaking through this mark, the market can continue to rise to the resistance line of the main channel – to the level of $ 3,810.00.

On the 1-hour timeframe, bitcoin quotes test the resistance line of the local descending corridor in order to breakdown. You can use the dynamics of the Stochastic indicator, which came out of the oversold zone, as a confirming factor of growth. It is also possible short-term decline to the level of $ 3317.00, followed by a rebound from it.

EOS

Considering the 4-hour EOS timeframe, we see that the cryptocurrency with a timid impulse overcame the last minimum, forming the framework of a new channel of a downward trend. It is also worth noting that the quotes reached the level of 61.8% Fibonacci, but seeing the mood for continued decline, we can expect a breakdown of the support line and a decline to the level of 76.0% ($ 1.95).

Already, we can observe the formation of convergence on the MACD. After the completion of the formation of convergence and the achievement of the target level, we can expect an increase to the resistance line of the current channel – to the level of $ 2.21.

On the 1-hour EOS timeframe we see a growth trend as a correction relative to the previous downward impulse. Such a movement is supported by the dynamics of the Stochastic indicator. The growth target is located near the resistance level of $ 2.38. Further, we should expect a rebound with a decline to the support level of $ 2.18.

Ethereum

Ethereum on the 4-hour chart shows a cold-blooded focus on achieving the level of 76.0% ($ 100.00) Fibonacci retracement. The implementation of such a plan may succeed in the near future. Not excluded deepening to the level of $ 96.00.

But the observed convergence on the MACD may mean the approach of a corrective uptrend. Confirmation of such a start can serve as a breakdown of the local resistance of $ 110.00. In this case, the main purpose of the correction will be the resistance line of the long-term decline channel and the mark of $ 125.00.

The 1-hour timeframe Ethereum proposes to consider a consolidation triangle. This situation is ambiguous, since the exit from consolidation can follow both upward to the resistance of $ 110.00, and downward to the breakdown of the psychological level of $ 100.00, and the move to the level of $ 91.00. The Stochastic oscillator, moving up, indicates the option of further growth.

Litecoin

The technical picture of the 4-hour Litecoin chart shows a slightly widening corridor of local correction. The most realistic scenario for further development of the situation could be a decline to the level of 76.0% ($ 26.80) after the breakdown of the support level of $ 29.15. Resistance is at $ 33.85.

On the 1-hour Litecoin chart, we see the formation of a “triangle”. Given the upward trend of the Stochastic indicator, you should not exclude the rise to the resistance area.

Xrp

On the 4-hour XRP chart, we see that the quotes approached the base minimum of $ 0.2772. Continuing the decline, the market has updated the channel. Based on the current channel framework, it can be assumed that the breakdown of the minimum will allow quotes to fall to the level of $ 0.2312.

We also note the formation of convergence on the MACD, which already now can warn of a quick correction. The main confirmation of the beginning of the correction will be the breakdown of the resistance line in the area of $ 0.3000 mark. Further growth to the projection resistance of $ 0.3540 may follow.

Considering the 1-hour chart of XRP, as in a number of other cryptocurrencies, a triangular narrowing of the dynamics of quotations. The dynamics of Stochastic suggests the potential for a breakthrough of the upper bound of consolidation, and an increase to the level of $ 0.3000. After the rebound, the next downward impulse may follow.

Attention!
Forecasts of financial markets are the private opinion of their authors. Current analysis is not a guide to trading. RoboForex is not responsible for the results of work that may arise when using trading recommendations from the submitted reviews.

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