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

The cryptocurrency market continues to storm new local maxima. For many investors, this is a good sign in anticipation of the resumption of an upward trend. However, some analysts are concerned about the strong growth of digital assets, suggesting that it is unnatural, so it may be the result of a one-time purchase by a large investor.

Nevertheless, the number of futures for bitcoin reached a record level, which generally indicates the presence of positive dynamics. Repeated testing of local minima looks unlikely in this case.

Bitcoin

Technical analysis of the daily Bitcoin chart indicates the proximity of an important resistance level in the region of $ 6000. BTC / USD quotes continue to move in the ascending channel. The values of the relative strength indicator (RSI) also show a rebound from the support line, which indicates the presence of an upward impulse. In the framework of the likely forecast of the cryptocurrency rate, a slight correction to the lower boundary of the channel is expected and the growth will continue. A breakout of the support area and closing below $ 4000 will confirm the resumption of the decline.

TradingView BTC / USD daily chart

Technical analysis of the course of a digital asset on the hourly chart indicates the formation of the Triangle model. We should expect an attempt to reduce and test the lower limit of the model near the $ 5,155 mark. Next – the continuation of growth with a potential goal of $ 5,700. An additional signal here will be the test line support for RSI.

The nearest area of resistance for Bitcoin is located at around $ 5360. Its breakdown will indicate confirmation of a rise in quotes. An important support area is located near $ 4,800. The cancellation of the variant with the development of growth will be the breakdown of the lower boundary of the Triangle model and the closure below the $ 5050 level, denoting that the quotes go beyond the limits of the model with a potential decline to $ 4,800.

1 hour BTC / USD chart from TradingView

EOS

EOS cryptocurrency continues to move as part of active growth. Quotes are trading at $ 5.87. As part of the technical analysis of the daily EOS chart, you should expect an attempt to decrease and test the lower boundary of the channel near the $ 4.85 mark. After – continued growth to a potential target of $ 8.00. Additional signal in
This movement will benefit from a test of the support line on the RSI.

TradingView EOS / USD daily chart

The closest resistance area at EOS is at $ 7.00. Its breakdown will indicate a high potential for raising quotes. An important support area is located near $ 4.80. Cancellation of the upward trend development will be the breakdown of the support area and the closure below the channel border below $ 4.75, which confirms the decline.

Technical analysis of EOS on the hourly chart indicates the completion of the formation of the Triangle model. In the short-term version, we should expect an attempt to reduce and test the upper limit of the model near the $ 5.65 area. Later – continued growth to a potential target of $ 6.65. An additional signal here will be the test line support for RSI. The closest resistance area for EOS is at $ 6.10. His breakdown will be a signal to the rise of quotations.

An important support area is near $ 5.45. The cancellation of the option with growth will be the breakdown of the lower boundary of the Triangle model and the closure below $ 5.45, confirming the potential for a decline to $ 4.85.

EOS / USD 1-hour chart from TradingView

Ethereum

Cryptocurrency Ethereum continues to move within the growth and is currently testing the resistance area near $ 185. As part of the technical analysis of Ethereum on the daily chart, we should expect an attempt of a minor correction and a test of the support level around $ 160. Next – the continuation of growth with potential
goal at $ 225. An additional signal in favor of such a forecast will be a test of the rising trend line on the RSI.

TradingView ETH / USD daily chart

Technical analysis of Ethereum on the hourly chart shows an attempt to continue growth from current levels. In the short term, a decrease in the trend trend uptrend at the $ 180 mark is possible. Then – continued growth with a potential goal of $ 200. An additional signal in favor of this option will be
test line support on RSI.

The nearest resistance area at Ethereum is at $ 187.65. His breakdown will confirm the hypothesis about the rise in quotations in the ETH / USD pair. An important support area is located near $ 173.45. The uptrend will be canceled by the breakdown of the support area and the close below $ 170.00, which will indicate a continuation of the fall to targets located below $ 155.00.

TradingView 1-hour ETH / USD chart

Litecoin

Cryptocurrency Litecoin continues to move within the growth and ascending channel. Quotes are trading at $ 88.52. In the framework of the technical analysis of Litecoin on the daily chart, we should expect an attempt to correct and test the lower limit of the channel near $ 79. In the future, we expect continued growth with a potential goal of $ 140.

TradingView LTC / USD daily chart

An additional signal in favor of growth will be the test line support for RSI. The closest resistance area for Litecoin is at $ 110. His breakdown will confirm the rise of quotations. An important support area is located near $ 70.55. Cancellation of this forecast will be the breakdown of the lower boundary of the rising channel and the closure below the level of $ 70, indicating a continuation of the fall.

Litecoin technical analysis on the 4-hour chart indicates the formation of the Triangle model. In the short-term version, we should expect an attempt to reduce and test the lower limit of the model near $ 87. Following is the continuation of growth towards a potential target of $ 115. An additional signal for this will be a rebound from the support line on the relative strength indicator (RSI). A break of the upper boundary of the “Triangle” model will indicate confirmation of the rise in quotes of the LTC / USD pair.

TradingView LTC / USD 4-hour chart

Bitcoin Cash

Cryptocurrency Bitcoin Cash continues to move in the ascending channel. Quotes are at $ 302.33. Technical analysis of the daily chart indicates the formation of an upward pattern of price movement with a potential growth target of $ 410. However, you should also not exclude correction and test the lower boundary of the channel near $ 250.

TradingView BCH / USD daily chart

Next, we expect continued growth with a potential goal of $ 410. An additional signal in favor of this movement will be a test of the rising trend line on the RSI. Cancellation of this scenario will be the breakdown of the lower boundary of the rising channel and closing below $ 235 with a further depreciation of Bitcoin Cash.

Technical analysis of the instrument on the 4-hour chart indicates the formation of the Triangle model, a decrease in volatility and a probable breakdown of this structure upwards. In the short term, we should expect an attempt to drop for the test the lower limit of the model near $ 300. Then – continued growth to a potential goal at the level of
$ 365.

An additional signal in favor of this assumption is the test of the rising trend line on the RSI. A break of the upper boundary of the Triangle model and a close above $ 330 will indicate a continued rise in BCH / USD quotes. Cancellation of this forecast will fall with the breakdown of the lower boundary of the model.

BCH / USD 4-hour chart from TradingView

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 occur when using trading recommendations from the submitted reviews.

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