Dmitry Gurkovsky, leading analyst of RoboForex, tells about further possible scenarios for the movement of the price of Bitcoin and several popular altcoins.
On the Bitcoin price chart, the intersection of moving averages was completed, which indicates a potential shift in favor of growth. However, the quotes failed to break through the resistance area: as long as the BTC / USD pair remains below $ 6000, there is a chance to see a correction to the $ 4000 level. As we noted earlier, the best option would be to wait for the moving average test area, then look for ideas for Bitcoin purchases.
Bitcoin
Technical analysis of the daily Bitcoin chart still indicates the proximity of an important resistance level – $ 6000. At the same time, another head and shoulders reversal pattern is being formed.
As part of the forecast, growth is expected to the resistance level of $ 5,500 and the subsequent decline. A breakdown of the support area and closing below $ 4,800 will indicate confirmation of the development of a fall. An additional signal in favor of this option is the breakdown of the support line on the RSI indicator. As you can see, at the moment such a line acts as resistance and indicates a continuation of the decline in the rate of cryptocurrency.
BTC / USD , TradingView data
Technical analysis of the asset on the four-hour chart indicates an attempt to form a reversal pattern. Expect an increase and test the resistance level of $ 5,500, followed by a rebound and a move to decline. An additional signal here will be the test of the resistance line on the RSI indicator. The breakdown of the development of the fall will be the breakdown of the resistance area and the closure above $ 5,700, indicating that the reversal pattern is canceled and growth continues to $ 6,500.
EOS
EOS cryptocurrency continues to move in the ascending channel. The tool is trading at $ 4.95. As part of the technical analysis of the daily EOS chart, we should expect an attempt to continue falling with a potential target of $ 3.25. An additional signal in favor of the fall is the test of the resistance line on the RSI indicator. The closest area of resistance on the EOS is at $ 6.25, a breakdown of which will indicate a resumption of growth. An important support area is located near $ 4.55. Confirmation of the decline will be the breakdown of the lower boundary of the rising channel and closing below $ 4.00.
EOS / USD , TradingView data
Technical analysis of EOS on the hourly chart indicates a continued decline within the downward channel. In the short term, we should expect an attempt to test the upper boundary of the channel near the $ 5.05 area. Next – the continuation of the fall to a potential target at $ 4.55. An additional signal in favor of this option is a rebound from the resistance line on the RSI indicator. Cancellation of the decline will be the breakdown of the upper boundary of the channel model and the closure above $ 5.25.
Ethereum
Ethereum continues to move within the rising channel and is currently testing the level of $ 163.00. As part of the technical analysis of Ethereum on the daily chart, we should expect an attempt to continue falling to the potential target at the level of $ 120.00. An additional signal in favor of such a movement will be a rebound from the resistance line on the RSI indicator. Cancellation of the decline may be the growth and closing of quotations above $ 190.00, which will indicate the breakdown of the resistance area and the continued development of growth.
ETH / USD , TradingView data
Technical analysis of Ethereum on the hourly chart indicates movement within the downward channel. In the short-term version, we should expect a rebound from the upper boundary of the channel near the area of $ 163.00. Next – the continuation of the fall to a potential target at $ 145.00. An additional signal in favor of such a move will be the next test of the resistance line on the RSI indicator. The closest resistance area for Ethereum is at $ 163.00. An important support area is located near $ 145.00. Cancellation of the decline will be a breakdown of the upper boundary of the downward channel and closing above the level of $ 175.00, which will indicate continued growth towards the target located above the level of $ 190.00.
Litecoin
Cryptocurrency Litecoin continues to move as part of the correction. At the moment, there is a test of the lower boundary of the ascending channel. Quotes are trading at $ 72.14. As part of the Litecoin technical analysis on the daily chart, we should expect an attempt to continue falling with a target below $ 49.00. An additional signal in favor of falling will be a test of a broken trend line on the RSI indicator. The nearest resistance area for Litecoin is at $ 75.00 a breakdown of which will indicate continued growth above $ 90.00.
LTC / USD , TradingView data
Technical analysis of Litecoin on the hourly chart indicates the movement of an asset within a downward channel. In the short term, we can expect an attempt to grow at the test of the upper limit near the $ 75.00 area. Next – the continuation of the fall to a potential goal at $ 64.00. Additional evidence in favor of this option will be a rebound from the downward trend line on the RSI indicator. Cancellation of this option will reduce the breakdown of the upper boundary of the channel and the closure above $ 80.00.
Bitcoin Cash
Bitcoin Cash continues to move in the downward channel. The asset tests the resistance level and is trading at $ 265.36. Technical analysis of the four-hour chart indicates the development of the continuation of the correction with a test of the lower boundary of the channel near the $ 225.00 area. An additional signal in favor of this movement will be a test rebound from the trend line on the RSI indicator. Cancellation of such a scenario would be the breakdown of the resistance area and the closure above $ 295.00, which would indicate continued growth in the Bitcoin Cash rate.
BCH / USD , TradingView data
Technical analysis of the asset on the hourly chart indicates the continuation of the fall. In the short term, we should expect an attempt to test the resistance level of $ 280.00. And further, the continuation of the decline with the goal of $ 225.00. An additional signal in favor of this option will be a rebound from the resistance line on the RSI indicator. Cancellation of the option of falling quotes will be the breakdown of the upper boundary of the downward channel and closing above the level of $ 305.00.
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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