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

At the moment when Bitcoin tests resistance and forms another reversal model, Litecoin storms new tops. Based on the technical analysis of the structure of the LTC / USD price movement, we are only in the middle of the growth phase. Do not rule out a powerful continuation of the rally with a target above $ 200. Moreover, it is likely that such a growth will provoke an upward movement of the remaining cryptocurrencies. In the event that digital silver falls below $ 95, the market expects a continuation of the downward correction.

A strong signal for the growth of Bitcoin and the market as a whole will be a breakdown of resistance of $ 9000, thus the head and shoulders reversal pattern will be canceled, and a test of $ 10,000 will soon take place.

Bitcoin

Cryptocurrency continues to move within the ascending channel. Moving averages are directed upwards and the distance between them increases, which indicates the presence of a bullish trend and the strength of this trend. However, Bitcoin could not consolidate above $ 9000.

At the moment there is a potential for the formation of the head and shoulders reversal pattern. Within this figure, we can expect a test of $ 8450 and an attempt to reduce quotes. In case of breakdown of the support level and closing below $ 7400, one should expect the completion of the formation of the model and the beginning of the fall. The aim of the reduction may be the following support at $ 6185.

BTC / USD , TradingView data

It is important to understand that until the level of support has been broken, it is too early to talk about the completion of the model and the beginning of the development of decline. The cancellation of the scenario will be the breakdown of the $ 9195 level, in this case, we should expect continued growth above $ 10,000. As the main trading idea, consider falling to the lower boundary of the channel with a test of $ 7410 and continuing growth above $ 9195. In the case of a rebound from the level of $ 8450, it is worth thinking about a potential fall.

On the hourly chart, quotes are moving as part of the formation of the Triangle model. At the same time, the asset was able to leave the descending channel. As a short-term trading idea, we can expect a test of a broken channel boundary near $ 7,800 and an attempt to continue growth with the first goal at $ 8,845.

A break of the upper boundary of the Triangle model and a close above $ 8400 will confirm growth. Cancellation of the option could be a fall and a breakdown of the lower boundary of the Triangle model with closure under $ 7,400, which would indicate a continued decline to $ 7,000.

EOS

EOS continues to move within the downward correction. However, the asset continues to trade above the upper limit of the Ichimoku Kinko Hyo indicator cloud, which indicates that the uptrend remains.

At the same time, the indicator signal lines crossed in favor of sales, in this case, this indicates a slowdown in growth. The potential for completing growth exists on the condition that cryptocurrency quotes fall and close below $ 4.55. In this scenario, we should expect the resumption of the downward trend and the continuation of the fall.

EOS / USD , TradingView data

As the main trading idea, we can expect a continuation of the decline with the test of the upper boundary of the Cloud of the indicator at the level of $ 5.95, further – a rebound upwards and continued growth. Confirmation of the rise will make a breakdown of the resistance level and the closure of above $ 7.15.

The price movement on the four-hour chart is trapped within the rising channel. We could observe a similar movement pattern on the Litecoin chart before the start of strong growth.

Quotes are testing the support level of $ 5.95. It also forms the model "Triangle". As a short-term trading idea, we can expect a breakdown of the upper boundary of the model with a closure above $ 7.00 and continued growth. If buyers fail to consolidate higher and the breakdown of the lower boundary of the Triangle model with a close of $ 5.90 is held, this will indicate a fall with the first target at $ 4.58 and below.

Ethereum

Ethereum continues to move above the upper boundary of the rising channel. An important area of support is still near $ 230. The current movement pattern indicates a decrease in volatility, after which a strong movement is expected.

ETH / USD , TradingView data

As the main trading idea on the daily chart, we should expect another attempt to test the support level and continue to grow at least the width of the upward channel. An additional signal in favor of growth is a rebound from the support line on the RSI indicator. The cancellation of the scenario can be the fall and the breakdown of the upper boundary of the rising channel with the closure of under $ 230. In this case, the immediate goal of the fall will be the level of $ 190 and the lower boundary of the channel at around $ 160.

On the hourly chart, Ethereum tests resistance. There is the potential to form an inverted “Head and Shoulders” model. In this case, we can expect a decline and a test of support at $ 230, where the “right shoulder” of the reversal pattern is expected to complete. After that, growth is expected with the first goal at $ 285.

The confirmation of the growth will be the breakdown of the “neckline” level and the closure above $ 250. The cancellation of the scenario will be the fall and breakdown of the local minimum with a close of $ 220. In this case, we should expect the abolition of the formation of the model and the continuation of decline.

Litecoin

Litecoin is moving up steadily. Based on the price structure of the movement, it can be assumed that this is just the middle of the growth phase. The next target is the level of $ 185.

LTC / USD , TradingView data

As you can see, the values of the RSI indicator are clamped in the framework of the Triangle model. A break of the upper limit will indicate an acceleration of the current upward movement. In this case, Litecoin will quickly reach $ 185. As the main trading idea on the daily chart, we should expect an attempt at the support test at $ 122 and a continuation of the rise. Cancellation of the scenario will be the fall and the breakdown of the lower boundary of the channel with the closure below $ 120. In this case, we should expect a continuation of the decline to the level of $ 97 and further – $ 83.

Technical analysis of the hourly chart Litecoin also indicates a rebound from an important level of support. A strong signal for growth here is a breakdown of the downward trend line on the RSI indicator. This indicates a potential breakdown of the resistance level with a closure above $ 122. In the case of continuing correction and falling under $ 95, we can expect a decline. And this option may indicate a protracted LTC correction.

Bitcoin Cash

Bitcoin Cash daily chart of the cryptocurrency looks ready for growth. The asset is being traded within the ascending channel, but the growth target for the width of the channel has not yet been worked out. A potential test of the support line on the RSI indicator also speaks in favor of continuing upward movement.

BCH / USD , TradingView data

As the main trading idea on the daily chart, we should expect an attempt to correct and test the support at the level of $ 340, then continue the growth with the target at the level of $ 490. Cancellation of the scenario will be the breakdown of the upper boundary of the channel and closing below $ 335. In this case, we should expect an extension of the downward correction with a target at the level of $ 225.

Analysis of the four-hour chart also indicates the potential for a fall to $ 335. The quotes are trapped within the Triangle model, and the nearest support area is below.

At the moment, we should expect the breakdown of the lower boundary of the Triangle model and the continuation of the fall to the lower boundary of the ascending channel. After such a fall, you can talk about the beginning of growth above $ 485. The script will cancel the breakdown of the lower boundary of the channel and close below $ 320. In this case, we should expect the continuation of the fall with a goal of $ 225.

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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