What awaits the cryptocurrency market further? Technical analysis of the leading coins

At the end of the week, a struggle between buyers and sellers was observed on the crypto market, and crypto assets returned to previously won levels. High volatility was associated with a new series of discussions around the future of Libra cryptocurrency from the social network Facebook.

After the speech in the US Congress, the head of the central bank Jerome Powell presented his report to Finance Minister Stephen Mnuchin, who not only expressed concern about the new cryptocurrency, but also promised to raise this issue at the G7 finance ministers meeting. In turn, Calibra head David Marcus, representing the interests of the project in the US Congress, had to eliminate all doubts of the regulators.

Nevertheless, during the two meetings with the officials who were held on Tuesday and Wednesday, Marcus clearly felt confused under the barrage of criticism, which was another reason for the speculators to be disappointed. But despite this, market players who know the game of whales understand that very powerful upward movements may soon follow in light of the start of testing futures trading on the Bakkt platform .

Bitcoin (BTC)

This week, bitcoin quotes showed a panic sale, which led to the development of the movement with a $ 10,000 area and even a $ 9,000 failure. The question of the development of a global decline remains relevant, because if we leave below these areas, the double top of the technical analysis will be confirmed with a view to falling to the levels of $ 6,500– $ 7,000.

So far this option seems unlikely. The current dynamics is very similar to the traditional game of big capital, which presses down a large amount of the price to enter on more comfortable conditions, and then can send the price “to the moon” at any time.

Provided prices are above $ 10,000 in the coming weeks, growth to areas of $ 13,000 and $ 14,300 looks more likely (more conservative traders may enter a position above the 50% correction on the Fibonacci lines by $ 10,900 and the 200-period simple sliding line).

From the point of view of wave analysis according to Elliott's theory, after 3 waves of correction a new wave of growth may follow. The main issue becomes the moment of completion of this wave to decline, although already on the RSI oscillator, the price entered the oversold zone.

During the transition from the four-hour to the daily timeframe, a breakthrough of the lower boundary of the “Pennant” figure can be noted on the chart, but this movement looks more like a preparation for the correction of the micro-trend, rather than the beginning of a downward reversal. This idea will be confirmed by the output above the median of "Bollinger Bands", which is held in the region of $ 11,100, with the goal for growth to a cluster of $ 13,100 – $ 13,500.

Ethereum (ETH)

The broadcast did not lag behind the market in an effort to correct, which led to a drop in quotations to $ 200. At the moment, the technical picture, taking into account the location of the RSI oscillator in the oversold zone, indicates that we can expect a return to growth with the potential of reaching $ 250 and $ 280.

Bitcoin Cash (BCH)

Bitcoin cache can set the bottom in its decline to the area of 200-day moving average, located in the region of $ 250.

A confirmation of the idea of the completion of a strong collapse can serve as a way out of the oversold zone at RSI and above the median of the Bollinger Bands, passing in the area of the local extremum $ 360. This will open the way for growth in the coming weeks to the area of consolidation within the limits of $ 400– $ 421 and the area $ 451 (38.2% expansion in Fibonacci retracement levels).

Litecoin (LTC)

Laitcoin, along with the entire crypto market showed a decline, demonstrating the movement of an alternative scenario in the region of $ 80 and $ 90. The threat of further falling down will disappear provided that the price exits above the boundaries of the earlier trade of $ 115– $ 121. Bulls will be able to take profits when the quotes approach $ 130 and $ 138 levels.

Neo (NEO)

The NEO cryptocurrency confidently reached support in the region of $ 10 against the background of a general decline, although the persistence of a divergence between the price on the chart and the RSI suggests a possibility of an early start of a reversal with a potential exit to the region of $ 14.80 and consolidation of $ 16.40− $ 20.

Binance Coin (BNB)

The currency used, among other things, to pay the commission for trading at Binance , the largest crypto-trading company , reached support in the region of $ 24, although it continues to remain within the Downtrend Channel.

A signal in favor of BNB growth will be the overcoming of $ 30 and $ 31 levels (38.2% expansion in Fibonacci correction levels). Previously designated goals in the form of resistance levels of $ 33.26, $ 38.80, $ 40.80 and $ 43 remain still relevant for the growing dynamics.

Publication date 07/20/2019
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