The Next Few Hours Are Critical Says This Week’s Crypto Technical Analysis – Trustnodes

The Next Few Hours Are Critical Says This Week’s Crypto Technical Analysis

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The weekly Technical Analysis, published every Wednesday (Thursday this week because holiday), is provided by Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Needless to say, all statements and views expressed below and any forecasts contained herein are based on the authors’ particular opinion.

This analysis may not be treated as trading advice. RoboForex and Trustnodes bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Bitcoin

After the descending trend has been over, the ascending Bitcoin trend has already gone through a few projection channels.

On H4, the latest uptrend was interrupted by the support breakout, though. This may mean a reversal and a new downtend is coming.

The new downtrend may push the price to the lower projection channel support at $8,550. The pullback to test the resistance at $9,930.40 is also possible. In the mid term, $8,550 breakout may mean the price going down to $6,400.

Ethereum

After the previous long term descending channel resistance has been broken out, Ether price has moved to the upper projection channel and reached the target resistance area.

The digital coin is now testing this area and may well both break it out or pull back. In order to continue rising, the price has to go above the resistance at $775; this will allow it to go further to $900, which is the current upside channel resistance.

Conversely, in case the support gets broken out at $730, the price may head to the lower projection support at $620, and then to $520.

Bitcoin Cash

The current Bitcoin Cash uptrend is heading towards the important round number of $2,000. Still, a reversal may occur, too.

Currently, the major support is at $1.535. If the downward impulse is strong enough to break it out, the lower projection channel support at $1,215 may become the next target.

EOS

Technically, EOS is forming a triangle on H2, which means the market is waiting. As a rule, the price exits such consolidation patterns with a strong move, but only once the limits of the current channel have been broken.

In case the price manages to break out the resistance at $18.68, it may then head to the current high at $23.02. Once reached, the new uptrend targets will be at the Fibo extension range between 138.20% and 161.80% ($25.74 and $27.41 respectively).

However, the market is just correcting after the latest midterm ascending trend, which allows one to assume there may be a support breakout near $16.95. This may push the price to the 50% and 61.80% Fibo levels ($15.40 and $13.60).

Litecoin

On H2, Litecoin is trying to break out the midterm descending channel resistance. Meanwhile, in the short term, the price is testing the support of the current ascending channel.

This may result both in a breakout and in a pullback. In case of the latter, the price may go up both short and mid term, heading towards the current channel resistance ($207.74).

Conversely, if a breakout occurs, the price may head to $133, which is the lower projection channel support. Meanwhile, the major midterm support is near $112.

 

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