The weekly Technical Analysis is provided by Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
Needless to say, all statements and views expressed below and any forecasts contained herein are solely based on the author’s 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.
The bulls have been dominating in the market for the second week in a row. The ascending trend is being formed with strong upmoves and small pullbacks, which may mean the market is a bit uncertain.
The investors are trying to capture this short term uptrend, understanding that the overall trend is still descending. The correction, however, is wide, and the market players are using it at large.
On H2, BCH has broken out the previous downtrend, and, after hitting the fractal resistance, is heading to the projection one at around $660-$680.
While the short term ascending channel is stable, the MACD and Stochastic are diverging, which means a local pullback may be near, with the targets at 23.6%, 38.2%, and 50.0% Fibo, or $601.50, $565, and $535.50, respectively.
On H2, EOS is going up after consolidating within a triangle, which signals a midterm correction. The short term uptrend is fading out, as after the resistance test the price is going back to the previous channel, with the Stochastic being in the overbought territory.
Locally, the correction target may be at the support, or $5.54. If this one gets broken out, the price may then test $5.35 as a major support. Then, a correction and rise to $6.00 is likely.
On H2, Ether broke out the previous descending trend resistance and formed a stable uptrend. Still, this trend is none other than a rally within the midterm correction. The major uptrend target is the upper projection channel boundary, or $249.20.
Both the MACD and the Stochastic are up and thus confirm the uptrend. Meanwhile, the support is at $215,80, and in case it gets broken out, the price may go back to the midterm correctional channel at $195.30.
On H2, Qtum bounced off the midterm correction channel support and is forming a short term uptrend. The strong upmove tested the new channel upper boundary, and now the price is going back to the support.
After it has been tested, a new upmove may be expected, this time reaching the key target at $5.12. The MACD is stable, and the Stochastic has formed a golden cross, which confirms these expectations. Still, the local support breakout and the price falling to $3.84 is also possible.
On H2, Ripple is rising after hitting the latest local descending channel resistance and bouncing off the major support.
Right away, a short term correction phase is forming, with the possible target at $0.4709; the Stochastic being overbought confirms this.
The MACD, however, is going up, which means bulls are dominating in the short term, pushing the price towards $0.6110.