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 crypto market has been down over the whole week, with the mid term outlook being rangebound. The consolidation that has lasted long is, however, any time ready to break out the lower range boundary, which means the overall downtrend may continue soon.
BCH is locally downtrending towards the major channel support, while, currently, the price is inside a correctional consolidation range, with the support and resistance at $495.36 and $536, respectively.
In case the resistance gets broken out, the price may rise to at least $588.36, and then even change the trend direction. However, the local support breakout scenario is a more likely story, which will probably push BCH down to $408.62.
If the MACD histogram goes below zero and then forms a black cross, this will mean this scenario is live. Currently, both the MACD and Stochastic are converging, meaning there may be a pullback after the local targets have been achieved.
On H1, EOS is returning to a previously formed triangle after the resistance false breakout. The downtrend is very close to the support at $5.09.
If this one gets broken out, the price may go to the projection support at $4.88. Both the MACD and the Stochastic are converging, meaning the price may correctionally go up after hitting the target support.
Conversely, the local resistance at $5.35 may get broken out, too, with the price reaching the major resistance at $5.75.
On H1, Ether is downtrending, but what is far more important is that the trend is slowing down, while both the MACD and Stochastic are converging.
Currently, the price is testing both the midterm channel resistance and the short term channel support. This may then lead to the breakout of the support at $202.12 and further moving to the midterm correctional channel support at $197.55.
With the indicators converging, the price may pull back after hitting the support, especially if the descending channel resistance at $204.85 is broken out. The targets of such a pullback may be at $207.77 and $211.
On H4, Litecoin is downtrending, the target being at the triangle support, or $47.52. If the price goes below it, it may reach the major channel support at $42.60.
With the Stochastic in the oversold territory, the price is then likely to correct and, with a golden cross, reach the resistance at $52.10.
On H1, XRP is going down, but in a longer term there is an ascending channel. Locally, the price is typically correcting and consolidating.
The local support may get hit, with the price testing the major support at $0.48. If it gets broken out, the price may reach the target support at $0.44.
This scenario is confirmed by both the MACD and Stochastic. If the correction continues, however, the price may hit the resistance at $0.51 and then reach $0.53.