“Bottom Not Reached Yet” Says This Week’s Crypto Technical Analysis

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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.

Our latest review was very much like a prophecy. We said the market was ready to stop correcting and continue its downtrend. Indeed, the prices broke out the consolidation range, and in such a rapid way that many could be quite bewildered with it. 

The latest move, however, was very much regular within the overall trend, as the bottom is not reached yet, and the downside movement may continue through a long period of time. In the short term, meanwhile, the best we can expect is another correction of the downtrend.

Qtum

On H3, Qtum stopped downtrending near the major channel support. Both the MACD and Stochastic are converging, which means correction has arrived.

The price hit 23.60% Fibo and may now break out the local descending channel resistance, which will allow the prices to move into the upper projection channel, thus expanding the correctional range.

The targets, meanwhile, may be at 38.20% ($3.05) and 50.00% ($3.32). The next downside target is $1.65, but the price will get to it only once it breaks out the local low.

EOS

The downtrend channel on H3 is steady, while the move paused at the target support of the primary projection channel.

The MACD and Stochastic are converging, and a pullback is possible, with the targets at the major short term channel resistance ($4.10) and another resistance at $4.56.

With the MACD lines steadily going down, we can expect the correction to be quick, with another downtrend impulse following. This could be confirmed with the current support breakout at $3.46. The downtrend target, meanwhile, is around $2.36.

Ether

The latest downtrend on Ether reached its target at the major channel support, according to the H3 chart. While the overall downtrend is not over yet, the correction may come in the short term.

This is confirmed by the MACD and Stochastic converging, as well as the golden cross forming on the Stochastic.

The most evident correction targets lie at 23.6% ($150.47), 38.2% ($164.84), and 50.0% ($176.45) Fibo, while the local resistance may act as a bullish driver, too. As for the downtrend, the main target may be at the round number of $100, which acts as a major support.

Litecoin

On H3, Litecoin is downtrending steadily. Currently, the price is attempting to break out the major channel support, with the target lying at the projection channel support ($28.40).

While the downtrend is continuing, the MACD is converging, which means a pullback is somewhere near. This correction’s target may lie at the current channel resistance of $37.45, and then at $40.65.

Once the pullback is over, another downward move may push the price back to the support at $14.05.

Ripple

Ripple has not reacted much to the overall market trend, at least from what we can see on H2. The price broke out the previous ascending channel support, but the current descending channel does not look too much reliable, as every time the price hits the support, the bulls push it again to the resistance.

Going forward, the price is likely to continue downtrending, while much will depend on whether the price will break out or bounce off the resistance.

In case of a breakout, the price will be likely to reach the major resistance at 0.5110. Conversely, a pullback will mean the price is ready to reach the support at 0.3922, and then move to 0.2850.

 

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