The weekly Crypto 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 is sort of waiting something, without any major changes lately. Of course, everyone knows neither rises nor falls may be constant and continuous.
Thus, the current state of the market is a correction, rather time-wise than price-wise. The market is like getting ready to take a leap down, which should end the current midterm downtrend.
On D1, the price is still moving along a descending channel, trading at the support lines, one of those being $2,600. The long term resistance, meanwhile, is at $5,925.
The price candlestick consolidation near the support of the inside channel means there’s a consensus between the bulls and the bears. In case the major channel support gets broken out, the price may fall down as low as by $1.250.
On H4, there’s a downtrend forming, with the primary target at $3,460.10. After it’s been tested, it may get broken out, but the price may bounce off, too, with the MACD lines headed upwards.
Still, if the low is broken out, the price will head to the round number of $3,000, and then to the major support at $2,600.
Conversely, a bounce may result in an additional correction, but before that, the price must first break out the local resistance at $4,055.
If this is still the case, the correction extension targets will be at 38.2%, or $4,635, and 50.0%, or $5,0005, Fibo.
On H1, meanwhile, Bitcoin is downtrending in the short term within a steady channel. Locally, the target may be at the support, or $3,562.
The MACD histogram being in the red and the Stochastic forming a black cross confirm the price may continue falling down moving forward.
On H4, EOS price went to the upper projection channel after a small correction, and continued downtrending in the long term.
Currently, the support is being tested, with the target at $2.00, after which the investors may start buying off the coin again.
With the downtrend unfolding, the MACD is converging, which means a pullback or even a reversal is near.
On H1, EOS is downtrending in the short term, with the possible target $1.85. The Stochastic, meanwhile, is converging locally, signaling a correction, that will be confirmed in case the current resistance at $2.50 gets broken out. Then, the price will be able to head to the resistance levels at $2.67 and $3.08.
On H4, Ether is heading to the current low at $98.04. The MACD lines are meanwhile headed upwards, which means the midterm correction is not over yet.
Any rise, however, may occur only once the local resistance has been broken out. The targets may lie at 23.6%, 38.2%, and 50.0% Fibo, or $127.26, $145.93, and $160.62, respectively.
On H1, Ether is downtrending within a trend channel. The Stochastic formed a black cross, which means the coin may get down to the local support at $98.04.
Conversely, if the price manages to break out the resistance at $113.00, a new short term uptrend may form.
On H4, Litecoin reached 23.6% Fibo and is now forming a local downtrend, with the immediate target at the current low, or $26.28.
The MACD lines are, however, still headed up, which means the correction extension is still possible. This may be signaled in case the local resistance at $32.90 gets broken out. The target may lie at 38.2% Fibo, or $37.75.
On H1, Litecoin moved to the upper projection channel after testing the support, with the new wave headed to the support at $28.40.
There’s a black cross being formed by the Stochastic, which means the price wants to reach new support levels, while sideways trading is also possible; in the latter case, the coin will be trading between $29.15 and $31.83.
In the midterm, XRP is still going down in H4, despite the price being in the upper projection channel. If the coin manages to go up, the target will be at the resistance, or $0.4077. The most likely story now is a downtrend, though.
Once the low at $0.3123 gets broken out, the price will then head to $0.2718 and $0.2365, which is confirmed with the black cross being formed by the Stochastic.
On H1, XRP reached the resistance after the downtrend and convergence. Currently, a new downward move is forming within the overall short term downtrend. The price may still manage to rise to $0.3540 and then to $0.3865.