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.
Last week, the market went to its local lows, in attempt to continue the long term downtrend. However, the bulls were likely to actively support the prices near the lows, which currently may let the market correct.
This is happening all over the crypto market. Overall, the cryptos are likely to be moving in the correctional channel in the short term, while, in a longer term, the outlook is still negative, despite most cryptos being very close to the bottom.
On D1, the BTC is heading down to the major long term channel support at $2,455. The Stochastic is oversold meanwhile, which may mean both a stable move and a pullback. The MACD is converging.
On H4, there’s a correction within the descending channel. The price will most likely test the support, then bounce and break out the resistance with the local midterm target at around $3,808.
Then, the price may head to the resistance of the ascending channel at $4,020. Conversely, the major coin may also hit the support at $3,392, and then go down to the round number of $3,000, finally continuing its downtrend to $2,530. This might be confirmed with a black cross formed by the Stochastic.
On H1, the MACD and the Stochastic are forming golden crosses, which may signal a short term rise, with the $3,800 resistance as its closest target.
On H4, EOS broke out the descending channel resistance and moved to the upper projection channel, forming now a new correctional trend, which was previously signaled and confirmed by the MACD convergence, and is confirmed now with the Stochastic leaving the oversold territory.
The major correction target lies at the projection channel resistance, or $2.4300, after which the price may bounce back and reach parity.
On H1, EOS tested the support at $1.8415. The Stochastic is oversold; once it leaves the negative territory, it may form a golden cross, thus confirming an uptrend.
On H4, Ether is trading within a descending channel. The MACD histogram is in the positive territory, while the Stochastic left the oversold area, both signaling a probable correctional uptrend.
However, this will become confirmed only once the resistance at $96.00 gets broken out. The major target of such an uptrend lies at the projection channel resistance, or $110.00. Conversely, the local support may get broken down, too, which will send the price to $60.00.
On H1, Ether is mimicking the longer time frame trends. Both the MACD and Stochastic are forming golden crosses, which means the price may break out $96.00 and head towards the resistance range between $106.70 and $110.00.
On H4, XLM broke out the midterm descending channel resistance and is now trying to break out the short term one.
The current resistance is at $0.1183. Once it gets broken out, this will mean the correction will get higher to reach the major resistance at $0.1430. Previously, both the MACD and Stochastic were converging, which signaled a pullback.
On H1, one can see a correctional uptrend with more detail. The MACD and Stochastic are ready to form golden crosses, with the local resistance at $0.1183 about to get broken out. Conversely, if the support gets hit, the downtrend target may lie at $0.0920.
On H4, XRP downtrend is approaching the major channel support. If the price then bounces, this will mean a correction may start.
This is somewhat confirmed by the golden crosses formed by the MACD and Stochastic. This will be finally confirmed, however, only once the resistance at $0.3183 gets broken out.
If this happens, the price may head further to the upper projection channel to reach $0.3560. If the breakout fails, however, the price will start testing the support, and if it gets broken out, the price may reach $0.2290.
On H1, both the MACD and Stochastic formed golden crosses, which means the correctional trend continues, with the major support at $0.2818.