“May Be Nothing But a Correction” Says This Week’s Crypto Technical Analysis

0

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.

Streamr launched Monoplasma for Ethereum, which became the first solution for the scalability problem. This tech is assumed to drastically boost the token speed, and in case this is really so, ETH may become the crypto leader for long.

Meanwhile, Lichtenstein post started selling BTC since Feb 15. Ripple is under threat, as JP Morgan may start issuing its own crypto replacing XRP in the fast payment segment.

Over the last week, the crypto market rose significantly, but this still may be nothing but a correction.

Bitcoin

On H4, the BTC ended its downside correction and went up hitting the current channel resistance and reaching 61.80% Fibo.

In the short term, the flagship crypto may bounce back to $3,789; after the correction, however, it is likely to rise to 76%, or $4,020, and then to the high at $4,234.

On H1, the Stochastic formed a black cross in the overbought territory, probably sending the crypto lower to $3,812.80 and $3,763.60, or 38.20% and 50% Fibo, respectively.

EOS

On H4, the EOS managed to break out the previous ascending channel resistance, both in the short and midterm.

After testing the resistance at $3.91, which is not likely to take a long time, the price may correct to the support at $3.19.

The price also reached 50% Fibo, and, after the correction, it may head towards 61.80%, or $4.20. The MACD is still going up, thus confirming the bullish scenario.

On H1, the crypto is forming a correcting flag, while the Stochastic has been long in the overbought territory, signaling the ascending trend is quite stable.

If the oscillator forms a golden cross, and the price manages to break out the resistance at$3.91 and hit $4.20, another heavy downtrend may follow.

Ethereum

Like other cryptos, Ether sentiment has been heavily bullish, and its uptrend continued. This uptrend ended up testing the ascending channel resistance and broke it out.

Currently, the resistance is being tested top down, but once it’s over, the price may head towards another spike at $160.44. Conversely, it may get back to the previous channel, hitting the support at $129.95.

On H1, the Stochastic formed a black cross and is attempting to leave the overbought territory, which may signal a correction.

The downside movement already reached 23.60% Fibo and may still hit 38.20% ($136.30) and 50% ($132.30).

Litecoin

Litecoin downward correction ended, and the crypto is currently forming an ascending trend again, if not that large as before.

The price hit a new high and is testing the midterm ascending channel resistance. In the short term, the LTC may get down to test the support at $44.70, and then head towards $56. The MACD is meanwhile diverging, which may mean the uptrend is fading out.

On H1, the LTC is attempting to reach the local resistance at $51.90. The uptrend is stable, with the Stochastic forming a golden cross.

However, in case the price manages to break out the support at $44.70, it may go ahead to plunge to another one at $33.25.

XRP

On H4, the XRP is starting a new phase in the long term. The latest uptrend broke out the long term resistance, then tested it, and is now getting ready to get even higher.

However, in order to reach $0.3677, the XRP will have first to break out the current resistance at $0.3455. The support is meanwhile at $0.2940.

On H1, the XRP bounced off the support after testing it, while the Stochastic is leaving the overbought territory.

Thus, a new short term downtrend may be born, while the price will rise only in case the oscillator forms a golden cross.

Copyrights Trustnodes.com

 

Comment

100000
  Subscribe  
Notify of