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.
Over the last week, the crypto market made new midterm highs but then bounced down. Whether a rise is possible, yet remain to be seen; there is some potential for a few cryptos, while others look like ready to move down within the long term descending trend.
On H4, the BTC is testing the ascending channel support, so the price seems ready to continue its midterm uptrend. The immediate target lies at $4,188.40, the current high, then the major crypto may head to 38.20% Fibo, or $4,428.
The latest downmove is likely to be a pullback, which reached 50% Fibo, and in most cases this ends up with a rising scenario.
However, in case the price succeeds in breaking out the support, it may slowly get down to 61.80% and 76% Fibo, or $3,661.50 and $3,542.90, and then reach the low at $3,337.70. This is also what the MACD is currently showing.
On H1, the Stochastic is leaving the oversold territory, which is all for the rise, but this rise may only act as a pullback for the current downtrend, especially if the oscillator forms a black cross.
EOS reached 61.80% on H4 and even tried to hit 76% Fibo, or $4.81. However, when the MACD diverged, the price went down to reach the midterm ascending channel support, or 50% Fibo.
In the short term, the price is likely to get back to the resistance, or $4.01. Nevertheless, according to the MACD, this will follow with the price heading towards 61.80% and 76% Fibo, or $3.16 and $2.85, respectively, and then the support at $2.60.
On H1, a triangle has been formed, while the Stochastic has been long in the overbought territory and is forming a golden cross, which means the triangle pattern might soon be over. Conversely, the price may also hit the support at around $3.42, which will send the EOS to $3.16.
Ether is moving on H4 quite in line with the other cryptos. The ascending trend reached 61.80% Fibo, while being at 50% towards the ascending trend after the MACD divergence.
The price is currently trying to stay below the support, which may then send it to 61.80% and, 76% Fibo, or $125.28 and $115.83, respectively, and then the major support at $111.
On H1, the Ether is consolidating. In case the resistance at $140.91 gets broken out, the price may then rise to $155.68, which is confirmed by the Stochastic having formed a golden cross and leaving the oversold territory.
On H4, the uptrend reached the midterm ascending channel resistance, and then the MACD diverged and the short term channel support got broken out.
The LTC has currently reached 50% Fibo, and may head further down to hit 61.80% and 76%, or $40.02 and $36.93, respectively.
On H1, the LTC is correcting, while a small ascending move might be noted within this correction, which is also confirmed with the Stochastic.
The correction reached 38.20% Fibo, while the next short term move may hit 50%, or $47.90. Meanwhile, the support is at $42.42.
On H4, the midterm outlook has not changed much for the XRP, as it’s still trying to test the long term resistance.
The midterm channel is meanwhile the same, with the boundaries at 0.2990 and 0.3500. In the short term, the price may go down to reach the support, which is confirmed by the MACD.
On H1, the XRP is forming a short term downtrend, confirmed with the Stochastic’s black cross.