Cryptos Trying to Make New Highs Says This Week’s Technical Analysis

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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 trying to make new highs, boosting the investor sentiment regarding a new uptrend. Some analysts are not that optimistic, though, saying the rise is not a natural trend but a result of someone’s buying a large amount of crypto.

The number of BTC futures still reached a record high, so the market is being mostly positive and is not likely to start testing its local lows.

Bitcoin

On D1, BTC is approaching the round number of $6,000, still moving inside an ascending channel. The RSI is confirming the uptrend by bouncing off the support.

A slight correction may be expected soon, but the price is then likely to get back. If $4,000 gets broken out, however, the long term downtrend may continue.

On H1, a triangle is being formed, and the price may be going to test its lower boundary at $5,155, then rising again to reach $5,700, which may get confirmed with the RSI testing the support.

In case BTC tests the immediate resistance at $5,360 and breaks it out, the crypto will be sure to rise ahead, unless the support at $4,800 gets hit.

The latter will happen in case the triangle gets broken out top down and the price stays below $5,050.

EOS

EOS is trading higher around $5.87. On D1, however, it may get gown to test the lower channel boundary at $4.85, but only to then head towards $8.00, especially if the RSI tests the support.

Once the resistance at $7.00 gets broken out, the price may get up further. Conversely, if the support at $4.80 gets hit and the price stays below the lower boundary of $4.75, the downtrend will finally resume.

On H1, the triangle is nearly over, with the price likely to test its upper boundary at $5.65 and then to rise towards $6.65, which may get confirmed with the RSI testing the support and then the resistance at $6.10 getting hit.

Conversely, if the support at $5.45 gets broken out and the price stays below, the crypto may then plunge to $4.85.

Ethereum

ETH is currently moving along the ascending channel, testing the resistance at $185.

On D1, the crypto may slightly correct to test the support at $160, but only to reach then the target of $225. This will be confirmed if the RSI tests the ascending trend line.

On H1, ETH is also attempting to rise, but is ready to test the ascending trend line at $180 in the short term.

Then, it may continue rising to $200, especially if the RSI tests the support and the local resistance at $187.65 gets tested.

Conversely, if the support at $173.45 gets broken out and the price stays below $170, ETH may plunge further to $155 and below.

Litecoin

LTC is moving along an ascending channel around $88.52. On D1, it may get down to test the lower channel boundary at $79, and then continue rising to $140.

The rise will get confirmed in case the RSI tests the support and the resistance at $110 gets broken out.

Conversely, in case the support at $70.55 gets hit and the lower channel boundary gets broken out, the price may remain under $70 and go further down.

On H4, a triangle is being formed; in the short term, the price is likely to test its lower boundary at $8, but only to then head towards $115, which may get confirmed with the RSI testing the support and the upper boundary getting broken out.

Bitcoin Cash

BCH is moving along an ascending channel, trading around $302.33. An uptrend heading towards $410 is being formed, although a correction towards $250 may happen as well.

The uptrend will get confirmed in case the RSI tests the uptrend line. Conversely, if the lower boundary gets hit and the price stays below $235, BCH may get further down.

On H4, a triangle is being formed; with low volatility, it may get broken out bottom up. In the short term, the price is likely to test its the lower boundary at $300 to head towards $365 later.

This will be confirmed if the RSI tests the ascending trend line and the upper boundary at $330 gets broken out. The price may still head down and hit the lower triangle boundary as well, though.

Copyrights Trustnodes.com

 

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