With BTC near the resistance of $8,000, the market is waiting desperately for the major crypto to climb higher and stay there.
However, instead of that, Bitcoin may form a double top and get into a harsh downward correction. Still, the price tried to revert when the BTC reached $6,000, too, but failed.
So one may expect it to break out $8,000 indeed, which may easily send the crypto up to $10,000. The BTC has been overall rising heavily since early April, causing much interest of different kinds of investors.
BTC is trading along an ascending channel, having already tested $8,500 but still failing to break it out. The MA’s show the uptrend is quite strong, with the price bouncing well up in the area between them.
Bitcoin may hit the support at $7,100 first and then head up to $10,000, especially if the RSI bounces off the support, which is now above the ascending trend line.
Conversely, the flagship coin may fall down and close below $6,900, which will confirm the double top formation and send then the price to around $5,800.
On H4, the price is right between the support and the resistance and may first correct to $7,850 and then continue rising, which is confirmed with the RSI having formed a head and shoulders pattern.
Once the price breaks out the resistance area and stays above $8,550, this will also confirm the price is going to rise.
This rise may be prevented, however, in case price breaks out the lower boundary and closes below $7,300, which will be a signal for a further fall to $6,770 and below.
EOS is above the Ichimoku Cloud, thus continuing its uptrend. The price is currently testing the descending channel upper boundary and might rise only in case the resistance at $7.10 gets broken out and the price stays above it, going then to the next target of $9.80.
Most likely, it’s going to correct and then rise indeed, but it may also hit the support at $4.70 and stay below, which will resume the downtrend and the fall.
Currently, the price is inside a triangle, and the price is still above the Ichimoku cloud, rising.
With a lower triangle boundary test, EOS should then continue rising, unless it is sent below $5.60, in which case it is likely to then hit $4.60.
Conversely, once it closes above the triangle at $6.85, it will be sure to continue going up.
Eth is testing the upper ascending channel boundary, and may issue a very strong buy signal once the resistance gets broken out and the price gets above $260.
The Bollinger bands show a very high volatility, and ETHUSD is trying to break it out upwards, meaning the ascending trend is here to stay.
Conversely, if the lower boundary gets broken out, the price may head down to reach $185.
On H4, ETH is inside a triangle, and once it manages to break out $285, it may head up to reach $350, which is quite likely, with the Stochastic signal lines crossover in place.
The lower triangle boundary, however, may get broken out, too, which will send price to $185. Still, with a lower triangle boundary test, eth should then continue rising.
LTC has bounced off the resistance at $105 for the second time, and is still moving upwards along the MA’s.
The next target lies at $105, and then $120, which, once tested and broken out, may make way for LTC to reach $185.
Conversely, if the lower channel boundary gets broken out, price may head to $65, and then, after forming a double top, even to $45.
On H4, LTC is moving along a triangle, which means low volatility and uncertainty.
With a lower triangle boundary test, the coin could then continue rising, reaching $110 and above, especially if the RSI tests the support.
Conversely, once $80 gets broken out, LTC may go lower and end up at $65.
XRP is flat, while a rising move left it inside a triangle and may take it even further. With the MA’s crossing over and headed up, the overall outlook is still bullish.
In the short term, XRP may pull back to $0.3455 and then bounce and continue rising, which may get confirmed with the RSI testing the trend line. (This happened before, and the price went up indeed afterwards.)
The rise may be confirmed once the upper boundary of the triangle is broken out and the price closes above $0.4625.
Conversely, once it closes below $0.3455 and breaks out the support, it may plunge further to the lower triangle boundary at $0.2765.
On H4, the price is likely to correct to the lower channel boundary at $0.3500 before rising.
This will be confirmed in case the RSI trend line gets tested during the pullback. If $0.3500 gets broken out top down, then, conversely, Ripple will be sent down, probably to $0.2765.
The weekly Crypto Technical Analysis is provided by Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
Needless to say, all statements and views expressed above 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.