Uptrend is Confirmed Says This Week’s Crypto Technical Analysis

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BTC continues making new highs, currently hitting the resistance at $9,000. Previously, it managed to subdue a reversal pattern nearby, thus confirming a strong upward momentum.

With this in mind, Bitcoin may well break out $10,000 soon. Litecoin is playing a similar game: the double top pattern failed, and the price hit its highs, also heading further up.

Bitcoin

Bitcoin is still trading within an ascending channel. The upper boundary got broken out, which signaled the further rise, while the MA’s also confirm the bullish trend.

The slow MA has not been hit since the quick one crossed it bottom up, which is a good buy signal.

Most likely, Bitcoin is going to hit the support at $8,200 first and then head up to $10,000, especially if the RSI bounces off the support, although the latter has only been bouncing off the uptrend line lately.

Conversely, the flagship coin may fall down and close below the support at $6,900, which will send then the price to around $5,800 and $5,000.

On H4, the uptrend is confirmed, with price going along an ascending channel. In the short term, the price may first correct to $8,450 and then continue rising, especially in case RSI bounces off support.

The scenario will get confirmed once price breaks out the upper channel boundary and closes above $9,200.

Conversely, this rise may be prevented in case price breaks out the lower boundary and closes below $8,355, which will be a signal for a further fall to $7,375 and below.

EOS

EOS is above the Ichimoku Cloud, thus continuing its bullish trend, while the price bounces off its signal lines.

Last time, we mentioned EOS would go up further in case it broke out the resistance at $7.10 and closed above. This is exactly what happened, and now we might expect the price to rise to $9.70.

Most likely, it will first correct, and test the signal lines at $6.50, and then will continue going up. Conversely, it may also fall down and close below the support at $5.45, in which case the downtrend will resume.

On H1, EOS is moving along an ascending channel, bouncing off its lower boundary. With the upper cloud boundary test near $7.55, EOS should then continue rising.

Conversely, it may head down once the price closes below $7.20, being pushed down to $6.60. Meanwhile, the overall uptrend will be confirmed in case the price breaks out the resistance area and stays above $8.30.

Ethereum

Eth is still trading near the upper ascending channel boundary, and may issue a very strong buy signal once the resistance gets broken out and the price gets above $285, with the target equal to the channel width.

First, however, it will most likely correct to the lower channel boundary, and then go up, which will get confirmed with the price bouncing off the support area and RSI testing the support line.

Currently, RSI is moving above the ascending trend line, which means the overall trend is bullish, and the price has a target at $331.

Conversely, ETH may get down and break out the lower boundary, in which case it is first likely to hit $190, and then, $145.

On H4, the price is ready to start rising straight away, while it is still inside the triangle, if near its upper border.

That border has been already broken out once and now it may get tested, with the price heading further upwards to $331.

This will be especially confirmed in case RSI bounces off support. Conversely, the price may also head down and break out the lower ascending channel boundary, which will then push eth to $180.

Litecoin

LTC was able to stay above the resistance, and, overall, is moving up after bouncing off the middle Bollinger band again. The next target lies at $180, while yet another reversal pattern has been ignored.

On D1, price will most likely test the once broken out support at $100 and then continue rising. Conversely, it may hit the lower ascending channel boundary and stay below $90, which will then send the price to $65.

On H4, LTC is likely to rise up to $140 after testing the lower channel boundary at $105. This is well confirmed by the lower Bollinger band test and the price bouncing off the ascending channel boundary.

Conversely, once $100 gets broken out, LTC may go lower and end up at $82.

XRP

XRP is still flat, while the MA’s show an upward momentum is present. Therefore, in case the price breaks out the resistance and closes above $0.4800, it may rise to $0.6325, which is confirmed with the Stochastic signal lines crossover.

However, XRP may also break out the support and close below $0.3500, which will take the price further down, probably to $0.2775.

Faster time frames show the price is uptrending, bouncing off the MA’s. A 1-1 pattern is being formed, which may mean the price is likely to hit the high and continue rising, probably to reach $0.4795.

This is well confirmed with the Stochastic bouncing off the trend line. If $0.4025 gets broken out top down, then, conversely, XRP will be sent down, probably to $0.3620.

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.

Copyrights Trustnodes.com

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gladwell

why even bother with these?