The altcoin market keeps declining. What is more, technical analysis of such assets as Ethereum and XRP reveals strong pressure from sellers.
In general, the leading cryptocurrency Bitcoin remains squeezed inside a Triangle forming. On the one hand, it is a sign of uncertainty, on the other — a signal of volatility growth and the beginning of the execution of the pattern.
The potential for the development of a bullish impulse preserves as long as the buyers manage to keep the price above $9,100; a breakaway of this level may provoke a strong correction to the goals below $7,175.
A strong signal confirming the growth of the BTC/USD may become a breakaway of the upper border of the Triangle.
Litecoin is now looking very weak, not even demonstrating any good bounces upwards in contrast with the growth of Bitcoin.
The leading digital asset keeps moving inside the Triangle pattern. At the same time, the quotations are again pushing off the area between the Moving Averages, which signifies pressure from buyers.
Here, the support level of $9,100 remains untouched. All these factors may signify a potential for an upward movement and a breakaway of the upper border of the Triangle, which, in turn, will mean the continuation of the bullish trend.
A supplementary confirmation of the growth is a breakaway of the descending RSI line, which points at a breakaway of the same line on the price chart, acting as the upper border of the pattern.
As a confirmation, we should take securing above $12,445. The scenario may no longer be valid in case another wave of declining emerges and the quotations secure below $9,100, which will signify further decline and the potential execution of the pattern downwards.
The closest aim of the movement, in this case, will be the area around $7,175.
On smaller timeframes, the cryptocurrency keeps moving inside a descending channel. Currently, there is a potential for the emergence of a reversed Head and Shoulders pattern.
The area for the completion of the right shoulder is around $9,300, where the growth should start from. The aim of the execution of the pattern is the area around $12,405.
The growth may be confirmed by a breakaway of the upper border of the descending channel and securing of the BTC/USD above $11,000.
The scenario may be canceled by a decline below $9,190, which will mean cancellation of the pattern and further declining with the first aim at $7,175.
The ETH/USD quotations are still declining, waiting for the Bullish Wolfe Wave pattern to complete. As we may see, the support area is around $145.00. This is the point we should expect the ascending to start from.
Another strong signal, confirming the short-term decline, may become a breakaway of the lower border of the ascending channel. The broken border is being tested right now.
As for the probable reversal and the beginning of ascending, it may be confirmed by a bounce off the support line on the RSI.
The growth may be confirmed by a breakaway of the resistance level and securing above $197.00, which will signify returning into the ascending channel.
The positive scenario may no longer be valid in case of falling below $120.00, in which case further decline with the first aim at $100.00 should be expected.
Here, we might agree with Max Keiser, who suggested the goals of around $90.00 in his Twitter account.
Technical analysis of the H4 also hints on a decline. A bounce off the resistance line on the RSIsupports this scenario.
The closest support on the RSI is below, that is why the upward movement is likely to begin only after a test of $145.00.
The scenario may be canceled in the case of strong growth and a breakaway of the upper border of the descending channel with securing of the ETH/USD quotations above $197.00. Here, the aim of the growth is around $240.
The quotations of the XRP/USD digital asset keep moving under the Ichimoku Cloud, which signifies a bearish trend.
Here, we can see constant bounces off the signal lines of the indicator. There is also pressure from the buyers.
Also, there has been a breakaway of the lower border of a flat; the potential for further decline with a probable goal at $0.1485 is preserved.
The scenario may no longer be valid in the case of strong growth above the upper border of the Cloud and securing above $0.3250.
On H4 of Ripple, the potential further decline, aiming at $0.1485, is confirmed. As we may see, there has been a bounce off the resistance line, which suggests further descending.
The scenario is also confirmed by another test of the trendline on RSI. The previous such test sent the price down.
The negative scenario may be canceled by a breakaway of $0.3085, which will mean an escape from the descending channel and the continuation of growth with the first aim at $0.3600.
The LTC/USD quotations remain below the neck of the reversal Head and Shoulders pattern. The potential for further decline preserves.
The asset keeps pushing off the middle line of the Bollinger Bands, which signifies strong pressure from the buyers.
As the main trading idea, we should expect a test of the resistance line at $79.00 and further decline with the potential aim at $40.25.
As an additional signal confirming this scenario, we should regard a bounce off the resistance line on the RSI.
The scenario may be canceled by a breakaway of the upper border of the Bollinger Bands, which will point on a reversal of the trend.
On H4, the quotations keep developing a descending impulse inside a descending channel. Further development of the impulse with the first aim at $55.00 is to be expected.
A strong signal confirming the falling might be a bounce off the trendline on the RSI.
The negative scenario may no longer be valid in the case of strong growth and a breakaway of the upper border of the descending channel with securing of the LTC/USD quotations above $79.00.
Bitcoin Cash keeps moving inside the reversal Head and Shoulders pattern forming. However, a breakaway of the neck has not happened yet.
A bounce off the resistance line on the RSI may confirm the decline and execution of the reversal pattern.
The decline of the cryptocurrency may be confirmed by a breakaway of the support line and securing under $248.45.
The negative scenario may be canceled by strong growth and a breakaway of the resistance level with securing above $355.00.
This will signify the cancellation of the pattern and further growth with the first aim at $457.10.
On smaller timeframes, the BCH/USD quotations are moving inside a descending channel.
A test of the upper border of the channel near $320.00 and further decline with the first aim around $248.45 are to be expected.
A breakaway of $248.45 will signify falling to $177.35. An additional signal confirming such a movement is a bounce off the trendline on the RSI.
The scenario may no longer be valid if the upper border of the descending channel is broken through and the quotations secure above $354.98.
In this case, further growth with the potential aim at $457.10 should be expected.
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.
Editorial Copyrights Trustnodes.com