More fresh news coming up from this weeks’ altcoin prices analysis regarding their price movements and trends which are looking bullish.
For the first time in several weeks, bitcoin and other cryptocurrencies have demonstrated a powerful impetus, even forcing traders in Bitmex to close short positions for just $180 million within just 20 minutes.
Last week, we observed another decline in the development of a prolonged downward trend, and at the moment the situation can change dramatically. The result of last week was a decline in quotations, but significant lows were not updated. This situation can be interpreted as an attempt to form a corrective upward trend.
Considering the technical picture of Ethereum on the 2-hour timeframe, you can see that the market, breaking the resistance line of the downward channel, has built the corridor of the upward trend. In the near future, there may be a pullback to the overcome resistance line – level 460, as evidenced by the divergence of MACD and “overbought” on Stochastic.
The main resistance for the development of a stable upward trend is the psychologically important level – $500. After the breakdown of the local resistance line and the consolidation of quotations above $500, you can expect an increase in the projection line of resistance – $595.
If we analyze the medium-term dynamics of Bitcoin Cash, we can see that the quotes have overcome the resistance line of the previous reduction channel. After the breakdown of the resistance line, the upward momentum reached the resistance line of the new channel. In the case of continuing the development of the uptrend, one can expect an increase in quotations to the projection channel, or more precisely, to its resistance line at $1,035.
But the most relevant is the short-term technical picture. When forming a short-term trend on the indicators MACD and Stochastic, there is a divergence, which can speak about the future corrective decline. The immediate goal of the decrease may be local support near the $825 level. Having broken through the nearest support, quotations can decrease the projection support level – $788. It is also impossible to exclude a decline to $710, as the market can test the overcome resistance line that has become support.
The technical picture of the EOS can get out of the general market. Why? The fact is that the quotes of EOS have rewritten previous lows, after which the convergence on MACD was formed. It became a signal to the beginning of a correction. A new growth impulse broke through the resistance line and quotes moved to the upper projection channel.
The main growth target is located on the resistance line at $10,50. The confirming factor in favor of the hypothesis of continued growth is the position of MACD in the positive zone and the direction of the lines up. In the short term, we can expect a pullback to the overcome resistance line – $7,83. This can be indicated by the position of Stochastic lines in the “overbought” zone.
Litecoin broke through the resistance line of the projection channel. This fact has become another fact of the uptrend development. The growth impulse, having reached the resistance line of the new traffic channel, can make a correction decrease to the support at $75,60. The factor that indicates the possibility of a decrease may be “overbought” on Stochastic.
Having overcome the resistance line of the descending channel, Ripple formed a correctional flat. After the test of the overcome resistance line, which became support, a new growth impulse tested the resistance line “outset”. Realizing the nature of the lateral trends and considering the “overbought” on Stochastic, it is logical to expect a decrease to the support level of 0.4280. To develop an uptrend, quotes need to break through the resistance line. The closest growth target could be the projection resistance line and the 0.5500 mark. In the future, the target of growth may be the 0.6200 mark.