Regarding latest altcoin prices analysis, things are getting interesting. Currently, there is a rich news background, affecting the entire market of cryptocurrencies.
From 14th to 16th May in New York, the conference Consensus 2018, organized by the popular information resource CoinDesk. This event is the most important event for the whole industry, as it discusses the most pressing and important issues from the world of detachment and cryptocurrency.
The current Consensus conference was already the fourth in a row, it was visited by about 4,500 participants and more than 250 well-known speakers. Traditionally, the event has a significant impact on the market of cryptocurrencies. Perhaps this year will not be an exception, and Consensus 2018 will give positive signals for the market.
The second important moment for the crypto industry is the statements of the major participants of the traditional financial market about the plans to integrate the cryptocurrency into the world. So, last week the operator of the New York Stock Exchange (NYSE) – Intercontinental Exchange (ICE) – began to develop an online platform for bitcoin trading. Also recently it became known that in June of this year the first crypto-exchange will be created on the basis of the NASDAQ infrastructure.
The price chart of the ETH / USD currency pair has firmly established itself above the “heavy” exponential moving average with a period of 200 (EMA 200), which indicates the strengthening of bullish sentiment in the market.
Considering the graph of Ethereum cryptocurrency from the point of view of Elliott wave analysis, we can say that now the price is in the second correctional wave, which has already reached the level of 38.2% ($653.63). This indicates a forthcoming transition to the third wave and a possible recovery of the uptrend.
The second wave can reach levels of 50% ($597.90) and 61.8% ($542.18). This means that in case of breaking through and fixing the price below $653.63, we can expect the continuation of the downward movement to $597.90, and then to $542.18.
On the other hand, if in the current situation the price starts to consolidate and forms an upward trend, then we can talk about the transition to the third wave. Then it will be important to fix above the peak of the first wave, namely – the level of $ 831.95.
According to the Fibonacci scale, the target for the third wave will be in the range of $ 1009.55-1121.96.
As in the case of Ethereum, the price of Ripple is in the second correctional wave. However, considering the lower timeframes of this cryptocurrency (H4, H1), we can note some incompleteness of the corrective movement. Based on this, the price of XRP can still fall in the range of $0.56-0.51.
The dominance of bearish sentiment is also evidenced by the consolidation of the price under the “heavy” EMA 200 and the intersection of the oscillator AO (Awesome Oscillator) level 0 in the direction from top to bottom.
After achieving these goals, one can expect consolidation of the movement and transition to the third wave. The purpose of the latter can be a range of $1,12- $1,23.
Bitcoin Cash is also in the corrective stage, which has already reached the level of 50% on the Fibonacci scale. In the case of penetration and consolidation under this level, one can expect a movement to $1093.94 (61.8%).
To exit the correction and strengthen the uptrend, the price should be fixed above the following resistance levels: $1500.59, $1640.35, $1853.28.
The recently completed strong growth of the EOS cryptocurrency was marked by the maximum peak on the AO indicator. This means that the growth occurred within the third wave of Elliott. It follows that at present the price is in the fourth wave and has already reached the level of 61.8% ($12.03).
However, it is too early to say about the imminent transition to a new wave. Note that recent rapid growth was largely triggered by a strong fundamental background. But, the current correctional movement is quite strong and impulsive, which may entail a new downward trend.
If the price starts consolidating at the current level and forms a pulse upward movement, then it will be possible to talk about the beginning of the fifth wave. However, for this, it will be necessary to gain a foothold above the levels of $15.24 and $19.05. Strong resistance to the upward movement can serve as the peak of the third wave – $23.07.
The target for the fifth wave will be in the range $27.34-30.02.
The price chart was fixed below EMA 200, which indicates the strengthening of bearish sentiment.
Staying in the corrective movement, the price is in the interval between the levels of 50.0% and 61.8% on the Fibonacci scale. In case of consolidation below 61.8% ($ 137.39) and $ 132.54, a downward movement to the level of $ 109.11 may be formed.
If in the near future, the price starts to rise and consolidates above the EMA 200, then we can talk about the transition to a bullish trend and the beginning of the third wave of Elliott. The goal for the latter can be a range of $ 209.93-226.78. For this, the price is to break through a strong resistance level, marked by a downward trend line.