Altcoins Price Analisys: The Bulls Get A Local Dominating
Bulls dominate on the cryptocurrency market for two weeks straight. Uptrend grows quite characteristic sharp impulses with short pullbacks, which may indicate some uncertainty in the stability of altcoins price.
Because market players bet on short-term rapid growth, they understand that the main descending trend at any time can renew the fast descending impulse.
Considering the technical picture of Bitcoin Cash on a 2-hour chart, we note that the quotes broke the previous downtrend. In addition, the uptrend has overcome the fractal resistance and tends to its projection line in the area of $ 660.00- $ 680.00.
Despite the stability of the short-term growth channel, the formation of a divergence observed on MACD and Stochastic, which may mean an approximation of a local pullback. The potential goals are 23.6% (601.50), 38.2% (565.00) and 50.0% (535.50) of Fibonacci scale.
EOS shows an upward exit from the consolidation “Triangle”, which may indicate a continuation of the development of the medium-term correction phase. The short-term growth trend has signs of completion, since after the test of the resistance line EOS/USD back to the previous corridor, while Stochastic is in the overbought zone.
As a local goal of a corrective decline, it is worth considering the support line at $ 5.54. Its breakdown can allow the market to test the level of $ 5.35 as the main support level. Further, we should expect a rebound and the formation of a growth momentum to the level of $ 6.00.
Ethereum market is showing steady growth after the breakdown of the resistance line of the previous downtrend. But this trend is only an internal impulse in the medium-term correction phase.
The main goal of the developing upward movement is located on the upper border of the correctional corridor at the level of $ 249.20. At the same time, the MACD and Stochastic are confidently looking up, which can serve as a confirming factor. The support level is $ 215.80. In case of its breakdown, ETH/USD may revers to the main line of the medium-term correction channel - the level of $ 195.30.
Qtum forms a short-term uptrend after the rebound from the support line of the medium-term correction channel. The rapid impulse of the upward dynamics tested the upper limit of the new channel, now the quotes are returning to its support line.
We can expect the formation of another growth impulse towards the main goal - the level of $ 5.12 when support will be tested. A confirming factor in favor of the growth hypothesis is the stable movement of the MACD and Golden Cross on Stochastic. But it is also impossible to rule out the breakdown of the local support line and decrease to the level of $ 3.84.
XRP/USD demonstrated the development of a growth momentum after overcoming the last resistance of the local downward channel and rebound from the main support line.
At the moment, we can observe the formation of the short-term correction phase, the goal of which could be the mark of $ 0.4709, which the position of the Stochastic lines in the overbought area can also indicate. But the direction of the MACD lines up confirms the prevalence of the upward trend of the short-term scale. The goal of growth is near the level of $ 0.6110.