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Cryptocurrency Market Analisys: Uncertainty Reigned In The Market

Bitcoin has stopped near $ 8,000 resistance line. To continue the growth is possible after a confident closing above this level. Otherwise, one should not exclude the formation of the “Double Top” reversal pattern, which can send a cryptocurrency rate to a strong correction.

However, at the moment of the $ 6000 test, we also could observe an attempt to form a reversal pattern, but the market continued to grow. The situations are similar, and a breakdown of $ 8,000 will easily send prices to a level of $ 10,000. In general, Bitcoin has shown aggressive growth since early April, which certainly provokes a new wave of interest in the market from various investors.

Bitcoin

The first cryptocurrency is trading within the ascending channel. BTC/USD were able to test the level of $ 8,500, but there was no breakdown yet. Moving averages also indicate a strong upward trend. As we can see, the market confidently pushes off the area between the sliding, which also implies the presence of active buyers. As the main trading idea, we can expect a correction to the support level of $ 7,100 and continued growth with a potential target of $ 10,000.

An additional signal in favor of such a bitcoin price movement will be a rebound from the support line on the relative strength indicator (RSI). Indicator values ​​continue to remain above the uptrend trend. Cancellation of the growth option may be a strong fall and a breakdown of the support level with the closing of BTC / USD quotes at $ 6900. This will indicate confirmation of the formation of the Double Top reversal pattern. In this case, we should expect the continuation of the correction with a potential target near the level of $ 5800.

On the 4-hour chart, we can see the proximity of the resistance level. Moving averages demonstrate a good support area. As a short-term trading idea, we can expect a correction to the level of $ 7850 and an attempt to continue the growth rate. This scenario is favored by the formation of an inverted “Head and Shoulders” model on the RSI.

Confirmation of the rise will make a breakdown of resistance and closure above $ 8550. Cancellation of this option could be a breakdown of the lower boundary of the ascending channel and closing below $ 7300, which would indicate a continued decline to $ 6770.

EOS

EOS cryptocurrency continues to move above the upper boundary of the Ichimoku Kinko Hyo, which indicates a continuation of the upward trend. However, at the moment there is a test of the upper border of the downward channel. For continued growth, it is important to see the breakdown of the resistance level and close above $ 7.10. In this case, the next lifting target will be the $ 9.80 level.

We should expect an asset correction with the test of the upper border of the Ichimoku Kinko Hyo indicator and continued growth. Cancellation of the option with the rise in prices can make a decline with a breakdown of the support level and closing at $ 4.70. In this scenario, we should expect the resumption of the downward trend and the continuation of the drop.

On the 4-hour chart, EOS/USD is traded as part of the Triangle model. An upward impulse is also present here, EOS is moving above the upper boundary of the Ichimoku Kinko Hyo indicator. As a short-term trading idea, we can expect a test of the lower limit of the Triangle model and the continued growth of EOS/USD. Cancellation of this option will be a value drop of the asset and closing below $ 5.60. In this case, the target of the fall is the area below $ 4.60. The growth will be confirmed by strong growth and the breakdown of the upper boundary of the Triangle model with closure above $ 6.85.

Ethereum

Ethereum test the upper limit of the ascending channel. A breakdown of the resistance level and closing above $ 260 will indicate the formation of a strong signal in favor of purchases after quotes leave the channel. The values ​​of the Bollinger Bands indicator indicate increased asset volatility. At the same time, ETH/USD tend to break through the upper border of the indicator bars and regularly repel from the lower one, which indicates the development of an upward trend. Confirmation of the rise and make a breakdown of resistance with a closure of over $ 260. Cancellation option may be the fall and the breakdown of the lower boundary of the rising channel. In this case, the immediate goal of reducing will be the level of $ 185.

On the 4-hour chart, ETH/USD is traded within the Triangle model. A break of the upper limit of the model and closure above $ 285 will indicate continued growth with a target above $ 350. In favor of the rise is the intersection of the signal lines of the Stochastic indicator. Cancellation of this option can be a fall and a breakdown of the lower boundary of the Triangle model, where the correction level will be $ 185. As a short-term trading idea, we can expect a test of the lower limit of the Triangle model and continued growth.

Litecoin

Litecoin met around the $ 105 resistance level the second time . In general, the cryptocurrency continues to move within an upward trend, as indicated by moving averages. LTC/USD has repeatedly repelled the area between the slide. For continued growth, it is important to see a breakdown of the $ 105 level and a test area of ​​$ 120. In this case, the purpose of the rise will make the level of $ 185. The opposite option could be the fall and the breakdown of the lower boundary of the rising channel with the closing of quotations under the level of $ 65. Such a development will indicate the formation of the adjustable “Double Top” model and the continuation of the correction with a target at the level of $ 45.

Technical analysis of the 4-hour Litecoin chart indicates movement within the Triangle model. This demonstrates a reduction in volatility and some uncertainty in the market. As a short-term trading idea, we can expect a test of the lower limit of the model and continued growth above $ 110. In favor of such a movement is the test line support for RSI. Cancellation of the option with a price increase may be a fall and breakout quotes of $ 80.00, in which case the decline may continue to the target at $ 65.

Ripple

XRP/USD continues to move within the sidechain. The upward momentum did not allow the asset to leave the “Triangle” model, but the potential for such a movement still remains. As you can see, the moving averages crossed and are directed upwards, which indicates a preserved bullish momentum.

As a short-term trading idea, we can expect a correction to the support level of $ 0.3455, then a rebound and continued growth. An additional signal here is a test of the rising trend line on the RSI. Previously, such tests have already occurred when the market moved upwards. Confirmation of the rise will be the breakdown of the upper boundary of the Triangle model and the closure above $ 0.4625. Cancellation of the growth option can be a breakdown of the support level and closing at $ 0.3455. In this case, the target of the decline will be the lower limit of the “Triangle” model at the level of $ 0.2765.

Analysis of the 4-hour chart also indicates a potential correction to the level of $ 0.3500 before the growth continues. Here is the lower limit of the ascending channel. At the time of the decline, a trend line test will take place at RSI, which will signal a rebound and a continued rise in the digital asset quotes. The cancellation of the scenario will be the fall and breakdown of $ 0.3500, which will indicate a decrease in Ripple to the level of $ 0.2765.

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