Altcoins Price Analysis: A Little Volatility
Over the past week, the situation on the cryptocurrency market has not changed dramatically - rather, it has simply stabilized. This resulted in the development of the correctional phase, which has acquired the format of an "ascending sidemove."
Considering the technical picture Ethereum on a 2-hour chart, it is possible to notice that the prices stay in the former short-term channel of growth, overcome and consolidated over the resistance line of the previous descending trend channel.
Stochastic may indicate the potential of decline to the support level of $ 435, thereby formding a corridor of a downtrend. The breakdown of the support level will signal a continuation of the development of the long-term downtrend. Its target wiil the support level of the lower projection channel - $ 360.
If support resists under the sellers, the new growth momentum may be directed to the current resistance line - $ 521.
The short-term picture shows the price structure of the ascending plan.
Bitcoin Cash market is possible to allow decrease to the local line of support $789.
Further movements will also depend on how the participants interpret the local decline. The breakdown of the support at $ 789 allowBCH/USD to fall to the main support level - $ 682. If the market after the reduction finds support in the environment of buyers, the new growth impulse will be able to overcome the resistance level of $ 862, and reach the target resistance by $ 1050.
The technical picture of EOS can be described as the construction of a corrective upward trend after overcoming the resistance line of the previous reduction channel. On a short-term scale, we can expect a decrease to the support line of the current corridor - $ 7.96.
After the rebound, the market can form a new growth impulse to the target resistance line at $ 10.30. To exclude the possibility of breakdown of the support line is not worth it. The breakdown may open the way to basic support at $ 6.75, thereby delaying the development of the uptrend.
Quotations of Litecoin are within the framework of the upward corridor, but the "Black Cross" in the "overbought" zone can talk about the approaching decline to the level of support at $ 76.60. The further situation can develop according to the classical model - "either a rebound or a breakdown".
The rebound will provoke a second return to the resistance line at $ 93.52. And its breakdown will allow quotations to develop an uptrend to the projection resistance level - $ 110.87. In turn, the breakdown of support of $ 76.60 will give a chance to develop a momentum of decline to the level of support at $ 60.00.
TRON re-tested the resistance line of the medium-term decline channel, and the Stochastic indicator formed the "Black Cross". Together, these factors are preparing the ground for the development of a downtrend in the direction of the local support line - around 0.0260, and possibly to the main support at 0.0230.
As the nearest target of growth after the breakdown of resistance may be the level of 0.0386.