Altcoins Price Analysis: Abrupt Dive
The main cryptomarket instruments stayed within correctional corridors, the current week shows quite rapid, though local "dive".
Again it is necessary to establish the fact of continuation of development of the long-term downward trend. But the longer and faster the decline, the sooner and the closer the market will be at interesting for the bulls levels. However, in the near future bears will continue to rule the market.
ETH/USD demonstrates the continuation of the development of a downward trend within the previous medium-term corridor. The market successfully tested and overcame the last significant fractal range between $ 405 and $ 406.
At the moment, Ethereum quotes are successfully approaching the target support of $ 362. The goal of the nearest decline may be a fractal of $ 358.
MACD and Stochastic formed convergences, which was a signal to rollback after reaching the goals of the current downtrend. As a goal of pullback, the resistance line of the downtrend channel may go to $ 406. After rebound from resistance, the probability of a new impulse of downward dynamics is high.
Considering the dynamics of Bitcoin Cash quotations on a two-hour timeframe, we note that the market managed to achieve local reduction targets. In addition, the market tested and broke through the support line of the previous corrective corridor, which confirmed by the "Black Crosses" on MACD and Stochastic.
Now quotations are moving towards the line of support of the lower projective channel. The main local goal of the downtrend is to consider the $ 525. The intermediate goal of the decline could be the level of $ 560, which is on the support line of the short-term downtrend channel.
Considering indicators convergence formation, it is possible to assume that having reached levels of support, quotations will make krollback to the line of resistance of a long-term trend — to the level of $680. After that development of a new impulse of recession to a support zone at $532 will be the most probable.
At present dynamics of quotations of EOS needs to be considered from several foreshortenings. On a 4-hours chart we can see that quotations have overcome the line of support of the short-term channel and try to punch support of medium-term correctional.
The strong decrease impulse supported by formation of "Black crosses" on MACD and Stochastic. An exit and consolidation of quotations to the lower projective canal will allow the market to aim at the field of support near the level of $3,38.
When the rollback is completed and the resistance is tested, the next significant goal in the development of a downward trend may be the parity level of $ 1, but this is the prospect for the next one to two months.
LTC/USD demonstrates the movement near the resistance line of the long-term downtrend. It is important to note by LTC that the impulse of decline confidently overcame the support line of the previous corrective channel and the fractal minimum at the level of $ 72.20.
Currently, LTC/USD is approaching the local target of about $ 61.60, which is on the support line of the projection channel. The presence of an emerging convergence according to Stochastic show us the possibility of pullback to the resistance line - $ 68.45. But a fractal resistance of $ 72.20 may also be the goal of a short-term rollback.
Therefore, after the rollback is complete, the probability of forming a new impulse of a downward movement to the target mark of $ 46 is high.
DASH situation can be treated as a stable downtrend. Having overcome the last local minimum, the quotes are sent to the fractal support level - $ 165.
On the charts of indicators MACD and Stochastic we can see the formation of convergences, which may be a signal for corrective growth. Its main target may be the resistance line of the main downtrend, in particular, the $ 193 mark. Withdrawal from the resistance will allow the market to develop a new momentum of the downward movement, which may become the next fractal support level of $ 116.