Altcoins Price Analysis: Attempt To Break Cryptocurrency Market
If we look at the cryptocurrency global market, we will see that many of its participants are trying to continue the trend. But their opponents return quotes to the area of local scale maximums, thereby forming a correction phase.
In this period, any TOP cryptocurrency can become a "guide" for a short period of time. An example is the recent "surge" in demand for Ripple. Perhaps this is the primary phase in the development of medium-term corrective growth. But if bitcoin is in the short term, then the remaining cryptocurrencies "will not keep you waiting" and can depreciate even more.
On the 4-hour Ethereum cart we can see a short-term growth trend, but within the framework of a downtrend for both long-term and medium-term character. This upward trend is formed after convergence, so the possibility of further growth is not excluded, despite the pressure from the resistance. Its breakdown will allow quotations to test the resistance line of the long-term channel at $ 249.50, which corresponds to the correction level of 23.6% Fib. A breakdown of this level will allow quotations to rise to the level of 38.2% ($300.00).
If ETH/USD break support level of $200.00 it can open the door to the last significant minimum - $166.85, and further - to the support line of the current corridor at the level of $120.00.
On the 1-hour chart, resistance line supported by the output of the Stochastic indicator from the "oversold" zone. This circumstance may indicate a high likelihood of breakdown of resistance and the continuation of growth.
BCH/USD continue downward trend. The current price movement channel is a correction relative to the previous reduction pulse. But the last stage of testing the resistance line and ending it, the "Black Cross" on Stochastic can talk about the potential of decline to the level of support of $370. Given the formation of convergence on the MACD indicator, we can assume that after achieving the goal of the decline should expect a rollback to the level of $440. After its breakdown, quotes may rise to around $505.
Considering BCH/USD dynamics, we can see that the current movement is a corrective impulse within the downtrend. Breakdown of the local support line at $417 will signal a further development of the downward trend of medium-term scale.
EOS/USD continue to move within the framework of the corrective "flat". The last rebound from the support line allowed to develop the growth momentum as a correction to the previous reduction impulse. The purpose of the growth momentum may be resistance levels of $5.43 (local), and then - $5.60 (main). But seeing the "Black Cross" on Stochastic, we assume that the market is preparing a new impulse of decline with the aim of breaking the support at $4.67 and deepening the downtrend.
On the 1-hour chart, we see a short-term growth trend testing support. A break of the level of $5.00 will open the quotes to the main support line. If it is not overcome, the price will continue to rise to the level of $5.43.
XRP/USD continue correction of the last impetuous growth pulse. At the same time, we note that the growth impulse was not accidental. Quotations have overcome a number of resistance levels of different time scales. As the main goal of growth, we can consider the resistance of the medium-term corrective channel - the level of $0.3840. But this will be possible only after the breakdown of the local maximum at $0.3351. The support level is $0.33030. After achieving the growth goal, one should expect a decline to support, which will be confirmed by the "Black Cross" on Stochastic.
On the 1- hour chart, XRP/USD enters the "overbought" zone, which confirms the development of the corrective phase with the potential to decline to the level of $0.3030. After completion of the rollback, we can expect growth to the level of resistance - $0.3330.
Litecoin is trying to develop a momentum of decline. A confirming factor in favor of the decline is the formation of the "Black Cross" on Stochastic. The reduction target will be at least $47.02. Its breakdown will allow to develop a downward trend to the support line of the current corridor - the level of $39.50.
On the 1-hour chart, is presented a more detailed technical picture. But, paying attention to the dynamics of the indicator Stochastic, we assume that the breakdown of the resistance level at $55.70 is a quotation chance.